ASICS (7936) Q3 2025 earnings summary

Executive summary

• Net sales for the nine months ended September 2025 reached ¥625.1 billion, up 19.0% year-over-year, marking a record high, with all categories and regions contributing to growth, especially SportStyle and Onitsuka Tiger.

• Operating profit rose 39.4% year-over-year to ¥127.6 billion, with operating margin up 3.0 ppt to 20.4%.

• Profit attributable to owners of parent increased 32.9% to ¥86.3 billion, setting new record highs.

• Gross margin improved by 1.1 ppt to 56.5%, driven by a strategic focus on high-end products.

• All product categories and regions recorded higher net sales, with SportStyle and Onitsuka Tiger achieving nearly 50% YoY growth.

Financial highlights

• Net sales: ¥625,055 million (+19.0% YoY); operating profit: ¥127,606 million (+39.4% YoY); ordinary profit: ¥124,500 million (+41.0% YoY); profit attributable to owners of parent: ¥86,314 million (+32.9% YoY).

• Comprehensive income for the nine months: ¥74,084 million (+21.3% YoY).

• Basic earnings per share: ¥120.66 (adjusted for 4-for-1 stock split).

• SG&A expenses increased 13.1% year-over-year but the SG&A to sales ratio improved by 1.9ppt to 36.1%.

• Days Inventory Outstanding (DIO) improved to 147 days, down 4 days year-over-year.

Outlook and guidance

• Full-year 2025 forecast: net sales ¥800,000 million (+17.9% YoY), operating profit ¥140,000 million (+39.8% YoY), ordinary profit ¥135,000 million (+45.8% YoY), profit attributable to owners of parent ¥90,000 million (+41.1% YoY), basic EPS ¥125.89.

• Year-end dividend forecast raised to ¥16.0 per share, with a full-year dividend of ¥28.0 per share.

• Repurchase of treasury shares totaling ¥30.0 billion resolved, with a new program up to 10 million shares (¥30 billion) from November 13, 2025 to January 31, 2026.

• Forecasts revised upward as of November 12, 2025.