Summary of Consolidated Financial Statements

For the Second Quarter Ended June 30, 2023

(Japan GAAP)

August 8, 2023

Name of the Company: ASICS Corporation

Listing Exchanges: Tokyo

Code No.: 7936


President, CEO and COO, Representative Director: Yasuhito Hirota

Date of filing Securities Report by quarter: August 8, 2023

Date of scheduled payment of dividend: September 7, 2023

Quarterly Results Supplemental Materials: Yes

Quarterly Results Presentation Meeting: Yes (For institutional investors, analysts and press in Japan)

(Amounts less than one million yen are truncated)

1. Consolidated results for the second quarter ended June 30, 2023 (January 1, 2023- June 30, 2023)

  1. Consolidated business results (Accumulated)

(The percentages indicate the rates of increase or decrease compared with the corresponding period of the previous fiscal year)

Net sales

Operating income

Ordinary income

Profit attributable to

owners of parent









2nd quarter ended June 30, 2023









2nd quarter ended June 30, 2022









(Note) Comprehensive income

2nd quarter ended June 30, 2023: ¥ 42,466

million (0.9 %)

(Note) Comprehensive income:

2nd quarter ended June 30, 2022: ¥ 42,107

million (81.7 %)

Net income

Diluted net

per share

income per share



2nd quarter ended June 30, 2023



2nd quarter ended June 30, 2022



  1. Consolidated financial position

Total assets

Net assets

Shareholders' equity





As of June 30, 2023




As of December 31, 2022




(Reference) Shareholders' equity June 30, 2023: ¥ 208,841 million December 31, 2022:

¥ 170,614 million

2. Dividend

Cash dividend per share

(Record date)

End of 1st quarter

End of 2nd quarter

End of 3rd quarter

End of year







FY ended December





31, 2022


FY ended December



31, 2023

FY ending December



31, 2023 (Forecast)


(Note) Changes in dividend forecast: Yes

For details regarding the revision of dividend forecast, please refer to "Notice Concerning the Revision of the Consolidated Business Results Forecast for the Fiscal Year Ending December 31, 2023, and Dividend of Surplus and Revision of Dividend Forecast (Increased Dividend)" announced on August 8, 2023.


3. Forecast of consolidated business results for the fiscal year ending December 31, 2023 (January 1, 2023- December 31, 2023)

(The full-year percentages indicate the rates of increase or decrease compared with the previous fiscal year)

Net sales

Operating income

Ordinary income

Profit attributable to

Net income per

owners of parent





















(Note) Changes in forecast of consolidated business results: Yes

For details regarding the revision of the consolidated business results forecast, please refer to "Notice Concerning the Revision of the Consolidated Business Results Forecast for the Fiscal Year Ending December 31, 2023, and Dividend of Surplus and Revision of Dividend Forecast (Increased Dividend)" announced on August 8, 2023.

  • Notes
  1. Changes in significant subsidiaries during the fiscal year (changes in specified subsidiaries that caused changes in the scope of consolidation): None
  2. Adopting accounting treatment simplified or specialized for quarterly consolidation: Yes
  3. Changes in accounting policy, changes in accounting estimates, and changes in presentation due to revisions
  • Changes in accounting policy to conform to revisions in accounting standards and others: Adopted: Yes
  • Changes in accounting policy adopted otherwise than in: None Changes in accounting estimates: None

Changes in presentation due to revisions: None

  1. Number of shares (of common stock) issued and outstanding

Number of shares outstanding (including treasury shares) at fiscal end:

June 30, 2023


December 31, 2022


  • Number of treasury shares at fiscal end:

June 30, 2023


December 31, 2022


  • Average number of shares during the term:

2nd quarter ended June 30, 2023


2nd quarter ended June 30, 2022


  • Summary of Consolidated Financial Statements is not subjected to quarterly review by independent auditors
  • Explanation of appropriate use of business performance forecasts; other special items

(Notes to the description about future, other)

The performance forecasts above are estimated based on information available as of the date hereof. This may cause actual results to differ from stated projections due to changing business conditions or other factors. Please refer to page 10, "(4) Explanation on forecast for consolidated business results and others " for the forecast of consolidated business results.

(How to access supplemental materials on quarterly business results)

The Company is scheduled to hold conference call on business results for press on Tuesday, August 8, 2023 and for investors on Wednesday, August 9, 2023. We plan to post the materials used in the meeting on the Company's website ( on Tuesday, August 8, 2023.


1. Qualitative information for consolidated business results

(1) Explanation on business results

Forward-looking statements in the text are our estimation as of the end of the second quarter ended June 30, 2023.

Major initiatives during the second quarter ended June 30, 2023

The normalization of social and economic activities has continued to progress with in-person sporting events having truly reopened since the beginning of the year and people were able to move freely for the first time in several years.

Net sales were ¥290.0 billion recording the highest ever for the six months ended June 30 and increased year on year in all regions and categories. By region, net sales for ASICS JAPAN Corp. in Japan region capturing inbound demand as well as enjoying rapid growth of Core Performance Sports category due to the normalization of supply chain increased by 41.8%, net sales in the Greater China region responding flexibly to its re-open demand as well as continuous implementing local oriented strategy increased by 39.6% and net sales of Onitsuka Tiger were higher than the previous year since February. Net sales in the Southeast and South Asia regions increased by 66.9%, reflecting significant sales increase in India and Malaysia, demonstrating the highest growth rates among all regions.

Despite deteriorating foreign exchange rates in purchasing goods, the gross margin improved by

1.5 points year on year to 51.0% demonstrating our success with reviewing product mix, optimizing selling prices and so on.

Operating income was ¥33.6 billion, the highest ever for the six months ended June 30, increased by 75.4% year on year. As a result of lowering Selling, General and Administrative expenses ratio due to controlling Selling, General and Administrative expenses as well as effects of sales increase, operating income ratio improved to 11.6% from 8.5% of the same period of the previous fiscal year.

Profit attributable to owners of parent was ¥24.7 billion, also the highest ever for the six months ended June 30.

Based on the progress of strong performance during the six months ended June 30, 2023, we have opted to upwardly revise our annual consolidated business results forecast. In addition, considering the historical high cash flows from operating activities during the period, we have amended the dividend of end of 1st half of the fiscal year ended December 31, 2023 to 25 yen per share and will plan to amend the dividend of end of year for the fiscal year ended December 31, 2023, to 30 yen per share, estimating record high.

(the annual dividend for the fiscal year ended December 31, 2023 will be 55 yen per share).

  • Digital
  • With the continued increase in OneASICS members (increasing by 33.9% year on year to around 8.3 million members), EC sales grew by 36.3% year on year to ¥49.6 billion. EC sales have shown steady growth accompanied by an increasing number of OneASICS members. We will continue promoting efforts to gain more direct touchpoints with runners as well as more OneASICS members for further expanding the running ecosystem.


  • ASICS has been selected as one of the "Noteworthy DX Companies 2023" in the "Digital Transformation Stocks (DX Stocks)" in a joint program by Japan's Ministry of Economy, Trade and Industry (METI) and the Tokyo Stock Exchange (TSE). "DX Stocks" is a program that METI and TSE select companies among companies listed on the Tokyo Stock Exchange that have established internal mechanisms to promote DX that will lead to increased corporate value and have demonstrated outstanding achievements in the use of digital technology. ASICS was selected as a DX Stock this year upon having been recognized for "expanding customer touchpoints and improving customer experience value through the running ecosystem" and for "creating new business models enlisting digital services such as NFTs*."

*NFT: Non-Fungible Token: Digital data with a non-falsifiable certificate of authenticity or


  • Category
  • Performance Running
  • Net sales increased by 19.9% year on year to ¥147.8 billion, reflecting sales growth in all regions. This increase is mainly due to the success in enhancing promotion of "GEL-NIMBUS 25" in Japan region, North America region, Europe region and Oceania region.
  • From its "GEL-KAYANO" series of high-performance running shoes that represent the ASICS brand, the Company launched its latest model "GEL-KAYANO 30" running shoes that combine stability and comfort with emphasis on changes in running form caused by the fatigue throughout the entire run from start to finish. Available since 1993, the "GEL-KAYANO" series features high-performance models designed for long-distance running and has been much-loved by runners over three decades.
    Meanwhile, "GEL-KAYANO 30" became the first ASICS product ever to display information on greenhouse gas emissions (carbon footprint) across the product lifecycle (materials procurement, manufacturing, shipping, use, and disposal). Such transparent disclosure of a product's environmental impact serves as part of ASICS' initiatives toward achieving net-zero emissions from its business by 2050. Going forward, ASICS plans to successively disclose information on greenhouse gas emissions.

• Core Performance Sports

  • Net sales increased by 71.9% year on year, reflecting double digits growth in all regions year on year, rising to ¥40.4 billion driven by mainly tennis shoes which have appealed with its unique way.
  • The Company launched its latest "METASPEED SP" short-distance track spikes combining highly responsive rebound and forward propulsion for 100 meter and 200 meter events. This model is equipped with a carbon plate extending from the toe area of the upper midsole (the intermediate cushioning material between the upper and the outsole) to the heel section.
    Track and field athlete Fred Kerley, who won the 100m gold medal at the 2022 World Athletics Championships in Oregon, the United States of America, also emerged victorious at the Seiko Golden Grand Prix 2023 Yokohama held on May 21, 2023, setting a new competition record of 9.88 seconds wearing the "METASPEED SP". Going forward, ASICS will continue to furnish support to athletes in part by providing products incorporating ASICS technology.


• Onitsuka Tiger

Net sales increased by 44.1% year on year to ¥28.2 billion, reflecting contribution by Japan region where captured steady recovery of sales for inbound tourists. Moreover, net sales were also strong and revenue growth rate was more than that of the first quarter in Greater China region.

  • ROA Tree Management

ROA was 11.2%. Total assets, a component of ROA, increased from the end of the previous fiscal year, partly due to an increase by fluctuations in foreign exchange rates, while gross margin improved year on year, mainly due to a shift to high gross profit products and optimization of selling prices.

The Cash Conversion Cycle (CCC) deteriorated only by 5 days from 174 days to 179 days year on year and improved by 10 days from 189 days compared to the end of the previous fiscal year due to shorter inventory turnover period in spite of an increase in accounts receivable reflecting strong sales.

ROA calculation as follow (Annualized)

Profit attributable to owners of parent for the second quater ended June 30, 2023

(Total assets for the fiscal year ended December 31, 2022 + Total assets for the second qurter ended June 30, 2023) ÷ 2 × 2

  • Integrated Report

We have released "ASICS Integrated Report 2022" for our investors and other stakeholders. This marks the third year that we have published the Integrated Report. In preparing the latest Integrated Report, we have compiled a comprehensive overview of important information pertaining to ASICS' creation of medium and long term corporate value, edited in a straightforward manner. Moreover, the report features multiple interviews that we hope will enable readers to gain a firsthand sense of ASICS' business management, management reforms, and human resources strategy. The report also discloses details on administration of global engagement survey to employees and results associated with the survey. We will continue to further enhance the disclosure of non-financial information.

  • Para athletics

ASICS engages in initiatives to help realize a healthy and sustainable inclusive society through para athletics. It accordingly established the Para Sports Planning Department in January 2022, tasked with drawing up and implementing strategies for its para athletic business.

Such initiatives have entailed our signing of an official partnership agreement with Japan Para Athletics (JPA) in May 2023. As part of the agreement, we will provide shoes, apparel, and accessories to the Japanese national team and staff members participating in competitions and other events designated by JPA.

Furthermore, we became the Platinum Sponsor in the sporting goods category for Kobe 2024 World Para Athletics Championships to be held in Kobe City, Hyogo Prefecture in May 2024. We also entered into an athlete advisor agreement with marathon runner Misato Michishita (affiliated with Mitsui Sumitomo Insurance Company, Limited). In addition to excelling as a top athlete, she also takes an active role in conducting lectures and other engagements on themes that include development of para athletics and continual pursuit of challenges alongside fellow athletes. Going forward, we will help give rise to an inclusive society through the sport of running, as we provide Ms. Michishita with products that incorporate her feedback and otherwise support her efforts toward even greater achievements.




Asics Corporation published this content on 08 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 06:10:07 UTC.