Asics Net Declines in 2017 on Flat Sales
Net income for the FY ended Dec. 31 slipped 17% to ¥12,970 million ($115.6 mm) from ¥15,566 million in 2017 as sales inched up to ¥400,157 million from ¥399,107 million ($3,567.0 mm). Despite gross margin expansion of 160 basis points to 45.8%, increased spending on store openings and investment in digital weighed on profits, sending SG&A up 310 b.p. or ¥12,700 million. Asics sees growth strengthening in 2018, and is forecasting 6% top line growth to ¥425 billion with sales increases everywhere except in the Americas where it expects a 3% decline. It sees the core running business delivering a ... Log in to view full article.