China’s lifting of Zero Covid and relaxed restrictions elsewhere in Asia sent Asics Q1 results higher, with net income up 87% to ¥16,310 million ($123.2 mm) from ¥8,725 million on a 45% increase in revenues to ¥152,297 million ($1,150.3 mm) against ¥105,329 million. Gross margin expanded 30 basis points to 50.2%, helped by higher prices which more than offset currency headwinds, while SG&A increased 28% in yen, but leveraged 470 b.p. on the higher sales.

North American sales increased 24% to ¥26,154 million ($197.5 mm) helped by the strong dollar, but were ... Log in to view full article.