ASICS raised its consolidated forecast for the fiscal year ending December 2026, with sales expected to exceed ¥1 trillion for the first time since its founding. Onitsuka Tiger achieved an operating margin of 39.6% and is securing high profitability through a strategy centered on directly operated stores.
On 14 August, ASICS raised its consolidated earnings forecast for the fiscal year ending December 2026, with sales expected to exceed ¥1 trillion for the first time since its founding. Under the revised forecast, sales are projected at ¥1.05 trillion, operating profit at ¥195 billion, and net profit at ¥120 billion. In the first half alone, sales reached ¥534.4 billion and net profit ¥82.1 billion, both record highs. The share price surged in response, and the annual dividend was also raised to ¥44.
Meanwhile, Nike's direct business, centered on sales through directly operated stores, has been sluggish. The company reported that sales were effectively flat and that sales through directly operated stores and its own e-commerce operations were trending downward. A CEO transition and overhaul of the management structure are also under way, but market views remain firmly of the opinion that a full recovery will take time.
Onitsuka Tiger's first-half business sales reached ¥89.5 billion, with an operating margin of 39.6% and strong growth recorded across all regions. ASICS has indicated that it plans to proceed with the spin-off of Onitsuka Tiger effective 1 January 2027. Three factors have been cited as supporting this performance: high gross margins resulting from restrained discounting, the use of inbound tourism demand and cross-border e-commerce, and brand control centered on directly operated stores.
The article argues that the difference in strategy between Nike and ASICS has created a divergence in the companies' current fortunes, and notes that ASICS's development of a two-pillar structure combining the performance sports market with fashion has contributed to its high profitability. While exchange-rate movements and changes in inbound tourism demand could affect results going forward, the view has been expressed that the planned spin-off of Onitsuka Tiger will support a transformation of the business structure.