Sports equipment and sneaker maker Asics has maintained momentum despite market challenges in China for other brands like Nike and Adidas.
As a result, the Japan-based company projects sales to reach $3.48 billion for FY2021, up from a previous forecast of $3.44 billion. Asics’ raised guidance is the product of better-than-expected results in the company’s Performance Running and Core Performance Sports segments.
- Full-year net income is projected to reach $78 million — more than double its guidance.
- Despite the favorable outlook, the company’s shares are down more than 3% in 2022.
Asics benefited from the Tokyo Olympics in FY2021. The company was the official sportswear sponsor for the Japan Olympic and Paralympic teams, as well as a Tokyo 2020 Gold Partner.
More Than Just Sportswear
Last February, Asics’ investment subsidiary, Asics Ventures Corporation, invested in soccer scouting platform Dreamstock, Inc.
Earlier this month, Asics Ventures made an investment in Run.Edge Limited, a provider of real-time sports video and analysis applications.