Asics profits surge, announces share buyback and foundation launch

Asics Corporation (TSE: 7936) announced a surge in consolidated net sales by 18.9% to ¥678.5 billion and record operating profit, which nearly doubled with an 84.7% increase to ¥100.1 billion for the fiscal year ending December 31, 2024. This growth was fueled by strong performances across all categories, particularly SportStyle and Onitsuka Tiger, alongside currency exchange benefits. In addition to these strong results, Asics' board approved a plan to repurchase up to 7 million of its own shares for a maximum of ¥20 billion, underscoring its commitment to shareholder returns and optimizing capital structure. Furthermore, Asics detailed the creation of the ASICS Foundation, a general incorporated foundation, that will be used for grants, primarily focused on promoting sports participation, health, and human capital. The foundation will have annual expenses of ¥150 million and the company will transfer shares in May. Looking ahead, Asics forecasts continued growth in 2025, with net sales projected to reach ¥780 billion and operating profit to hit ¥120 billion, with all key components of the business driving the growth.