Asics Sees Red Ink in 2020, But Recovery Coming in 2021
Net loss was ¥12,718 million ($121.7 mm) in the fourth quarter against a ¥169 million profit the year before as revenues declined 12% to ¥80,578 million ($771.1 mm) from ¥91,884 million. Gross margin contracted 370 basis points to 45.6% and SG&A was up 310 b.p. despite a 7% decline in yen. Asics is predicting a substantial rebound in 2021, guiding for revenues of ¥370.0 to ¥385.0 billion and a return to profits with net income of ¥2.0 to ¥3.5 billion. All stores are now open in Japan and China, with some temporary closures remaining in the U.S. and Europe. The ... Log in to view full article.