Following a stellar 2025, the Japanese sportswear brand shifted into an even higher gear in the first quarter, with revenues soaring 30% to ¥270,265 million ($1,722.7 mm) from ¥208,313 million, led by the fast-growing SportStyle and Apparel segments and strength in Europe. Net income increased 47% to ¥46,569 million ($296.8 mm) from ¥31,647 million, despite a 130 basis point narrowing of gross margin to 54.6%. SG&A increased 21% in yuan, mostly from higher personnel expenses and advertising spend, but still leveraged 240 b.p. on the higher top line.

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