May 10, 2023
China’s lifting of Zero Covid and relaxed restrictions elsewhere in Asia sent Asics Q1 results higher, with net income up 87% to ¥16,310 million ($123.2 mm) from ¥8,725 million on a 45% increase in revenues to ¥152,297 million ($1,150.3 mm) against ¥105,329 million.
Net income attributable to shareholders nearly doubled in Q1 to $19.0 million from $9.7 million, benefitting from a $20.1 million gain on the sale of Keds, and anniversarying $30.4 million of environment cleanup costs last year that did not recur.
Profits attributable to shareholders contracted by 43% to $50,844,000 in the first quarter from $88,576,000 last year on sales that declined 12% to $2,107,446 from $2,394,369,000, on a reduction in manufacturing orders due to customers’ elevated inventory levels.
The sustainable fiber startup received $3.7 million in seed funding in a round led by Material Impact and Sofinnova Partners, which will be used to produce biodegradable fibers with protein-based color and performance properties.