Onitsuka Tiger drives profit growth at Asics

Asics has posted a 19.6 percent surge in net profit for the last nine months of 2013, reaching 14.973 billion yen

in net income for the period. This boost is to be explained by strong overseas sales and a running boom. Much of the growth was driven by its coveted Onitsuka Tiger brand.

"In the sporting goods industry, business was steady on the back of a high level of interest in sport owing to rising health consciousness, as well as a running boom," the Japanese sportswear company said in a statement earlier this week.

In the third quarter of fiscal year (from April 1, 2013 to December 31, 2013) the Japanese sportswear group recorded a 25 percent increase in consolidated net sales to 238.259 billion yen (approximately 2.3 billion euro).

In Japan, revenues were furthered by sturdy sales of walking shoes and Onitsuka Tiger shoes, as well as the expansion of Asics' store base and strong sales of running shoes and baseball equipment. Net revenue jumped by 4.2 percent to 66.245 billion yen.

Likewise, sales in foreign markets were driven by strong growth for running shoes in the Americas, Europe and other regions, adding 35.5 percent to 172.013 billion yen. The Asian markets were the most profitable ones, with a 74.1 percent growth, followed by America (+37.1 percent), Europe (6.4 percent) and Oceania (32.6 percent).

Asics now expects full-year net profit to come in at 15 billion yen and revenues of 327 billion yen.