Driven by a 31 percent increase in annual global performance running sales, Asics generated revenues of more than ¥400 billion for the first time in four years in 2021. And the Japanese company’s annual operating income topped ¥20 billion yen for the first time since 2016. Net sales for 2021 rose 22.9 percent to ¥404.0 billion ($3.68 bn) as both China and North America posted increases of 30 percent. Annual operating income swelled 25.8 percent to ¥21.9 million yen ($199.5m) as gross margin rose 3 percent to 49.5 percent.

Asics’ operating income increased in all regions on higher sales and an improvement in gross profit ratio with Japan, North America, Europe, and Greater China significantly improving year-over-year. The U.S. business turned a profit for the first time in four years. North American sales raced ahead 36 percent to ¥66,267 million ($573.5 mn) on strong sales in the performance running and core performance sports categories. The geography returned to an annual profit to ¥2,748 million ($23.8 mn) on the higher revenues.

By channel in 2021, wholesale revenues expanded 23.7 percent to 217.5 billion yen ($2.07 bn) with European sales up 22.2 percent. Total ecommerce sales rose 23.3 percent to 63.8 billion yen ($607.6 mn) with Europe pacing all regions but Japan in percentage increase at 24.1 percent, followed by North America (+19.1 percent) and Greater China (+17.8 percent). Own retail sales were 19.6 percent higher at 68.7 billion yen ($654.3 mn).

In the global performance running segment in 2021, category profit jumped 17.7 percent to 42.6 billion yen ($405.7 mn) as its profit ratio increased to 20.5 percent on Asics’ construction of an ecosystem and focus on high gross margin styles amid factory shutdowns. Annual segment sales rose 49.2 percent to 208.2 billion yen ($1.98 bn) on double-digit growth in Europe, Japan, North America, and Greater China. Fourth quarter segment sale rose 8.3 percent despite the suspension of some factory operations.

Asics is currently forecasting 2022 sales and operating income gains despite expected higher marketing expenditures and logistics costs. Annual revenues are projected to rise 3.9 percent to ¥420.0 billion ($4.0 bn) in 2022 with expected operating income jumping 4.8 percent to ¥23 billion yen ($219.0 mn). Among its annual category projections, performance running sales are forecast to increase 7 percent in 2022 to ¥223.0 billion yen ($2.12 bn); core performance sports, led by global market share gains in tennis and indoor sports, are projected to be essentially flat at ¥41.5 billion ($395.2 mm); and Onitsuka Tiger revenues are forecast to increase 15 percent in 2022 to ¥44.5 billion yen.