Ordinary profit increased 50.4 per cent to ¥139.3 billion, while profit attributable to owners of parent surged 54.7 per cent to ¥98.7 billion. Operating margin improved to 17.6 per cent from 14.8 per cent a year earlier, as gross profit rose 21.6 per cent to ¥460.6 billion, supported by both higher sales and improved gross margin. On a currency-neutral basis, net sales grew 19.4 per cent and operating profit rose 42.2 per cent.

ASICS has posted record FY25 results, with net sales up 19.5 per cent to ¥810.9 billion (~$5.29 billion) and operating profit rising 42.4 per cent to ¥142.5 billion (~$930 million), lifting margin to 17.6 per cent.
SportStyle and Onitsuka Tiger each topped ¥100 billion (~$653 million), while Europe and Japan drove regional gains.
Cash fell on buybacks and debt repayment.

Earnings per share (EPS) came in at ¥138.13 (diluted: ¥137.96), with return on equity at 39.1 per cent. The company reported growth across all categories, with SportStyle and Onitsuka Tiger each surpassing ¥100 billion (~$653 million) in net sales for the first time and both delivering growth of more than 40 per cent versus the previous fiscal, ASICS said in a press release.

Performance Running remained the largest category, with net sales up 11.2 per cent to ¥363.5 billion and category profit rising 21.6 per cent to ¥86 billion, driven by strength in Europe and Southeast and South Asia.

Core Performance Sports delivered net sales growth of 9.4 per cent to ¥86 billion and category profit growth of 18.9 per cent to ¥16.8 billion, helped by an improved gross margin.

Apparel and Equipment grew 10.5 per cent to ¥42.1 billion, while category profit rose 36.9 per cent to ¥5.9 billion, again reflecting margin improvement alongside higher sales.

SportStyle was the standout on scale-up, with net sales jumping 43.6 per cent to ¥141.3 billion and category profit increasing 53.8 per cent to ¥41.3 billion, supported by broad-based regional demand.

Onitsuka Tiger recorded net sales growth of 43 per cent to ¥136.5 billion and category profit growth of 58.7 per cent to ¥51.5 billion. The company expanded Onitsuka Tiger’s presence in Europe, opening flagship stores in Barcelona, London, and Paris, as the brand works to establish itself as a Japanese luxury lifestyle label.

Japan net sales rose 22.7 per cent to ¥204.2 billion, with segment profit surging 61.7 per cent to ¥44.7 billion, supported by strong Performance Running and Onitsuka Tiger demand. It highlighted inbound tourist spending as a key driver, with inbound sales up 84 per cent.

Europe posted net sales growth of 25.9 per cent to ¥225.8 billion, while segment profit increased 45.3 per cent to ¥36.7 billion on strength across categories. Greater China net sales increased 19.9 per cent to ¥120.5 billion and segment profit rose 29.8 per cent to ¥25.1 billion, supported by margin gains and broad-based demand.

Southeast and South Asia grew 33.4 per cent to ¥49.8 billion, with segment profit up 47.6 per cent to ¥10.9 billion. The comapny opened its first ASICS flagship store in New Delhi in October. North America net sales rose 4.6 per cent to ¥141.2 billion, while segment profit jumped 42.1 per cent to ¥16 billion.

Oceania net sales rose 15.5 per cent to ¥49.6 billion, while segment profit edged up 3.8 per cent to ¥7.9 billion.

Total assets increased 13 per cent to ¥586.5 billion as of December 31, 2025, while net assets rose 16.4 per cent to ¥273.4 billion, lifting the equity-to-asset ratio to 46.3 per cent from 44.9 per cent.

ASICS’ current assets rose 11 per cent to ¥409.9 billion, mainly due to higher merchandise and finished goods. Non-current assets increased 17.8 per cent to ¥176.5 billion, reflecting increases in machinery, equipment and vehicles, as well as right-of-use assets.

Cash and cash equivalents fell to ¥112.2 billion from ¥127 billion, as operating cash flow of ¥109.9 billion was offset by investing outflows of ¥29.4 billion and financing outflows of ¥105.9 billion.

For FY26, ASICS forecast net sales of ¥950 billion (up 17.2 per cent) and operating profit of ¥171 billion (up 20 per cent), with operating margin expected to improve to 18 per cent. Ordinary profit is projected at ¥165 billion (up 18.5 per cent) and profit attributable to owners of parent at ¥110 billion (up 11.4 per cent), implying EPS of ¥153.91. On a currency-neutral basis, it expects net sales growth of 16.7 per cent and operating profit growth of 19.7 per cent.

By category, it expects Performance Running sales of ¥415 billion, SportStyle sales of ¥205 billion, and Onitsuka Tiger sales of ¥152 billion in FY26. It also said it will rename ‘Apparel and Equipment’ to ‘Apparel’ from FY26 and will disclose ‘Walking’ as a separate category (forecast: ¥16.2 billion, down 1.5 per cent).

Regionally, the company’s FY26 outlook assumes growth in Europe (¥281 billion), North America (¥168.0 billion), Greater China (¥140 billion), Oceania (¥58 billion), and Southeast and South Asia (¥59.0 billion), while Japan is forecast to decline to ¥180 billion.

The company said 2026 will be a launchpad year ahead of its next mid-term plan starting in 2027, with priorities including innovation-led Performance Running growth, broader category expansion beyond tennis in Core Performance Sports, and scaling SportStyle while maintaining sustainable growth. For Onitsuka Tiger, it plans to further solidify its position in Europe and advance preparations to re-enter the US market from 2027 onwards, added the release.

Fibre2Fashion News Desk (SG)

The new measures aim to address structural constraints faced by MSME exporters, including high cost of capital, limited access to trade finance, compliance burdens, logistics disadvantages and barriers to new market entry. Goyal said India recorded double-digit merchandise export growth in the first half of February, underscoring strong industry momentum.

Union Minister Piyush Goyal has launched seven new interventions under the Export Promotion Mission to boost MSME exports, taking 10 of 11 schemes operational.
The measures offer interest subvention, credit guarantees, logistics and compliance support, and overseas warehousing assistance.
Industry bodies welcomed the initiative aimed at lowering costs and expanding global market access for exporters.

The interventions are divided under two pillars: Niryat Protsahan, focused on financial enablers, and Niryat Disha, which strengthens the export ecosystem, the Ministry of Commerce and Industry said in a press release.

Under Niryat Protsahan, the government introduced support for export factoring with 2.75 per cent interest subvention and assistance capped at ₹50 lakh per MSME annually. Structured credit facilities for e-commerce exporters include a Direct E-Commerce Credit Facility of up to ₹50 lakh with 90 per cent guarantee cover, and an Overseas Inventory Credit Facility of up to ₹5 crore with 75 per cent guarantee coverage, along with interest subvention capped at ₹15 lakh per applicant annually. A third measure supports exporters entering new or high-risk markets through shared-risk and credit instruments.

Under Niryat Disha, Trade Regulations, Accreditation and Compliance Enablement (TRACE) will reimburse 60 to 75 per cent of eligible testing, inspection and certification costs, up to ₹25 lakh annually per Importer Exporter Code (IEC), to ease compliance. Facilitating Logistics, Overseas Warehousing and Fulfilment (FLOW) will provide up to 30 per cent of approved project costs for overseas warehousing and fulfilment infrastructure for up to three years. Logistics Interventions for Freight and Transport (LIFT) will reimburse up to 30 per cent of freight costs, capped at ₹20 lakh per IEC per year, for exporters in low export-intensity districts. Integrated Support for Trade Intelligence and Facilitation (INSIGHT) will offer up to 50 per cent project support for trade intelligence systems and district-level facilitation, with up to 100 per cent support for government-backed proposals.

Three other schemes for market access support, interest subvention for pre- and post-shipment credit, and collateral support are already operational. The mission is implemented by the Department of Commerce in co-ordination with key ministries, financial institutions and export bodies.

Industry associations and export promotion councils welcomed the move, expressing support for effective implementation to strengthen India’s position as a competitive global export hub.

Fibre2Fashion News Desk (CG)

The most actively traded May cotton contract rose 0.38 cent to settle at 64.14 cents per pound. All cotton contracts closed higher for the first time since January 27, posting gains ranging from 1 to 38 points.

ICE cotton futures closed marginally higher, supported by stronger soybean and crude oil prices, which reduced polyester’s cost competitiveness.
May contract settled at 64.14 cents per pound.
Trading volumes eased, while open interest declined for a ninth session.
USDA projections indicate a tighter 2026–27 global balance, with lower output, higher consumption and reduced ending stocks.

Crude oil climbed around 2 per cent to a six-month high amid tensions in the Middle East. Stronger crude prices could reduce polyester’s relative cost competitiveness, potentially offering marginal support to cotton demand.

Total trading volume was 66,490 contracts, the lightest since January 29. Cleared volume from the previous session stood at 79,290 contracts.

Global cotton markets are expected to tighten in the 2026–27 season, with production projected to decline while consumption rises, shifting the balance towards a deficit, according to projections presented at the USDA’s 102^nd Agricultural Outlook Forum. World cotton production is forecast to fall by about 3 per cent to 116.0 million bales, while consumption is expected to increase to 120.1 million bales. As a result, global ending stocks are projected to decline to 71.2 million bales under the new outlook scenario.

For the US, the outlook indicates planted area of 9.4 million acres and production of 13.6 million bales. Exports are projected at 12.2 million bales, with ending stocks estimated at 4.2 million bales.

In futures market activity, liquidation in the March 2026 contract continued ahead of the first notice day, with trading volume reaching 15,340 contracts and exceeding the open interest of 14,053 contracts, signalling active position exits and rollovers. Certified cotton stocks increased for the 13th consecutive reporting period to 117,075 bales, up by 2,565 bales, with no bales currently awaiting review.

Overall open interest declined for the ninth straight session, falling by 10,187 contracts to 328,448, extending a cumulative nine-session drop of 57,970 contracts following a prolonged earlier build-up. In contrast, open interest in the May contract rose for the 20^th consecutive session to 173,427 contracts, ahead of its first notice day scheduled for April 24.

Market participation is also expected to broaden as China’s Zhengzhou Commodity Exchange cotton futures resume trading on February 24 after the Lunar New Year holiday. Analysts indicated that cotton prices are currently trading sideways as investors roll positions and await end-March US planting intentions data, with much of the bearish news already reflected in prices.

Among related commodities, soybean prices extended gains for a third consecutive session, hovering near three-month highs.

This morning (Indian Standard Time), ICE cotton for May 2026 was trading at 64.32 cents per pound (up 0.18 cent), cash cotton at 62.14 cents (up 0.38 cent), the March 2026 contract at 62.12 cents (up 0.19 cent), the July 2026 contract at 65.92 cents (up 0.19 cent), the October 2026 contract at 67.53 cents (up 0.22 cent), and the December 2026 contract at 68.37 cents (up 0.10 cent). A few contracts remained at their previous closing levels, with no trades recorded so far today.

Fibre2Fashion News Desk (KUL)