Pandemic causes steep drop in Asics revenue

Japanese sportswear retailer Asics has posted a steep drop in revenues as a consequence of the coronavirus pandemic.

The firm has seen a 21.5-per-cent dip in global sales to the equivalent of US$1.4 billion in this year’s second financial quarter, and operating losses of $36.6 million against an $81.2 million profit last year.

In keeping with a global rise in e-commerce trade heavily influenced by lockdowns and stay-at-home orders internationally, Asics saw an uptick in online sales of 139 percent for its European market – but that was not enough to prevent a fall in gross profits of 20.7 percent to $667 million.

In its home market sales fell by 24 percent to $444.6 million, while in European sales were down 20.5 percent to $350.9 million.