ASICS : The Fiscal First Quarter Ended March 31, 2023

Summary of Consolidated Financial Statements

For the First Quarter Ended March 31, 2023

(Japan GAAP)

May 10, 2023

Name of the Company: ASICS Corporation

Listing Exchanges: Tokyo

Code No.: 7936

URL: https://corp.asics.com/en/

President, CEO and COO, Representative Director: Yasuhito Hirota

Date of filing Securities Report by quarter: May 10, 2023

Date of scheduled payment of dividends: -

Quarterly Results Supplemental Materials: Yes

Quarterly Results Presentation Meeting: Yes (For institutional investors, analysts and press in Japan)

(Amounts less than one million yen are truncated)

1. Consolidated results for the first quarter ended March 31, 2023 (January 1, 2023- March 31, 2023)

1. Consolidated business results (Accumulated)

(The percentages indicate the rates of increase or decrease compared with the corresponding period of the previous fiscal year)

1. Consolidated financial position

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3. Forecast of consolidated business results for the fiscal year ending December 31, 2023 (January 1, 2023- December 31, 2023)

(The full-year percentages indicate the rates of increase or decrease compared with the previous fiscal year)

• Notes

1. Changes in significant subsidiaries during the fiscal year (changes in specified subsidiaries that caused changes in the scope of consolidation): None
2. Adopting accounting treatment simplified or specialized for quarterly consolidation: Yes
3. Changes in accounting policy, changes in accounting estimates, and changes in presentation due to revisions

• Changes in accounting policy to conform to revisions in accounting standards and others: Adopted: Yes

• Changes in accounting policy adopted otherwise than in: None  Changes in accounting estimates: None

 Changes in presentation due to revisions: None

1. Number of shares (of common stock) issued and outstanding

 Number of shares outstanding (including treasury shares) at fiscal end:

• Number of treasury shares at fiscal end:

• Average number of shares during the term:

• Summary of Consolidated Financial Statements is not subjected to quarterly review by independent auditors
• Explanation of appropriate use of business performance forecasts; other special items

(Notes to the description about future, other)

The performance forecasts above are estimated based on information available as of the date hereof. This may cause actual results to differ from stated projections due to changing business conditions or other factors. Please refer to page 8, "(3) Explanation on forecast for consolidated business results and others " for the forecast of consolidated business results.

(How to access supplemental materials on quarterly business results)

The Company is scheduled to hold presentation meeting on business results for institutional investors, analysts and press on Wednesday, May 10, 2023. We plan to post the materials used in the meeting on the Company's website (https://corp.asics.com/en/investor_relations/library/financial_summary) on Wednesday, May 10, 2023.

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1. Qualitative information for consolidated business results

(1) Explanation on business results

Forward-looking statements in the text are our estimation as of the end of the first quarter ended March 31, 2023.

Major initiatives during the first quarter ended March 31, 2023

The normalization of social and economic activities is progressing with in-person sporting events having truly reopened and people able to move freely for the first time in several years. Due to this circumstance, Japan is experiencing a trend of recovery in inbound demand.

Net sales were ¥152.2 billion recording the highest ever for the first quarter ended March 31 [excluding irregular accounting periods for FY2014], growing by 44.6% year on year and by 35.0% year on year even excluding foreign exchange effects. By region, net sales for ASICS JAPAN Corp. in Japan region with the trend of recovery in inbound increased by 61.9%, net sales in the Greater China region with the trend in recovery from COVID-19 increased by 41.2%, and net sales in the Southeast and South Asia regions, one of the Company's future growth drivers, increased by 91.1%, demonstrating significant growth in each region.

Despite deteriorating foreign exchange rates in purchasing goods, the gross profit ratio improved by 0.3 points year on year to 50.2% demonstrating our success with optimizing selling prices and so on.

Operating income was ¥22.1 billion, the highest ever for the first quarter ended March 31, more than doubling from the same period of the previous fiscal year. Operating income ratio improved to 14.5% from 9.5% of the same period of the previous fiscal year.

• Digital

• With the continued increase in OneASICS members (increasing by 34.5% year on year to around 7.8 million members), EC sales grew by 45.1% year on year to ¥22.2 billion. We will continue to work to increase OneASICS members by expanding our touchpoints with runners and to expand the running ecosystem.

• In a training program specialized to achieve sub-4 (completing the marathon in less than four hours) that is being implemented during "Challenge 4" a full marathon race for runners aiming to achieve sub-4, the training app "TATTA" created by R-bies CO., LTD., which became a Group company last year, was used. In addition to providing specialized programs with TATTA through online races and online seminars, everyday interaction among training participants is possible through the app.
  Net sales for our running service channel, for which we started to disclose newly in this first quarter ended March 31, increased significantly to ¥2.7 billion from ¥0.3 billion of the same period of the previous fiscal year partly due to the effects of M&A of race registration companies.

• Running Ecosystem

At ULTRA-TRAIL Mt. FUJI 2023 and The Takahashi Naoko Cup / Gifu Half Marathon 2023 held in April, ASICS playsure corporation. provided insurance covering both injuries and certain illnesses to the runners and staff. ULTRA-TRAIL Mt. FUJI 2023 is the first event in which ASICS playsure corporation. and R-bies CO., LTD. collaborated.

In addition to our insurance business, we will provide various services and work to expand the running ecosystem for the future.

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• Sustainability

ASICS pledges to contribute to enabling sound mind, sound body for people all over the world, and to provide them with sustainable environment where they can play sports, advancing various initiatives.

The Group has been awarded a position on the Supplier Engagement Leaderboard four years in a row by global environmental impact non-profit charity CDP as a result of being recognized for its actions and strategies to reduce emissions and manage climate risks in its supply chain.

The Group is committed to pursuing sustainability in all aspects of its business on an ongoing basis to help bring about a more sustainable society.

• ROA Tree Management

ROA was 15.0%. Total assets, a component of ROA, increased from the end of the previous fiscal year, mainly due to an increase in accounts receivable resulting from strong sales, while gross profit ratio improved year on year, mainly due to a shift to high gross profit products and optimization of selling prices.

ROA calculation as follow (Annualized)

Profit attributable to owners of parent for the first quater ended March 31, 2023

(Total assets for the fiscal year ended December 31, 2022 + Total assets for the first qurter ended March 31, 2023) ÷ 2 × 4

1) Net sales

Net sales increased 44.6% to ¥152,297 million due to the strong sales in all categories, as well as due to the foreign exchange effects.

2) Gross profit

Gross profit increased 45.3% to ¥76,424 million due to the impact of the increase in net sales described above.

3) Operating income

Operating income increased significantly 119.9% to ¥22,120 million due to the impact of the increase in net sales described above.

4) Ordinary income

Ordinary income increased 99.3% to ¥21,921 million mainly due to the impact of the increase in net sales and profit described above.

5) Profit attributable to owners of parent

Profit attributable to owners of parent increased 86.9% to ¥16,310 million mainly due to the impact of the increase in net sales and profit described above.

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