JAPAN: Tax rebate boosts Asics Q3 profit
- Q3 net profit up 42.9% to JPY12.519bn
- Net sales up 2.3% to JPY190.5bn
- Profit impacted by tax rebate and interest
A refund in taxes helped boost third quarter profits at sporting goods business Asics, which also recorded net sales increases at home and overseas.
Sales in the domestic Japanese market were up 1% to JPY63.5bn (US$681m), thanks to strong sales of running shoes, offset by weaker revenues from baseball ware and equipment.
Overseas sales rose 2.9% to JPY126.95bn, impacted by exchange rates but boosted by strong sales of running shoes in the Americas and Europe.
Asics said it had attempted to boost sales during the three months to 31 December by opening directly managed sales outlets in Brazil, the US and Australia, as well as flagship stores in London, Barcelona and Kobe.
The strong increase in profit, it added, was caused by the recording of a tax refund and interest from a refund which arose from transfer pricing taxation.
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