Sports Goods Q2 FY2026: ASICS leads as Goldwin struggles with seasonal slump

The four companies diverged not only in growth but also in the sources of their profits. ASICS and Shimano reported interim results, while Goldwin and Yonex reported first-quarter results, so rankings by value should be read with the different period lengths in mind.

• The gap between growth leaders and laggards widened. Sales rose 32.7% year on year at ASICS and 14.1% at Yonex, while Goldwin's fell 1.2%.
• A weaker yen boosted overseas sales. ASICS sales still grew 22.0% excluding foreign-exchange effects. Yonex also increased overseas sales, though a reversal in currency trends could weigh on profit.
• Net income alone does not show underlying performance. Shimano's net income jumped 605.5%, even as operating profit fell 3.1%. Foreign-exchange gains and gains from share sales provided a lift.
• Seasonality and shipment timing shaped results. Goldwin was hit by unsettled weather and the impact of shipments brought forward in the previous year. Summer sales and shifts in shipment timing can move quarterly results.

ASICS led on operating margin at 22.5%, followed by Yonex at 15.1% and Shimano at 11.0%. Goldwin's margin was just 1.6%, highlighting differences in profitability across the companies.

ASICS was the strongest performer. Sales rose 32.7% year on year and operating profit increased 48.5%. Its operating margin reached 22.5%, 7.4 percentage points above Yonex's 15.1%. Sales growth remained 22.0% even after excluding the benefit of currency movements, with demand for its brands supporting expansion.

Goldwin showed the clearest signs of strain. Sales edged down 1.2% year on year, but operating profit plunged 82.1%. Its 1.6% operating margin was 20.9 percentage points below ASICS. Weak summer apparel sales compounded the impact of shipments brought forward in the prior year.

Brand momentum and seasonal factors separated the companies. Sports style products and Onitsuka Tiger drove growth at ASICS. Goldwin is looking to make up ground in the fall and winter selling season, while also managing higher costs, including labor.

Sports style products and Onitsuka Tiger led growth at ASICS. Interim sales topped 500 billion yen for the first time, prompting the company to raise its full-year earnings and dividend forecasts. Its high margin also shows how brand strength is translating into profit.

Goldwin kept its full-year forecast unchanged. The focus is on whether fall and winter sales can make up for weakness in summer products. Higher labor costs following changes to its personnel system add to the challenge of restoring sales while controlling expenses.

Shimano's operating profit declined, partly because of lower profitability in bicycle components. Foreign-exchange gains and gains from selling shares it held lifted net income, making it important to distinguish one-off gains from recovery in the core business.

Yonex reported strong sales of badminton and tennis products. Contract players' performances at international tournaments helped raise brand awareness, while sales grew in Asia and Europe. The company raised its full-year forecast, but improving profitability in North America remains a challenge.

Even when brand popularity is a tailwind, external conditions and sales concentration can make profits volatile. Investors should look beyond sales growth to assess where earnings come from and how sustainable they are.

• Currency movements: A weaker yen boosts overseas sales, but a stronger yen can erode profits. As Shimano's results show, foreign-exchange gains can also have a large effect on net income.
• Weather and seasonality: As Goldwin's results illustrate, temperatures and weather affect demand for summer and winter products. Shifts in demand can also affect inventories and discounting.
• Shipment and inventory swings: Pulling shipments forward can create a setback in the following period. Shimano also needs to monitor market inventories and the pace of demand recovery.
• Higher selling, general and administrative expenses: Rising labor and promotional costs can limit the profit generated by sales growth. The returns on Yonex's North American expansion are also in focus.
• Dependence on brands and regions: The more growth relies on particular brands or markets, the more changes in their popularity or conditions can affect performance.

ASICS led the rankings by value, but ASICS and Shimano reported interim results while Goldwin and Yonex reported first-quarter results. The sales and operating profit rankings should not be taken as a direct measure of company size or relative growth without accounting for the different reporting periods.

By operating margin, ASICS ranked highest at 22.5%, followed by Yonex at 15.1%. Shimano's operating profit fell 3.1% year on year, while Goldwin's dropped 82.1%. Given differences in business mix and reporting periods, changes from a year earlier and the composition of earnings matter more than a simple ranking.

Those prioritizing growth opportunities may want to look at companies expanding overseas sales and brand operations. ASICS has seen strong growth in sports style products and Onitsuka Tiger. Yonex's strengths include competitive sports equipment and sales in Asia and Europe.

The challenges facing each company also offer potential areas of work. At Goldwin, demand forecasting for seasonal products and cost control are key. At Shimano, the focus includes market inventories and product competitiveness. Job seekers should look beyond earnings growth to see which regions and products companies are investing in, and what skills they need.