- Prachi Singh |
Asics has announced the appointment of Koichiro Kodama to replace Gene McCarthy as President and CEO of the company’s America Group segment, according to SGB Media report. In February 2018, Kodama was appointed VP, corporate strategy of the Asics America segment.
Additionally, Asics America also appointed Richard Sullivan to EVP of sales, categories and marketing, Craig Gillan to VP of operations and Paul Ljucovic to VP of finance.
Asics America gets a new CEO following disappointing FY18 results
The development takes place after the company recently reported 46.3 percent decline in operating income and 3.4 percent drop in sales for the year 2018, driven by the sharp decline in sales in the Americas region. The company said in a statement that revenues reached 386.7 billion Japanese yen (3.50 billion dollars), down from 400.2 billion Japanese yen a year ago. Operating earnings reached 10.5 billion Japanese yen, down from 19.6 billion Japanese yen in the prior year, while net loss was 20.3 billion Japanese yen compared to earnings of 13 billion Japanese yen a year ago.
Revenues in the Americas region dropped 15 percent to 90.2 billion Japanese yen (0.8 billion dollars) and declined 13.5 percent in local currencies. The region also reported an operating loss impacted by lower sales, increased discounting and increased costs related to retail stores offset lower marketing spend. In Japan, sales were down 1 percent to 118.2 million Japanese yen (1.07 billion dollars), while operating income declined by 31.4 percent. In the EMEA region, sales were down 0.6 percent to 105.6 billion Japanese yen (0.95 billion dollars), while operating earnings were down 38.5 percent.
For the current year, Asics expects 0.9 percent rise in sales to 390 billion Japanese yen and 14.1 percent increase in operating income to 12 billion Japanese yen. Net income is expected to reach 5 billion Japanese yen.