Sportswear/E-commerce/Restaurant: Earnings Outlook (Apr-Jun): Watch raw material prices, business conditions in China

Research evidence excerpt

Sportswear/E-commerce/Restaurant: Earnings Outlook (Apr-Jun): Watch raw material prices, business conditions in China

J P M O R G A N Asia Pacific Equity Research

09 July 2026

Sportswear/E-commerce/

Restaurant: Earnings Outlook

(Apr-Jun)

Watch raw material prices, business conditions in China

We will watch earnings progress and guidance revisions in Apr-Jun results Japan Equity Research

announcements. We look for comments on ingredient cost trends and store opening

Retail

outlooks in the restaurant subsector, and on outlooks and initiatives that could

change GMV trends for the e-commerce subsector. We expect positive catalysts for Ami Terai AC

Asics (guidance hike), Food & Life (continued brisk earnings at overseas Sushiro), (81-3) 6736-8660

ami.terai@jpmorgan.com

and Zensho (strong earnings progress). However, as these companies have high

Dairo Murata

China exposure, investor sentiment does not appear uniformly bullish given (81-3) 6736 8620

concerns of weakening consumer spending in China. dairo.murata@jpmorgan.com

• Sportswear: Asics: We forecast 2Q FY2026 sales growth of 27% YoY (+19% Kazuha(81-3) 6736-8614Matsuo

FX neutral) and operating profit of ¥47.0 billion, up 28% YoY (Bloomberg kazuha.matsuo@jpmorgan.com

consensus estimate: ¥46.6 billion). We watch for revisions to FY2026 JPMorgan Securities Japan Co., Ltd.

operating profit guidance. We think Asics could raise initial guidance for

operating profit of ¥171.0 billion to a level above the consensus estimate

(Bloomberg: ¥183.4 billion). If there is a positive impact from tariff refunds,

this would create further earnings upside. However, we believe the equity

market focuses on organic growth excluding tariff refunds.

• E-commerce: ZOZO: We forecast 1Q FY2026 GMV growth of 5.9% YoY