Asics Corp. (ASCCF) plans to start selling cheaper shoes in a bid to boost its sales.
Asics will start selling shoes with a recommended retail price of about $60. Previously, it sold running shoes priced between $75 and $125, leaving the lower end of the market to companies including Nike (NKE).
Nike's fiscal first-quarter profit rose 9% as a surge in emerging-market sales, less inventory and fewer discount sales offset the negative effect of foreign-exchange rate changes. Shares fell in extended trading after the company's sales lagged analyst estimates.