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Weak winter orders hurt Amer’s third quarter sales

Published October 24, 2013

HELSINKI, Finland (BRAIN) — Amer Sports, Mavic’s parent company, posted a 1 percent growth in sales in the third quarter to $841 million (608.9 million euros). But the company said its 5 percent growth target for the full year remains on track.

Last year Amer had worldwide sales of $2.8 billion (2.1 billion euros). Amer doesn’t break out revenue by brand name. The company owns a well-known slate of brands including Wilson, Atomic, Arc’Teryx, Suunto and Precor.

Despite a lackluster third quarter, overall sales through the first three quarters of the year were up 6 percent to $2.1 billion (1.5 billion euros). The company blamed its soft third quarter on weak pre-orders for winter sports equipment. Those orders, however, are expected to shift into the fourth quarter.

In winter sports equipment our delivery peak is later than last year, hence the slight decline in Q3,” said Heikki Takala, Amer’s president and CEO. “Overall, I’m pleased with our business progress. We (will) stay the course and continue executing with confidence,” he added.

In 2012, the company posted sales in North and South America of $1.2 billion (834.1 million euros). Europeans bought $1.3 billion (962.7 billion euros) worth of goods. And Asia, where the company has focused more attention this year, reported sales of $369 million (267.2 million euros).

Amer, founded in 1950 to sell Philip Morris-brand cigarettes in Finland, shed its tobacco products in 2004 to focus on sports equipment and apparel. The company trades at AMEAS on the NASDAQ OMX. The company’s 52-week high has been $22.01 (15.94 euros); its 52-week low was $13.45 (9.74 euros).

 

 

Topics associated with this article: Earnings/Financial Reports

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