HELSINKI, Finland (BRAIN) — Amer Sports' cycling business, done through its Mavic and Enve brands, was down 12 percent in local currencies in the first half of the year, and down 18 percent in the company's second quarter, the company is reporting. But Enve sales were up in the half.
The company said Mavic sales were impacted by high inventories of bikes at both the manufacturer and retail level, combined with more new model launches planned for the second half of the year.
The company said it expects Mavic's sales to stabilize in the second half.
The company also said Enve sales were up 26 percent in the half mainly due to increased global distribution. It did not break out dollar comparisons between Mavic and Enve, which Amer bought last year.
Overall, Amer's cycling-related sales totaled 69.1 million euros ($80.6 million) in the half, down from 77.1 million euros in the same period last year. Second quarter cycling sales were down from 38 million euros last year to 31.4 million euros this year.
Amer's total business was up 3 percent in local currencies in the first half, to 1,148.9 million euros. The company said it racked up double-digit sales increases in apparel, consumer-direct retail, e-commerce, and China, all areas that management has identified as priorities in recent years.
Besides Mavic and Enve, Amer owns Salomon, Wilson, Atomic, Arc'teryx, Suunto, and Precor. In March, it acquired the U.S. ski brand Armada. The company's stock is traded on the Helsinki Nasdaq exchange under the AMEAS symbol and is tracked on BRAIN's stock page.
