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Fitness offsets soft auto sales for Garmin

Published February 22, 2012

SCHAFFHAUSEN, Switzerland (BRAIN) Feb 22, 09:08 MT—Garmin’s sales hit $2.76 billion last year, an increase of $70 million over 2010. And though its automotive sales fell 5 percent, sales in its outdoor and fitness categories were up 14 and 24 percent respectively. Cycling products are included in Garmin’s fitness category.

“We expect 2012 to be another exciting year for fitness as we launch the Vector power meter and other unique offerings that we believe will continue to drive our growth in this segment,” said Dr. Min Kao, Garmin’s chairman and chief executive officer. Vector is Garmin’s pedal-based power meter.

Garmin’s market is shifting east to Europe, Africa and Asia. Sales into the Americas fell 7 percent last year to $1.53 billion. Sales into the Pacific were up 13 percent to $248 million and sales into Europe, Africa and the Middle East climbed 19 percent to $983 million.

Topics associated with this article: Earnings/Financial Reports

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