You are here

Garmin sales up 23 percent in its fitness category so far this year

Published August 1, 2018

OLATHE, Kan. (BRAIN) — Garmin saw a 24 percent increase in sales in its fitness division (which includes its bike products) in the second quarter this year, and has seen a 23 percent increase year to date.

The company said sales of its fitness wearables and its cycling products contributed to the growth. Garmin launched its Vivoactive 3 fitness watch, which includes music storage, in the quarter, as well as new Edge and Varia cycling products. The division's sales totaled $391 million in the first half, up from $319 million last year.

Garmin's total revenue for the second quarter was $894 million, growing 8 percent over the prior year. The company noted that its fitness, marine, aviation and outdoor divisions — everything except its auto division — collectively grew 17 percent over the prior year quarter and contributed 80 percent of total revenue in the quarter. The auto division was down 19 percent in the quarter and is down 16 percent for the first half of this year.

Sales of Garmin's outdoor products grew 4 percent in the second quarter and 11 percent in the first half.

Garmin raised its full-year forecast. The company now says it expect total revenue for the year at $3.3 billion, up $100 million over its prior forecast. A good chunk of that comes from the fitness division; Garmin's earlier forecast called for flat sales in the division this year, but now it forecasting 10 percent growth for the full year.

Topics associated with this article: Earnings/Financial Reports

Join the Conversation