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Mavic sales down 2 percent in Q1

Published April 22, 2016

HELSINKI (BRAIN) — Mavic sales were down 2 percent in the first quarter, according to its parent, Amer Sports, which reported its total sales were up about 10 percent.

Mavic sales totaled 39.7 million euros ($44.6 million) in the quarter, down from 40.4 million euros in the first quarter last year. Mavic sales also were down 2 percent for the full year 2015, compared to 2014

Amer closed on its $50 million purchase of Enve Composites during the quarter, but Enve sales will not be included in Amer financial reports until next year. Enve sales were about $30 million last year.

In a conference call with analysts Friday, Amer CFO Jussi Siltonen said the Enve acquisition "brings important capabilities in carbon and also very good opportunities in operations."

Siltonen said the Mavic sales decline was due in part to slow delivery of some new products.

"We are starting to turn it around (in cycling). We have a good product pipeline, some very innovative products but not quite in full effect. We expect improvement going forward," he said on the call.

In currency-neutral figures, Amer's gross sales were 635.5 million euros in the quarter, up 10 percent. In local currencies, sales were up 11 percent. Footwear is Amer's biggest category, and was up 16 percent in local currencies, to 152.5 million euros. Gross profit was 301.5 million euros, up from 264 million euros last year.

Topics associated with this article: Earnings/Financial Reports

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