TAIPEI, Taiwan (BRAIN) — Giant Group's sales in the first nine months of its fiscal year were down 7.1% compared to the same period last year. The company said that while bike inventory levels continue to decline in Europe and North America, order placement by the company's OE and retail customers is conservative. The company again pointed to sales in China as a high point, however.
The company's consolidated sales in the period were NT$57.69 billion ($1.78 billion). Net profit before tax was NT$3.27, down 33% from last year and net profit after tax was NT$2.17 billion, down 30%.
Giant has mentioned growth in China in its earnings press releases for the last year. Although the release doesn't share specific Chinese sales figures, the company said "Post-pandemic sports culture started to emerge in the China domestic market, which generated huge interest in cycling and fueled strong sales growth for Giant China. Giant Group remains confident in the long-term market potential in the China market."
The release also mentions that Giant completed the acquisition of Stages Cycling's brand and related assets in September for about $20 million. "The main product offerings from Stages are indoor cycling equipment and (Stages) is one of the most well-known indoor cycling brands in the United States. Stages' main customers including many franchised gyms and Giant Group will continue to provide the best products and services to the Stages customers," the company said.
Filings with the Taipei Stock Exchange show that Giant's revenue trend continued through the tenth month of the year, with sales down 6.5% in the month, year over year. YTD sales were down 7.06% through October.
