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Mavic Sales Slide 13 Percent in 2009

Published February 4, 2010

HELSINKI, Finland (BRAIN)—Mavic’s net sales fell 13 percent in 2009 due to declining OEM orders and weak demand in the U.S., according to year-end financial results released Thursday by Mavic’s parent company, Amer Sports.

Mavic reported sales of €100.4 million in 2009, compared with €114.2 million in 2008. Rims and wheels represented 83 percent of net sales, while apparel and footwear accounted for 14 percent. Sales of rims and wheels declined 16 percent last year, and apparel and footwear sales slid 3 percent.

For just the fourth quarter, Mavic’s sales fell from €31.3 million in 2008 to €27.1 million for the same three months in 2009.

Along with reduced inventories from manufacturers and dealers, Mavic was also impacted by the January 2009 recall of its R-Sys front wheel in order to replace the carbon spokes with a new and stronger construction.

“Customers appreciated the way this recall was managed, which showed Mavic’s continuous commitment to maintaining its strong brand image. Improving the supply chain and maintain tight control of expenses were key focus areas in 2009. Mavic’s profitability weakened in 2009 due to lower sales volumes and the disruption caused by the recall of R-Sys wheels,” the company said in its financial report.

The bulk of Mavic’s sales—65 percent—occurred in Europe, the Middle East and Africa. The Asia Pacific region accounted for 21 percent of sales in 2009 and the Americas made up 14 percent.

Amer Sports also owns Salomon, Wilson, Precor, Atomic, Suunto and Arc’Teryx. Overall, sales fell 4 percent for the year, from €1.57 billion in 2008 to €1.53 billion in 209.

—Nicole Formosa

Topics associated with this article: Earnings/Financial Reports

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