Amer Sports: 5% growth before exchange rate adjustments in 3rd quarter
Propelled by organic growth in outdoor apparel and footwear, and by acquisitions, Amer Sports' revenues reached nearly €714 million in the quarter closed at the end of September. The Finnish group, owner of Salomon, Arc’Teryx, Wilson and Atomic, recorded an 11% growth compared to the same period the previous year. Yet, before being exchanged into euro, the rise was 5%, and only 4% if acquisitions aren't taken into account.
Despite this, the rate of growth was remarkable, and the company's major segments are doing well. The outdoor segment grew 3% before exchange rate adjustment, reaching nearly €477 million in the quarter, supported by a 19% rise in footwear and 14% in apparel. Arc’Teryx appears to be enjoying a healthy progression. Sales of its winter sport products, whose delivery dates were staggered, fell however by 13%.
The ball sports segment, featuring both racket sports and baseball, recorded a 16% improvement in revenues before exchange rate adjustment, reaching nearly €148 million. Even without considering the acquisition of Louisville Slugger, the growth was 10% all the same, thanks to the sale of tennis balls and rackets.
Finally, the fitness segment, comprising performance-tracking tools and materials, lost 3% before exchange rate adjustment, finishing at over €89 million. The group explained how it's ready to activate new projects on this market for 2016.
In geographical terms, EMEA recorded a stable quarter before exchange rate adjustment. In the region the group recorded revenues for €319 million. The Americas grew 7%, generating revenues for €302 million. Finally, the Asia-Pacific region leapt up by 15%, generating revenues for €92 million.
Amer Sports recorded an EBIT of €103.5 million, compared to €69.3 million last year. EBITDA was €69.1 million compared to €43.3 million a year earlier.
These are encouraging results for a group that is targeting sales of €3.5 billion in 2020, compared to €2.228 billion in 2014.
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