HELSINKI, Finland (BRAIN)—Mavic showed signs of a rebound in the first three months of 2010, posting sales gains of 8 percent for the period, according to first-quarter earnings results released Thursday by Mavic’s parent company, Amer Sports.
Mavic reported sales of €29.3 million ($39.5 million) during the first quarter of 2010 compared with €27.2 million ($36.7 million) for the same time period in 2009.
That’s coming off a 13 percent decline in revenue in 2009, a difficult year due to falling OEM orders and weak demand in the U.S., which was compounded by the R-Sys wheel recall.
Although business has started to turn around, “dealers were still cautious and postponed deliveries because of the long winter. The negative trend in OEM sales continued,” Amer said in a press release.
In conference call with analysts on Thursday morning, Pekka Paalanne, executive vice president and chief financial officer of Amer, declined to provide specifics on Mavic’s profitability, but did say that number improved in the first quarter and profitability was positive in the first quarter.
Amer Sports also owns Salomon, Wilson, Precor, Atomic, Suunto and Arc’Teryx. First quarter net sales for the company were up 5 percent, from €355.3 million ($479.9 million) in 2009 to €372.6 million ($503.3 million) in 2010.
—Nicole Formosa
NOTE: Conversions use March 31, 2010 exchange rate of €1=$1.35
