HELSINKI (BRAIN) — Amer Sports' cycling sales, through its Mavic and Enve brands, were up 8 percent last year, to 150.2 million euros ($160 million), up from 138.5 million the prior year.
The uptick in cycling business was partly due to the inclusion of Enve sales in the figures. Amer purchased Enve in March last year for 48 million euros; it said Enve's 2016 sales since the purchase totaled 20 million euros. The company said that excluding the Enve sales, its cycling business was down 7 percent last year due to "difficult conditions in the cycling market."
The cycling business momentum continued in the fourth quarter, where sales were up 9 percent to 38.2 million euros, compared to 35.2 million euros in the same period in 2015.
Overall, Amer said its fourth quarter sales and operating profits were below expectations due to difficult market conditions and delayed launch of some sport instruments in its Suunto division.
In a brief financial bulletin on its results for October-December 2016 and the full year, the company said it would continue its restructuring program and cut expenses worth about 100 operating margin points in the next two years.
Net sales in local currencies were down 2 percent year-on-year to 772.4 million euros from 783 million euros in the same period in 2015.
The company said that in its winter sports and footwear businesses, Amer said its deliveries peaked earlier in the year. Besides the Suunto delays, some fitness product launches were delayed.
The company said it expects its 2017 net sales to increase, especially in the second half of the year. It said its five priorities remain Apparel and Footwear, U.S. sales, China sales, Business to Consumer sales, and digitally connected devices and services.
