Amer Group 3rd Q net sales down, profits up

Amer Group, new owner of Precor, and owner of Suunto and Atomic has announced a decrease in third-quarter net sales.
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Amer Group, new owner of Precor, has announced a decrease in third-quarter net sales to Euro 283.6 million (USD $287.3 million) from Euro 304.5 million in the same period last year, although net sales were comparable to last year's level. The decrease came partly because of the strengthening of the Euro against the U.S. dollar. Still, the company -- parent of Wilson, Atomic and Suunto, with its Precor acquisition not completed until after the third quarter -- announced an increase in operating profits for the quarter to Euro 38.7 million (USD $39.3 million) from Euro 33.7 million (USD $34.1 million) a year ago. Particular highlights were winter-sport sales hitting record levels and Suunto's sales of wrist-top computers up by 23 percent. An acquisition agreement for Precor was signed Oct. 3, and the deal completed as of Oct. 31. The transaction generated about Euro 140 million in goodwill (USD $141.8 million), which is planed to be amortized over 20 years. For the year through September, the group's net sales were down as were operating profits, although Atomic's growth in winter sports was strong, particularly in North America. According to a company statement, demand has remained stable in the sports equipment market and an increase in demand is not expected during the remainder of the year. The group, therefore, expects the year's sales to reach Euro 1.1 billion (USD $1.114 billion) and expects to achieve an operating profit in line with last year. Precor is expected to have a positive effect on the EPS this year. For details, go to www.amersports.com.

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