Although Fila's worldwide revenues for the third quarter were still down over the same period last year (Euro 264.3 million or USD $267.8 million, down 8 percent from Euro 286.7 million or USD $290.5 million), the Italian company that has been struggling not only increased U.S. sales by 19 percent in the third quarter, but also saw profits rise from 34.9 percent to 38.2 percent. Apparel sales were Euro 159.6 million (USD $161.7 million) and footwear sales were Euro 97.7 million (USD $98.99 million), up by 4 percent and down by 22 percent respectively compared with the third quarter of 2001. Sales in the United States were Euro 101.9 million (USD $103.2 million) in the quarter, increasing by 19 percent mainly thanks to Enyce (+44 percent), in Europe sales decreased by 22 percent. Significant improvement of the net result from a net loss of Euro 35.7 million (USD $36.17 million) in 2001 to a net income of Euro 2.8 million (USD $2.836 million) in this quarter was an important sign the company is returning to health.
Fila surprises, profitability returns
After a dismal period when everybody was busy guessing when Fila's demise would be announced, the company has returned to profitability. Operating profit for the quarter ended Dec. 31 was Euro 4.7 million (USD $5.1 million), compared to an operating loss of Euro 25.5 million (USD ...read more