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Outdoor financials: Mammut parent FY ’09 revenues hammered by economy, plus Collective Brands

Conzzeta Group, parent of Mammut Sports Group, reported a 35.1-percent drop in FY ’09 net revenues, and the Moody's credit ratings agency upgraded its outlook for Collective Brands.

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Mammut parent FY ’09 revenues hammered by economy

Despite the stabilizing influence of the Mammut Sports Group’s sales, parent company Conzzeta Group reported a 35.1-percent drop in FY ’09 net revenues — strongly affected, it said, by the economic crisis in the 2009 business year.

Consolidated net revenues were CHF 955.2 million (USD $897.5 million) versus CHF 1.47 billion (USD $1.38 billion) in 2008. With the exception of the sporting goods business unit, all other businesses reported declining revenues.

Adjusted for negative currency translation effects of 2.4 percent, as well as minor effects due to changes in the scope of consolidation, the fall in net revenues was 32.6 percent.

The consolidated operating result showed a loss of CHF 1.4 million (USD $1.3 million) — a 101.4-percent drop from last year’s CHF 97.8 million (USD $91.8 million). That includes non-recurring costs of CHF 22.3 million (USD $20.9 million) for capacity adjustments.

The group result was CHF 3.3 million (USD $3.1 million) versus CHF 78.8 million (USD $74.0 million) last year. The company said it contained a profit of CHF 11.0 million (USD $10.3 million) from the divestment of properties not essential to business operations.

The sporting goods business unit comprised of Mammut Sports Group reported a 11.8-percent increase in sales for the full year: CHF 215.3 million (USD $202.3 million) versus CHF 192.6 million (USD $180.9 million) in 2008. Sales were boosted by demand for its snow and alpine/mountain collections, it said.

Conzzeta also reported that there was “vigorous” sales growth in Germany, Switzerland, Italy and Great Britain, as well as in new markets such as Japan and Korea. It noted that Mammut also succeeded in growing in the U.S. market, against the market trend, but development in Eastern Europe failed to meet expectations, mainly hindered by the exchange rate.

(Conversion of Swiss Francs into U.S. dollars is for information only, is not necessarily relative to earnings, and is based on the currency rate as of Mar. 30.)

Moody’s upgrades Collective Brands’ outlook

Credit ratings agency Moody’s upped its outlook for Collective Brands (NYSE: PSS), the parent of Hind and Saucony.

“Despite a 4-percent loss on its top line over the past fiscal year, Collective Brands’ good expense and inventory management resulted in record free cash flow and absolute debt reduction,” Moody’s said in a statement.

Moody’s upgraded its outlook to “stable” from “negative.” It affirmed the company’s “B1” corporate family and probability of default ratings, which are junk bond ratings four notches below investment grade status.

Earlier this month, Collective Brands reported losses for the quarter narrowed substantially to $10.9 million, from $144 million during the same period last year.

–Compiled by Wendy Geister

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