Precor-parent 2Q revenue dips on currency exchange
Fitness equipment manufacturer Precor reported a slight drop in revenue and a smaller loss in the second quarter 2011, within its parent company Amer Sports' earnings report.
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Fitness equipment manufacturer Precor reported a slight drop in revenue and a smaller loss for the second quarter 2011, within its parent company Amer Sports’ earnings report.
Amer Fitness group, which consists of the Precor brand, reported second-quarter revenue of EUR 45.9 million (USD $65.6 million) – a 3-percent drop from the same period a year ago. The decline came in currency exchange for the Finland-based parent Amer Sports; revenue in local currency for the fitness group was up 9 percent.
Amer officials pointed to commercial fitness sales to clubs and institutions as the strongest within the group – up 11 percent during the quarter.
“In the North American fitness market, the commercial business started to show some early signs of recovery during 2010, and the market continued to improve through the first half of 2011,” officials said in the earnings release.
Just in the company’s Americas region, fitness sales were up 14 percent in local currencies, but down 2 percent in euros to EUR 30.8 million (USD $44 million).
Second-quarter 2011 earnings before interest and taxes, or EBIT, for Precor came in at a slight loss of EUR 300,000 (USD $429,000), but was an improvement over last year’s second-quarter loss of EUR 3.7 million (USD $5.3 million).
Fitness accounts for about 15 percent of Amer’s (www.amersports.com) total sales. Company-wide, Amer reported revenue down 1 percent to EUR 315.6 million (USD $445.7 million) for the second quarter. In its other groups, Amer Outdoor reported revenue up 15 percent to EUR 133.4 million (USD $188.4 million), and Amer Ball Sports reported revenue down 11 percent to EUR 136.3 million ($192.5 million).
— Compiled by David Clucas
(Conversion of Euro into U.S. dollars is for information only, is not necessarily relative to earnings, and is based on the currency rate as of Aug. 6, 2011.)
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