Amer Sports, owner of outdoor and sports brands including Arcâteryx, Salomon and Wilson, reported bumper earnings Tuesday for its third quarter ended September 30.
The group, whose stock has rallied since falling to an all-time low in August following a lacklustre February IPO, said revenue increased 17 percent year on year to $1.4 billion.
It cited the growth and profitability of Arcâteryx and strong performances across its portfolio of brands in China â the home of its largest individual shareholder, Anta Sports â and the wider Asia Pacific region.
Net income grew to $56 million, up 257 percent on the prior year. Gross margins rose as well.
Amer also managed to slash its net finance costs to $47.8 million, down from $108 million in the same period in 2023. Analysts and investors had cited the significant debt on the companyâs balance sheet as a factor in its tepid IPO.
The group announced that Guillaume Meyzenq, currently chief product officer of Salomon, will become the brandâs chief executive, effective 1 January. His predecessor, Franco Fogliato, who oversaw a period of hyper-growth for the French outdoor company and its popular sportstyle category, stepped down in April.
Amer expects full-year sales for 2024 to grow between 16 and 17 percent. Its share price closed trading on Monday at $19.45, and the companyâs stock was up 6 percent in pre-market Tuesday.
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The Gorpcore Empire Behind Salomon and Arcâteryx
Amer Sports plans to scale its three largest companies, including tennis racket maker Wilson, into â¬1 billion sportswear megabrands by cutting back on wholesale and leaning into their fashion appeal, without altering their core product offerings.
