Net income increased 17% for the first half of 2019 to €29,700,000 ($33.4 mm) from €25,485,000 on 7% higher sales of €682,636,000 ($767.0 mm) up from €635,872,000 attributed to surging e-bike sales in Europe. Gross margin expanded 80 basis points to 31.0%. While e-bike and e-cargo bike sales were up +16% and +47% respectively, traditional bike sales declined 13% in value, and now represent only 16% of Accell’s core bike revenues. Core bicycle sales across all categories gained 10% to €516.3 million and generated operating profit of €71.7 million, a 37% improvement from last year. Parts sales increased 6% to ... Log in to view full article.