Amer Sports Net Declines on Hedging Swing
Net income slipped 16% to €19.5 million ($20.8 million) from €23.2 million in the first quarter, comping against a windfall from US$ hedges last year, on sales that climbed 4% to €661.6 million ($705.3 million) from €635.5 million. Gross margin declined 220 basis points to 45.3% largely due to less favorable currency hedges, which impacted EBIT by €15 million. Amer spent €6.7 million in the quarter on ongoing restructuring programs, while Q1 last year has the 6.3 million receivables writeoff from Sports Atrocity. Americas sales increased 3% to €276.0 million, EMEA gained 4% to €289.5 million and Asia Pacific was ... Log in to view full article.