Precor, Woodinville, WA, had net sales in first quarter 2015 of EUR69.9 million ($75.4 million), according to the quarterly report released April 23 by parent company Amer Sports, Helsinki, Finland.
The net sales marked a five percent drop in local currencies from first quarter 2014 when it was EUR63.3 million ($87.4 million), according to the report. Precor’s sales in the fourth quarter 2014 were EUR111.7 million ($127.3 million).
Amer Sports President and CEO Heikki Takala attributed the year-over-year first quarter decline to moving from a third-party dealer model to in-house sales in the United States. That shift resulted in the de-stocking of current dealer inventories.
Precor’s earnings before interest and tax (EBIT) excluding non-recurring items was reported at EUR1.3 million ($1.40 million) in the quarter compared to EUR3.4 million ($4.6 million) in first quarter 2014.
Net sales for all of Amer Sports in first quarter 2015 was EUR575.9 million ($621.9 million) compared to EUR501.5 million ($692 million) in first quarter 2014, marking a five percent gain in local currencies.
“We started 2015 with solid growth and profit improvement, further boosted by currencies,” Takala said. “The growth was particularly strong in Apparel and Footwear as well as in Sports Instruments, and the improved winter conditions drove re-orders in Winter Sports Equipment.”
(Editor's Note: First quarter 2015 conversions are based on the currency rate as of April 23. Fourth quarter 2014 conversions are based on the currency rate as of Feb. 5. First quarter 2014 conversions are based on the currency rate as of April 24, 2014.)