Technogym, Cesena, Italy, reported revenue of €433.5 million ($492.91 million) for the first three quarters of 2018, according to an Oct. 25 media release from the company. Compared to the same period in 2017, this revenue represents a 10.1 percent increase at constant exchange rates and a 6.7 percent increase at current exchange rates.
"Technogym continues to grow in a sustainable and profitable way," Nerio Alessandri, chairman and CEO, said in the release. "Thanks to our focus on innovation and on our brand premium positioning, we have recorded strong growth in future development high-potential areas and good results in the more consolidated markets."
He said that the company offers 360 degrees of innovation from products, to service, to ecosystem based on its Mywellness digital platform to fulfill its customers' needs worldwide. The company's new SKILL LINE product range, which is dedicated to athletic training, has developed new training experiences and programs based on specific end-user passions, such as cycling, running or rowing.
The company's results for the year so far include a 16.9 percent increase in retail, an 11 percent increase in field sales, a 1.4 percent decrease in wholesale and a 12.3 percent decrease in inside sales.
European sales comprised €221.7 million ($252.10 million) of the period's revenue, with Asia Pacific comprising €69.3 million ($78.81 million) and North America €51.2 million ($58.21 million). This translates to year-over-year percentage increases of 8.4 percent, 10.7 percent and 15.5 percent, respectively.
The most growth occurred in Latin America, which had a 37.7 percent increase in revenue. The North America and Asia Pacific regions also helped with the growth, increasing 11.2 percent and 9.7 percent, respectively. Europe without Italy had an increase of 4.6 percent.
"The combination between design, brand positioning and international sales network efficacy will allow us to close 2018 with a sustainable and profitable growth in line with our mid- and long-term objectives," Alessandri said in the release. "The consistency of the company strategy with this vision has enabled it to constantly grow over the years as well as to build an aspirational brand worldwide. Technogym performance continues to grow and to gain market share with rising rates and double-digit results in the areas with greater future growth potential, such as the United States and China."
Technogym previously reported a 3.6 percent increase for the first two quarters of 2018 as well as a partnership with the PGA Tour Player Performance Center.