21 May Fila USA’s Q1 Sales Climb 25 Percent
Korea-based Fila Holdings reported Fila USA’s sales climbed 24.6 percent in the first quarter. Companywide sales rose 25.1 percent in the quarter and earnings more than doubled.
At the Fila USA segment, sales rose to KRW132,284 million ($117 mm) from KRW106,149 million in the year-ago quarter. The segment includes Fila brand sales in the U.S., Canada and Mexico. The gains came against pandemic-impacted sales in the 2020 quarter. Against the 2019 quarter, Fila USA’s sales were down 5.5 percent from KRW140,015 million.
Operating profits at Fila USA declined to KRW3,547 million from KRW6,488 million a year ago. In 2019, operating earnings were KRW9,082 million.
In its Fila Korea segment, sales rose 5.7 percent in the first quarter to KRW136,163 million from KRW128,826 million in 2020. Sales were down from KRW139,062 million in the 2019 first quarter. Operating profits increased to KRW25,929 from KRW21,560 in 2020 and KRW24,168 million in 2019.
Companywide, sales climbed to KRW988,281 million from KRW789,901 million a year ago. Sales were KRW834,576 million in the 2019 first quarter.
Gross margins improved to 50.4 percent from 48.3 percent in 2020 and 50.1 percent in 2019. Operating profits reached KRW183,569 million against KRW67,142 million a year ago. In 2019, operating profits were KRW115,850 million. Net profits improved to KRW134,201 million from KRW39,500 million in 2020 and KRW96,210 million in 2019.
Results showed that Fila Holdings’ overall results saw a boost from the inclusion of Acushnet, in which the company controls a 52 percent stake. Acushnet is the parent of Titleist and Footjoy. Without Acushnet, Fila Group’s sales in the first quarter were up 13.4 percent to KRW341,395 million from KRW302,028 million. Operating margins without Acushnet improved to 15.4 percent from 14.7 percent.