05 Nov. 2010

AMER SPORTS: NEW CFO AND NEW FINANCIAL TARGETS

Helsinki-based sports group Amer Sports announced the implementation of a new CFO, as well as its third quarter results. From July to September, winter and outdoor net sales totaled €300.3 million (€262.4), an increase of 7% in local currencies. The breakdown of net sales by product groups was as follows: winter sports equipment: 44%; apparel and footwear: 39%; cycling: 9%; and sports instruments: 8%. EMEA accounted for 63% of net sales, the Americas for 28%, and the Asia Pacific region for 9%.

EBIT improved by €14.1 million to €58.2 million (€44.1). Higher gross margins contributed €10.4 million to EBIT growth, and increased sales volumes contributed €9.1 million. Operating expenses increased by €9.4 million mainly driven by increased sales and distribution expenses (all in local currencies). From July to September, winter sports equipment (Salomon, Atomic) net sales totaled €133.1 million (€119.6) and were up by 4% in local currencies.

Amer Sports announced in September its new strategic priorities and long-term financial targets. The strategy emphasizes clear portfolio roles and synergies, faster growth in softgoods, winning with the local consumer, and strengthening commercial fundamentals through sales and channel management. Operational excellence continues to be a key cornerstone. President and CEO Heikki Takala said: “We are moving fast to implement the programs across the businesses to reach the long-term financial targets. I'm excited about the new strategic direction of the company. I think both the company and our consumers and customers will benefit greatly from the efforts we are now putting in place."

Furthermore, the company announced that Amer Sports' Senior Vice President Finance, Jussi Siitonen, will be appointed as new CFO (Chief Financial Officer) of Amer Sports as of January 1, 2011, as the current CFO, Executive Vice President Pekka Paalanne, will retire. At the same time, Mr Siitonen will become member of the Executive Board and will directly report to Heikki Takala. Siitonen joined Amer Sports on December 1, 2009, from Stora Enso Oyj where he worked in several finance, controlling and project management positions for 18 years. Pekka Paalanne had joined Amer Sports in 1997 as CFO of the company. He has been deputy CEO since 2004 and Executive Vice President since 2007.

Amer Sports is a Finnish sports equipment company with brands including Salomon, Wilson, Precor, Atomic, Suunto, Mavic, and Arc'teryx.

Regina Henkel

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