Zhitong Finance and Economics learned that the parent company of clothing sports brands such as Arc'teryx, Salomon and Wilson, Finnish sporting goods group Amalfen Sports (ASUS) announced its first earnings report after going public. According to the financial report, Amalfen Sports' Q4 revenue in 2023 will be 13$1.5 billion, up 10% year-on-year. Operating profit was $59.8 million, compared to an operating loss of $58.1 million in the year-ago quarter. Net loss was $94.9 million, compared to a net loss of $1$4.8 billion. Adjusted loss per share was 0$11, compared to adjusted earnings per share of 0$12.
By business: Wholesale revenue was 7$5.9 billion, down 4% year-on-year. Direct-to-consumer (DTC) revenue was 5US$5.6 billion, a year-on-year increase of 37%; Among them, the revenue of e-commerce business increased by 30% year-on-year to 2$7.3 billion, with a 45% year-over-year increase in retail business to 2$8.4 billion.
By region, revenue in Greater China increased 45% year-over-year to 2$4.6 billion, Europe, Middle East and Africa (EMEA) revenue decreased 1% to 4$5.2 billion, Americas Area revenue increased 5% year-over-year to 5$0 billion, Asia-Pacific revenue increased 22% year-over-year to 1$1.7 billion.
Adjusted gross margin was 522%, an increase of 170 basis points from the year-ago quarter. The increase in gross margin was mainly due to the fact that the company's highest gross margin brand, Arc'teryx, grew faster than other brands. In addition, lower logistics costs, improved procurement performance, and a mix of channels and regions also contributed to the growth in gross margin.
Looking ahead, Amalfen Sports expects first-quarter 2024 revenue to increase by 6% to 8% year-over-year, with an adjusted gross margin of approximately 535%。The company also expects full-year 2024 revenue growth of 15% to 16% (mid-teens) and expects an adjusted gross margin of 535% to 540%。
As of press time, Amalfen Sports fell more than 6% in pre-market trading on Tuesday.