HELSINKI (AP) -- Sports equipment maker Amer Sports Corp., whose brands include Atomic, Salomon and Wilson, says first-quarter earnings fell 20 percent to 14.8 million euros ($19.3 million) partly because of destocking of supplies by U.S. retailers.
The fall in net profit from the previous year's 18.8 million euros came despite a 2 percent rise in revenue in local currency terms to 493 million euros.
CEO Heikki Takala described the result as satisfactory with "strong positive growth" in Amer's key areas, but conceded Thursday that the improvement was hit by destocking in the U.S. A late spring in North America also affected business.
Helsinki-based Amer said it expects to reach "at minimum" the company's annual 5 percent sales growth target during 2013.
Amer shares were down 1 percent at 12.60 euros in Helsinki.
- Company Earnings
- Investment & Company Information