Fenix Outdoor International swung to a loss in the second quarter ended June 30 as it sought to create one of Europe's largest outdoor specialty retailing groups.
The Swedish company, which boosted its share of the heavily indebted German retailer Globetrotters to 60 percent late last year, reported net sales of €102.1 million in the second quarter ended June 30, compared with €45.4 million in the same period a year earlier. The sales also reflect results at Fenix's Fjällräven, Tierra, Primus, Hanwag and Brunton brands.
Fenix reported an operating loss of €3.1 million, compared with operating income of €700,000 a year earlier. Operating margin declined 530 basis points to -4.0 percent.
Profit before tax fell to -€4.0 million from €1.3 million a year earlier and profit after tax fell to -€5.1 million, or -€.38 per share, compared with €1.0 million, or €.08 per share a year earlier.
In December 2014, Fenix created one of Europe’s largest outdoor retail groups with estimated consolidated sales of €260 million by merging its Naturkompaniet and Partioaitta chains that operate in Germany and Finland with Globetrotter Gmbh, Germany’s largest specialist outdoor retailer to create the new Frilufts AB group. Fenix has a majority stake of 60 percent in Frilufts AB, the remaining 40 percent is held by Globetrotters earlier shareholders.
