New Wave Group, based in Stockholm, Sweden, said sales of its Sports and Leisure division, which includes Cutter & Buck and Craft, were virtually flat at MSEK 413 million ($50.5 million) from MSEK 411 million ($50.2 million) a year ago. But profit on EBITDA-level decreased 32.2% to MSEK 12.8 ($1.6 million) from to MSEK 19.4 million ($2.4 million). The company said turnover and result have continued to be strong for Craft but Cutter & Buck has been negatively affected by the weak American market.

Cutter & Buck USA has also taken a restructuring cost of MSEK 7.1 million ($867,000) for changes in the direct to consumer division.