ECCO posted another year of sales growth, though the recession had an obvious affect, slowing the mid-teens growth reported last year to mid-single-digit gains this year. Sales grew for the brown shoe, golf and performance businesses, but the company saw more varied results on a regional business with the Americas especially soft.
For the year, net sales grew 3.0% to DKK 5.37 billion ($1.06 bn) from DKK 5.22 billion ($960 mm) in 2007. Footwear sales increased 3.6% to DKK 5.13 billion ($1.01 bn) from DKK 4.95 billion ($911 million) last year. Performance footwear sales increased 6.0% to DKK 940.5 million ($186 mm) from DKK 887.3 million ($163 mm) likely boosted by ECCOs launch into specialty running. Golf sales grew at the same rate as the overall company, up 3.0% to DKK 107.5 million ($21 mm) from DKK 104.4 million ($19 mm) last year. In brown shoe, ladies sales increased 3.2% to DKK 2.05 billion ($404 mm), while mens sales were flat at DKK 1.46 billion ($280 mm). Kids sales increased 4.3% to DKK 816.9 million ($161 mm).
Regionally, ECCO did well in emerging markets, but saw sales declines in the more established areas. Americas revenues declined 13.0% to DKK 1.02 billion ($201 mm) from DKK 1.17 billion ($216 mm). Sales in Europe increased 6.4% on a consolidated basis to DKK 3.50 billion ($691 mm) from DKK 3.29 billion ($606 mm) last year.
Profit for the year decreased 1.9% to DKK 527.4 million ($104 mm) from DKK 537.6 million ($99 mm) last year due to increased expenses.
