Fila Group, headquartered in Korea, reported sales grew 7.9 percent in the fourth quarter and 21.3 percent in the full year. At Fila USA, sales were down 8.7 percent in the fourth quarter but grew 11.5 percent for 2021.
In the fourth quarter ended December 31, sales reached KRW 859,258 million, up 7.9 percent on a reported basis and 2.4 percent on a currency-neutral basis, according to its annual statement. Reported sales were up 8.8 percent against the pre-pandemic 2019 fourth quarter.
The net loss in the quarter came to KRW 8,066 million against a profit of KRW 17,604 million and KRW 51,512 million in Q419.
Operating profits were KRW 25,186 million against KRW 68,072 million in 2020 and KRW 85,074 million in 2019. Operating margin came to 2.9 percent against 8.5 percent in 2020 and 10.8 percent in 2019.
Fila Holdings’ results include Acushnet Holdings Corp., the parent of the Titleist and Footjoy golf brands. Fila holds a controlling stake in Acushnet. Excluding Acushnet, sales in the quarter grew 9.2 percent to KRW 354,886 million. Operating margin improved from 11.1 percent to 13.2 percent.
In the full year, Fila Group’s sales were KRW 3,793,959 million, up 21.3 percent and 24.4 percent. Compared to pre-pandemic 2019, sales were up 10 percent.
Net profit in the year was KRW 337,809 million against KRW 197,739 million in 2020 and KRW 338,144 million in 2019. Operating profit came to KRW 492,851 million versus KRW 341,078 million in 2020 and KRW 470,676 million in 2019. Operating margin came to 13.0 percent against 10.9 percent in 2020 and 13.6 percent in 2019.
Excluding Acushnet, revenues in the year grew 9.0 percent to KRW 1,336,318 million. Operating margin improved from 14.4 percent to 15.1 percent.
At the Fila USA segment, revenues in the fourth quarter reached KRW 140,118 million, down 8.7 percent on a reported basis and 12.7 percent on a currency-neutral basis year over year. Compared to 2019, sales were up 10.0 percent.
The net loss in the quarter came to KRW 1,012 million against a loss of KRW 2,245 million in 2020 and a loss of KRW 833 million in 2019. Operating profits were a loss of KRW 1,611 million versus a loss of KRW 2,691 million in 2020 and a loss of KRW 600 million in 2019.
Fila USA’s revenues in the year were KRW 568,621 million, up 11.5 percent on a reported basis year over year and ahead 15.0 percent on a currency-neutral basis. Compared to 2019, sales were down 9.1 percent.
Fila USA’s net profits in the year were KRW 10,360 million against profits of KRW 4,321 million in 2020 and KRW 25,100 million in 2019. Operating profits were KRW 15,288 million in 2021 against KRW 9,854 million in 2020 and KRW 37,627 million in 2019.
At the Fila Korea segment, revenues in the fourth quarter reached KRW 152,699 million in the quarter, up 12.1 percent. Compared to 2019, sales were down 6.1 percent.
Net profits in the quarter were KRW 21,763 million against KRW 17,472 million in 2020 and KRW 31,867 million in 2019. Operating profits were KRW 32,711 million against KRW 22,307 million in 2020 and KRW 30,474 million in 2019.
Fila Korea’s revenues in the year were KRW 538,991 million, up 1.9 percent. Compared to 2019, sales were down 12.0 percent.
Fila Korea’s net profits were KRW 76,995 million in the year against KRW 70,417 million in 2020 and KRW 108,121 million in 2019. Operating profits were KRW 106,111 million versus KRW 94,284 million in 2020 and KRW 112,224 million in 2019.
Fila Group also includes a small Fila Licensee segment.
For FY22, the guidance calls for Fila Group’s revenues and operating profits in the range of negative 2 to positive 2 percent.
Fila USA’s sales are expected to be in the range of negative 2 percent to positive 1 percent. Operating profits at Fila USA is expected in the range of negative 10 percent to negative 4 percent.
Fila Korea’s sales are expected in the range of negative 8 percent to negative 3 percent. Operating profits at Fila Korea are projected in the range of negative 10 percent to negative 4 percent.
Photo courtesy Fila