Fila Holdings Corp. reported profits grew 198.2 percent in the second quarter as sales gained 63.1 percent.
Sales increased to KRW 1,019,354 million ($909.0 mm) from KRW 625,011 million a year ago. Net income reached KRW 135,749 million ($121.1 mm) against KRW 45,520 million.
Gross margin eased to 51.3 percent from 52.3 percent a year ago. Operating profit improved 245.6 percent to KRW 173,786 million from KRW 50,281 million a year earlier.
Among its segments, Fila USA’s sales surged 101.1 percent to KRW 113,525 million ($97 mm) from KRW 56,453 million. Operating profit came to KRW 1,282 million against a loss of KRW 5,026 million a year ago.
Fila Korea sales declined 3.7 percent to KRW 136,861 million from KRW 142,108 million a year ago. Operating profits dipped 1.1 percent to KRW 27,719 million from 28,023 million.
The Fila Licensee segment had royalties of KRW 15,361 million, up 55.0 percent from KRW 9,911 million a year ago.
Results saw a significant benefit from its majority ownership of Acushnet Holdings Corp, the parent of Titleist, Footjoy and KJUS. Fila Holdings noted in its statement that excluding Achushnet, sales improved 23.9 percent to KRW 318,843 million from KRW 257,361 million a year ago.
As reported, Acushnet lifted its 2021 earnings and sales guidance after reporting sales surged 108.3 percent in the second quarter and earnings improved significantly. Both earnings and sales in the second quarter topped Wall Street targets.
Fila Holdings’ full second-quarter statement can be found here.
Photo courtesy Fila Holdings Corp.