Fila Holdings Corp., based in Korea, reported sales at Fila USA were up 25.2 percent in the fourth quarter but down 19.5 percent for the year.
In the quarter, sales at Fila USA reached KRW 135,221 million (U.S. $120mm), down from KRW 107,978 million a year ago. The segment widened its operating loss in the period to KRW 2,097 million from KRW 582 million. The net loss widened to KRW 1,807 million from KRW 944 million.
In the year, Fila USA’s sales reached KRW 432,162 million against KRW 536,589 million a year ago, representing a decline of 19.5 percent. Operating profits fell 74.2 percent to KRW 8,350 million from KRW 32,310 million. Net earnings fell 82.9 percent to KRW 3,662 million (U.S. $384 mm) from KRW 21,368 million.
Companywide, Fila Holdings has sales in the quarter of KRW 796,462 million against KRW 789,557 million, up 0.9 percent a year ago. Operating profits were down 20.0 percent to KRW 68,072 million. Net profit fell 65.8 percent to KRW 17,604 million.
In the year, sales were KRW 3,128,806 million, down 9.3 percent year over year. Operating profits were KRW 341,078 million, down 27.5 percent. Net profit came to KRW 197,739 million, declining 41.5 percent year over year.
Results showed that Fila Holdings’ overall results saw a boost from the inclusion of Acushnet, in which the company controls a 52 percent stake. Without Acushnet, sales for the quarter declined 8.7 percent to KRW 324,914 million from KRW 355,726 million. Operating profit on that basis would have been KRW 36,065 million against KRW 51,580 million.
In its other key segments, sales at Fila Korea were KRW 136,176 million in the quarter, down 16.2 percent. Sales for the year were KRW 528,848 million, down 13.6 percent.
Across its licensing properties, royalties reached KRW 16,266 million in the quarter, down 14.2 percent. Full-year royalties reached KRW 56,377 million, off 21.8 percent year over year.
Additional details are available here.
Photo courtesy Fila
