Hi-Tec plc is reporting that worldwide wholesale revenues rose 9% to approximately $240 million in 2008 from approximately $220 million in 2007. The company reported that U.S. wholesale revenues declined 14% to approximately $50 million in 2008 from roughly $58 million in the prior year. Wholesale revenues for the rest-of-world were up 17% to $190 million from $162 million.
Bob Kaiser, Co-CEO of Hi-Tec North America and the companys group financial director, told Sports Executive Weekly that sales for the U.S. were flat when excluding Falcon Footwear Co., which was sold by the end of 2007.
“When Bill [Berta] and I became Co-CEOs of the North American companies (Hi-Tec Sports USA, Inc; Hi-Tec Sports Canada, Hi-Tec Sports Retail; Falcon Footwear Co.) in early 2007 we went about the business of uplifting the brands,” Kaiser told SEW. “Selling Falcon, lowing the number of SKUs and categories while always focusing the business on the core Outdoor footwear categories for the Hi-Tec brand and the Force Service industry (in footwear and apparel) with the Magnum brand.”
Excluding the Falcon business fiscal 2008 was flat in North America at $50 million.
Hi-Tec earlier announced a 12.5% increase in its 2008 U.K. outdoor footwear sales. The company said the brands continued growth and investment in the outdoor market maintains positive momentum for 2009 with forward sales orders increasing by over 65% compared to the same period in 2008. Kaiser said worldwide group revenues were up 12% through the first half of this year, with North America representing 15% growth over the prior year.
