Wave Group’s Sports & Leisure segment, which includes Cutter & Buck, Craft and Seger, saw its revenues decrease 13% for the period October-December, to SEK (Sweden Kronor) 344 million ($47.5 million) but EBITDA increased 8.5% to SEK 31.9 ($4.4 million). Craft sales are still increasing compared to last year, mainly in the retail sales channel. The weak American market has had a negative effect on Cutter & Buck sales.
However, the market has recovered somewhat during the quarter. The profit increase for the segment is related to improved gross margins, mainly on the American market.
Sales for the period January-December decreased by 8 % and amounted to SEK 1,574 ($217.4 million). EBITDA was down 23.8% to SEK 122.1 ($16.9 million). Turnover and sales for Craft have had a continued positive trend. Cutter & Buck was negatively affected by the weak American market. Cutter & Buck U.S. was also affected by restructuring costs of SEK 7.1 ($980,000) due to changes in the division for direct sales to end customers. The profit decrease is mainly related to lower sales.
