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6 months ago
Amer Sports misses market expectations in Q4, steps up cost cuts
February 9, 2017 / 11:27 AM / 6 months ago

Amer Sports misses market expectations in Q4, steps up cost cuts

HELSINKI, Feb 9 (Reuters) - Finnish sporting goods maker Amer Sports on Thursday reported fourth quarter sales and operating profit below market expectations and said its would start a new cost-cutting programme due to difficult market conditions.

The maker of Wilson tennis rackets and Salomon skis posted adjusted operating profit of 81 million euros ($87 million) in the quarter, below 84 million a year earlier and an average forecast of 90 million in a Reuters poll of analysts.

Net sales were down 2 percent year-on-year, partly because the winter sports market season had peaked already before the fourth quarter, the company said in a statement.

Amer said it would expand its on-going restructuring program and cut expenses worth about 100 operating margin basis points in the next two years.

Amer Sports shares were down 8.8 percent at 1115 GMT. ($1 = 0.9358 euros) (Reporting by Tuomas Forsell, editing by Jussi Rosendahl)

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