(Reuters) - Italian fitness equipment maker Technogym (TGYM.MI) reported a slump in first-quarter sales due to coronavirus lockdowns, partly offset by a jump in home fitness sales as people stay and work out at home.
Sales in the first quarter stood at 116.8 million euros ($127.00 million), a decline of 11.2% compared to a year ago as lockdown measures put a strain on business to business sales.
“Technogym has already activated several cost containment initiatives aimed at defending profitability” Chairman and CEO Nerio Alessandri said in a statement.
The company, which supplies sports events such as the Olympics and Ironman, also said it was difficult to estimate the impact of the pandemic but said it was ready to benefit from the gradual easing of lockdown measures around the world.
Inside and retail sales, which are related to home fitness, rose by 10.2% and 72.1%, respectively, compared to a year ago, but represented together just 11.6% of total sales, although they rose from 8.7% of total sales a year ago.
Reporting by Silvia Recchimuzzi in Gdansk; Editing by Emelia Sithole-Matarise