Easton-Bell Sports Inc, parent company to the Giro and Bell bike helmet brands and to Easton bike wheels, has reported that first quarter 2011 net sales were bolstered by the company’s action sports division.
Mainly due to a jump in sales of cycling helmets and accessories, powersport helmet sales, growth in Easton branded cycling wheels and components, and Giro branded cycling shoes, the action sports division saw revenue increase by 16.6% to reach US$12.4 million in the period.
“We are pleased to report our fifth consecutive quarter of sales growth driven by a strong start to the bike season within Action Sports, including the launch of our new Giro cycling shoes,” said Paul Harrington, President and Chief Executive Officer.
“The shifting of Team Sports’ new product launches to better fit retailers’ and consumers’ buying patterns will generate sales and margin improvement in the back half of 2011.”
Overall, the company had net sales of US$203.4 million for the first quarter of fiscal 2011, an increase of 4.8% when compared to US$194.1 million for the first quarter of fiscal 2010.
Operating income was US$11.0 million for the first quarter of fiscal 2011, an increase of US$0.9 million, or 8.6% when compared to the first quarter of fiscal 2010 (normalized for $1.6 million of increased compensation expenses in 2011).
