Easton-Bell Sports Inc – owner of the Giro and Bell bike brands and Easton wheels, amongst other brands – has reported net sales of US$207.1 million for the fourth quarter of 2011. This represents an increase of 16.9% when compared with US$177.1 million of net sales for the fourth quarter of 2010.
“We continue to perform as planned and meet our sales, investment and earnings goals,” said President and CEO Paul Harrington. “Our product innovations are contributing to sequential improvement in our business and are helping us build momentum for the future. I am proud of the dedication our team continues to show in driving our business forward.”
Gross margin for Q4 2011 increased to 35.2%, from 33.4%, and adjusted EBITDA (earnings before interest, tax, depreciation and amortization) increased by US$6.0 million or 31.9%.
The company had net sales of US$834.9 million for fiscal 2011, an increase of 8.0% as compared to US$772.8 million of net sales for fiscal 2010. For the full year, gross margin remained at 34.0%, and adjusted EBITDA increased by US$3.0 million, or 3.1%, to reach US$98.2 million.
The company’s Action Sports division saw net sales increase US$5.8 million, or 7.1% for the fourth quarter of 2011. This was due to increased sales of cycling helmets and accessories, sales of Giro cycling shoes, which were introduced earlier in the year, and increased sales of power sports helmets driven by new product launches. For fiscal 2011, Action Sports net sales increased US$16.6 million, up 4.8% year on year, or a 4.2% increase on a constant currency basis.
