Garmin Ltd has today announced results for its fiscal third quarter ended 29 September 2012. Garmin’s Q3 2012 saw total revenue of US$672 million, up 1% year on year. The company’s Outdoor business segment saw revenue increase 11% to US$105 million. However, Garmin’s Fitness segment saw revenue decrease 6% to US$65 million in the quarter.
In his Executive Overview Dr Min Kao, Garmin’s Chairman and Chief Executive Officer, explained the challenges facing the Fitness division…
“The Fitness segment posted a revenue decline of 6% in the quarter as growth in cycling and multi-sport were offset by a slowdown in running watches. We again faced a difficult year-over-year comparison due to 2011 promotional activity on the Forerunner 305 and the strong early shipments of the Forerunner 610.”
He continued, “With the launch of the Forerunner 10, we expect to regain market share in the value price category. Early response to the Forerunner 10 has been positive with great reviews and strong pre-orders. We remain confident that the fitness market will continue to offer growth opportunities in 2013 and beyond.”
