On March 6th, Amer Sports, the parent company of sports brands such as Archaeopteryx and Salomon, released its first annual financial report after going public. According to the financial report, in 2023, Yamafen achieved a revenue of 4.368 billion US dollars, a year-on-year increase of 23%; The adjusted operating profit margin was 9.9%, compared to 8.5% in the same period last year; The net loss was 209 million US dollars, compared to 253 million US dollars in the same period last year.
After the financial report was released, the stock price of Yamafin Sports has fallen slightly. As of the close, Yamafin Sports closed at $16.45 per share, a decrease of 5.13%, with a market value of approximately $8.2 billion.
Founded in 1950, Yamafin Sports is a global sports and outdoor brand group that was listed on the New York Stock Exchange on February 1, 2024. At present, Yamafen Sports has 11 outdoor and sports brands, among which the high-end outdoor brand Arc'teryx (Archaeopteryx), the French mountain outdoor off-road brand Salomon (Salomon), and the American tennis equipment brand Wilson (Wilson) respectively lead the three core departments of technical equipment, outdoor clothing and equipment, and ball and racket equipment. According to the financial report, in 2023, outdoor clothing and equipment led with a revenue of 1.668 billion US dollars, a year-on-year increase of 18%; The revenue of technical equipment increased by 45% year-on-year to 1.593 billion US dollars; The revenue of ball and racket equipment increased by 7% year-on-year to $1.108 billion.
From a channel perspective, in the Americas and Greater China region, DTC (direct to consumers) channel revenue led by Archaeopteryx increased by 49% year-on-year to 1.559 billion US dollars, with e-commerce and retail revenue increasing by 40% and 58% respectively; In addition, driven by business growth in Greater China and the Asia Pacific region, the revenue of Yamafen Sports Wholesale Channel increased by 12% year-on-year to 2.81 billion US dollars.
In 2023, Yamafin Sports's revenue growth in the Greater China market ranked first among major regional markets, with a year-on-year increase of 61% to 841 million US dollars; Ranked second in revenue in the Asia Pacific region with a year-on-year growth rate of 40%; EMEA (Europe, Middle East and Africa) and the Americas saw year-on-year revenue growth of 14% and 15%, respectively, to $1.45 billion and $1.727 billion.
The financial report shows that in 2023, the adjusted gross profit margin of Yamafen Sports increased by 240 percentage points year-on-year to 52.5%. Yamafen Sports revealed that the group's gross profit margin growth during the reporting period was mainly driven by the founder bird brand, while reducing logistics costs, improving procurement performance, and channel and regional combinations also drove the growth of gross profit margin.
Zheng Jie, the global CEO of Yamafen Sports, stated that in 2023, Yamafen Sports's sales and profit growth will continue to be strong. With the transformation towards a brand direct operation model, the company is still in the early stage of profit scale growth. Under the leadership of the flagship brand Archaeopteryx, the group's high-end sports and outdoor brand portfolio layout is ready to take off and is expected to see another year of strong growth.
Yamafen predicts that in the first quarter of 2024, the group's revenue will increase by 6% -8%, with an adjusted gross profit margin of approximately 53.5%. Among them, the revenue from technical equipment will increase by more than 30% year-on-year, while the revenue from outdoor clothing and equipment will remain unchanged year-on-year. The revenue from ball and racket equipment will decrease by two digits year-on-year. In 2024, the group's revenue will achieve medium to double digit growth, with an adjusted gross profit margin of 53.5% -54%. Among them, the revenue of technical equipment will increase by 20% year-on-year, the revenue of outdoor clothing and equipment will achieve high single digit growth, and the revenue of ball and racket equipment will achieve low to medium single digit growth.