However, the group's performance in North America failed to show improvement in the course of the quarter, as U.S. bike sales, which are now considered non-core, declined by 15.9 percent to €31.8 million, leading to a higher operating loss of €11.3 million in this segment.

The management said it expects to complete a strategic review of this non-core business soon. At the end of 2018, Accell decided to run its North American operations as a separate business and review the strategic options for eliminating the losses in the region. As part of its review, the group has just announced the sale of the rights for the Canadian market of some of its bicycle brands – Raleigh, Diamondback, Redline and Izip – to Canadian Tire Corp. The transaction was worth $16 million cash, and it was accounted for in Accell's second-quarter results.

Starting with the 2020 season, these brands will be exclusively sold in Canada by the country's largest sports retailer, which already bought Helly Hansen last year. Canadian Tire has around 1,700 retail locations operating under different banners, including those that previously belonged to the Forzani Group, and an e-commerce business. It is also one of the largest bicycle retailers in the country. It posted total revenues of C$14.8 billion (€10.1bn-$11.3bn) last year.