Airesis, the Swiss holding company that controls Le Coq Sportif and Movement Skis, saw its net loss in the year ended Dec. 31 narrow to 10.6 million Swiss francs (€10.4m) from CHF 23.4 million the year earlier as consolidated revenues grew by 41 percent to CHF 143.9 million (€140.9m), supported by the robust performance of both brands.
Revenues at Le Coq Sportif, in which Airesis owns a 78 percent stake, increased by 40 percent to €123.7 million, reflecting 47 percent growth in textile sales and 20 percent in footwear. While activity at the start of the year was affected by Covid-19 restrictions in France and other countries, sales recovered in the second half.
Le Coq Sportif’s gross margin rose to 47 percent from 45 percent in 2020, with margin expansion supported by cost control measures. The Ebitda loss narrowed to €1.4 million from €9.9 million the previous year as the net loss decreased to €9.2 million from €19.7 million.
Deliveries of Le Coq Sportif footwear products were impacted at the end of 2021 by slowdowns in Asian factories amid new Covid restrictions in this part of the world and shipping delays due to congestion in marine transport. The situation persisted in early 2022, with over €3 million in delayed invoicing at the end of March due to late deliveries of shoes from Asia.
Nonetheless, Airesis stressed that there is no indication the budget for the full year will not be met. This year, Le Coq Sportif’s revenues are expected to rise by 19 percent to €147 million, while an Ebitda of €4.6 million and a net profit of €1.1 million are also targeted.
Movement Skis, in which Airesis owns a 92 percent stake, reported revenues of CHF 9.9 million (€9.7m) in 2021, up from CHF 8.5 million the year earlier and with sales growth in all markets. In 2020, Movement Skis ceased the distribution of third-party sports brands through its company.
Casoar SA, on a like-for-like basis, revenues were 35 percent higher in 2021.
The gross margin at Movement Skis expanded to 53 percent from 49 percent, and Ebitda improved to CHF 1.0 million (€1.0m) from CHF 0.4 million, while the ordinary net loss narrowed to CHF 0.2 million (€0.2m) from CHF 0.7 million. Excluding a CHF 0.3 million (€0.3m) provision and IFRS accounting adjustment, the net result of Movement was positive for the first time since Airesis acquired it in 2015.
