Fila Holdings’ constant currency net income increased by 0.1 percent to 123,330 million Korean won (€84.1m) against KRW 118,257 million for the period ended March 31. The Q1 operating profit declined by 2.6 percent on a constant currency basis to KRW 163,259 million (€111.3m) compared to KRW 160,379 million. The Fila and Acushnet parent did realize a 180 basis point improvement in gross margin to 52.1 percent from 50.2 percent.
First-quarter consolidated group revenues rose by 2.9 percent to KRW 1,182,623 million (€1.25bn) as Acushnet sales grew by 3.1 percent to KRW 939,950 million (€641.0m) and Fila sales expanded by 2.1 percent to KRW 242,673 million (€165.5m).
Fila USA reported a $10.0 million loss, an improvement from a $23.6 million net loss in the year-ago period. Segment sales increased by 7.4 percent to $64.7 million. Gross margin was 26.1 percent versus 5.8 percent in Q1/23.
Meanwhile, the group suffered constant-currency global royalty declines in all regions, led by a 20.0 percent drop in EMEA to KRW 7,421 million (€5.1m). Royalties declined 13.7 percent in North America to KRW 1,750 million (€1.2m) and 10.2 percent in Asia to KRW 1,162 million.
