The segment, which includes 14 brands such as Cutter & Buck and Ahead, suffered a 44 percent decline in Q1 operating income to 72.2 million Swedish kronor (€6.2m) from SEK 128.0 million in Q1 ended March 31. Total sales fell by 6 percent to SEK 860.0 million (€74.0m) from SEK 917.4 million. Europe, excluding Sweden, reported a 1.1 percent revenue gain to SEK 1,071.0 million (€92.2m) from SEK 1,059.1 million. US sales declined by 3.5 percent to SEK 421.0 million (€36.2m) from SEK 436.1 million.
New Wave Group believes the Sports & Leisure segment has strong growth opportunities ahead, citing Craft’s investments in shoes and teamwear; Cutter & Buck’s spending on e-commerce and product development; and the restructuring and new distribution network for its latest acquisition, Tenson.
