Technogym posted 17.8 percent growth in consolidated first-quarter revenues to €151.6 million, with all geographic regions reporting double-digit sales growth in the period ended March 31. Business-to-business sales, bolstered by double-digit improvement in all sub-segments, rose by 38.8 percent to €104.7 million; business-to-consumer sales, impacted international lockdowns but above the 2019 level, fell by 13.9 percent to €44.2 million.
North America was the best-performing geography during the first quarter, rising by 56 percent to €18.5 million as the U.S. exceeded its 2019 turnover. In Europe, period revenues increased by 15.9 percent, mainly due to contributions from Spain and Benelux. APAC sales were 19.5 percent higher as China and Australia exceeded their respective Q1/19 revenue totals. Only in Technogym’s home market of Italy did first-quarter sales decline, down by 9.1 percent to €14.3 million, a factor the wellness company attributed to a contraction in consumer sales.
By channel, field sales were nearly 33 percent higher in the first quarter at €90.99 million on more normalization of activities after Covid-19 impacts in most geographies. Wholesale revenues rose 15.9 percent to €39.32 million on a general recovery in business-to-business sales. Retail (+0.3 percent at €3.1m) and Inside (-21.5 percent at €18.2m) channels, historically the segment’s most exposed to home fitness demand, were weaker but above their levels during the first quarter of 2019.
