Tough quarter for Head
15/08/2008
Amsterdam-based sports brand Head has seen net revenues for the quarter ending June 2008 fall by 8.8% to €56.2 million compared to the same period last year.
The company’s operating loss, excluding the impact of share-based compensation, increased by €2.6 million to €7.1 million. The net loss for the period was €6.2 million compared to a €6.5 million loss in the second quarter last year.
Johan Eliasch, chairman and CEO, commented: “Q2 2008 results for Head have been as anticipated. The continued lack of consumer confidence as a result of the global economic downturn, sharp increases in raw material costs, inflationary pressures, poor spring weather and the continued impact of the lack of snow in 2006 has resulted in tough trading conditions. Head is however, tackling these issues having undergone substantial restructuring in recent years and continues to support the growth of the brand through marketing.”
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