South Korea-based athleisure brand Fila has posted higher sales and profit for the last fiscal year, driven by the strong performance of its US golf subsidiary.
The company’s consolidated revenue rose 6.5 per cent to 4.27 trillion won (US$2.9 billion) in FY24, while operating profit soared 18.9 per cent to 360.8 billion won ($245 million).
The results were mainly driven by the US golf subsidiary – Acushnet Holdings – where sales rose 7.8 per cent. Sustained demand in the US and success of Titleist golf balls and clubs contributed to the growth of the business.
The Fila division posted a 2.2 per cent revenue increase, benefiting from a diversified business model, including joint ventures and licensing agreements.
“Strong cash flows from our core businesses, including Acushnet and our strategic joint ventures, allow us to execute disciplined capital allocation strategies that drive sustainable growth and profitability,” commented Ho Yeon (Aaron) Lee, CFO of Fila Holdings.
The company has set a target of up to 500 billion won for shareholder returns over the next three years, bringing the cumulative amount to up to 800 billion won from 2022 to 2027. This marks a 200 billion won increase from the previously stated target.
