In a business update, Conzzeta Group, the parent company of Mammut Sports Group, said revenues from the Outdoor segment, which only consists of Mammut, declined in the first nine months by 20.0 percent in reported terms to CHF 149.4 million (€139.3m-$163.2m), or by 17.5 percent in constant currencies and on an organic basis.
In the third quarter, Mammut even recorded slight growth. During the pandemic, the Swiss producer of outdoor equipment and clothing said it looked to protect suppliers by not canceling any orders for which production had already started or been completed. It implemented a project to recycle climbing ropes, launched in collaboration with a climate protection organization, in order to conserve natural resources in outdoor sports. In a note, Credit Suisse praised Mammut’s third quarter turnaround, which surpasses analysts’ expectations.
Revenues for Conzzeta declined by 20.3 percent to CHF 905.4 million (€844.6m-$989.0m) in the first nine months of 2020. On an organic basis and in constant currencies, revenues dropped by 11.8 percent.
In December 2019, Conzzeta announced plans to offload Mammut to focus solely on its Bystronic brand of premium sheet metal processing solutions. No announcement has been made yet with regards to a potential buyer.
Conzzeta confirmed its outlook for the full year, with an operating result expected in the mid-double-digit million range and significantly lower sales than in 2019.