After a relatively flat performance in 2016, the stock market capitalization of the sporting goods sector rose by 19.3 percent in terms of local currencies in the course of 2017, in tune with a generally buoyant trend in the stock exchanges. In dollars, the total market capitalization of the 81 listed companies tracked by Sporting Goods Intelligence increased by 12.4 percent to $364.3 billion. The related chart and comments were published in the last issue of SGI Europe.

If we look at the 18 outdoor-specific stocks in the same chart, we discover that they grew collectively at a much higher rate 31.0 percent in local currencies. Translated into dollars, they reached a level of $73.9 billion, or just over 20 percent of the total sporting goods market trading on stock exchanges.

The good performance of the public outdoor-related companies supports in one way predictions that the out-door market experienced a certain revival in 2017. Relatively good temperatures toward the end of the year in many parts of the world were no doubt a contributing factor.

As shown in the chart on this page, the biggest declines were experienced by Vista Outdoor and American Outdoor Brands, two companies whose business is heavily dependent on firearms and ammunition. These categories don't fit into our definition of the outdoor market. If we remove both companies, the growth in the industry's stock market capitalization rises to 32.8 percent for the year.

Amer Sports' stock market value went down a little in the course of the year, dragging down the performance of the ten biggest stocks. Together, they grew by 27.8 percent, representing 94.8 percent of the industry's total capitalization. They were led by VF Corporation, Garmin and Moncler.

We have not included Canada Goose into the chart because it went public in the course of the year.

Our annual stock chart calculates the evolution of each stock in the currency reported by each company until the last trading day of the year, Dec. 29 in this case, taking into account variations in the number of shares. Increases and decreases are weighted by market capitalization to allow comparisons. The year-end valuation of each stock is then converted to U.S. dollars at the exchange rate on that day to determine the total market value of the sector.

The outdoor industry outperformed the global Down Jones index, which grew by 21.9 percent for the year. The FTSE 100 rose by 7.6 percent, the German DAX by 12.5 percent and the French CAC 40 by 9.3 percent.

More in SGI Europe.