Fila USA Results Hurt by Higher Inventories, Rival Discounts
Fila USA Results Hurt by Higher Inventories, Rival Discounts
Fila USA, the operating subsidiary of Korea-based Fila Holdings Corp. will focus on lowering its inventory levels and a cost restructuring effort this year to help it build a solid foundation for growth and meeting the objectives of its five-year strategic plan. Forecasting an operating loss range of $61.7 to $69.4 million in FY23, Fila USA is projecting its annual sales will decline by 20 to 25 percent this fiscal year.
In Q4, Fila USA suffered the equivalent of a $28.7 million operating loss on a 37 percent year-over-year revenue decline to approximately $68.0 million. The net loss was $45.0 million for the period ended Dec. 31. For FY22, the group reported an operating loss equivalent to $51.0 million on an 18 percent revenue drop to $357.6 million. The annual net loss equaled $61.8 million.
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