Fila USA annual year-over-year revenues rose 11.5 percent in 2021 to KRW 568,621 million ($497.0m). Gross margin declined slightly by 0.7 percent to 27.7 percent. Operating profit for the year was 55 percent higher at KRW 15,288 million ($12.6m) as the net profit soared to KRW 10,360 million ($9.1m) from KRW 4,321 million. In the fourth quarter, Fila USA reported a net loss of KRW 1,012 million and an 8.7 percent decline in total revenues to KRW 140,188 million ($115.6m) but gross margin in the period improved to 26.8 percent from 24.8 percent.

Korean parent Fila Holdings, meanwhile, reported consolidated group revenue of 3,793,959 million Korean won ($3.3b) for the financial year ended Dec. 31, up 21.3 percent year-over-year and 24.4 percent higher in constant currency. Annual net income increased by 71 percent in local currency to KRW 337,809 million ($295.2m).

The parent company’s current outlook for financial year 2022 calls for a revenue and operating profit range of +2 to -2 percent on a consolidated basis. Fila USA’s 2022 outlook is for a revenue range of -2 percent to +1 percent with the operating profit range between -2 percent and +11 percent.