Amer Sports today published its annual report for fiscal year 2024 on the Investor Relations website.
“2024 was a remarkable year for Amer Sports and our teammates, partners, and shareholders. It gives me great pleasure to share with you some winning moments from the last 12 months, which began with an IPO on the New York Stock Exchange and culminated in record revenues and profits,“ says CEO James Zheng in his letter to shareholders.
“Amer Sports’ revenue grew 18% in 2024, with broad-based strength across segments, regions, channels, and categories. Arc’teryx and Salomon footwear continued their strong trajectories, and Wilson returned to positive growth. We continue to prioritize high-quality growth, which allowed us to also expand our adjusted gross margin by nearly 300 basis points and our adjusted operating margin by 130 basis points. We also meaningfully reduced our leverage, effective tax rate, and annual interest expense, enabling us to generate adjusted earnings per share of $0.47—a significant improvement compared to a $0.27 adjusted loss per share in 2023,” recaps James Zheng.
2024 highlights in short
- Improved capital structure: Generated ~$1.5 billion through our initial public offering on February 1 and ~$1 billion through a follow-on offering on December 4. This allowed us to deleverage from >5x net-debt-to-adjusted EBITDA pre-IPO to 0.7x at year.
- Retail excellence: On a consolidated basis, direct-to-consumer reached 44% of total revenues, up from 36% in 2023.
- Greater China advantage: Achieved over 50% growth in Greater China.
- Arc’teryx: Surpassed $2 billion in revenues, opened 33 net new stores, and drove 36% revenue growth for the Technical Apparel segment.
- Salomon: Footwear surpassed $1 billion, Salomon opened 100 new shops in Greater China, and became Premium Partner of Olympic and Paralympic Winter Games Milano Cortina 2026.
- Wilson: Ball & Racquet growth trends improved, accelerating to over 22% in the fourth quarter, driven by strong trends in racquet sports.
- Winter Sports Equipment: We believe our winter sports equipment franchises gained share in a challenging market, especially Atomic.
- Sustainability: Established a Group-wide climate program targeting net-zero emissions.
