FILA Holdings Corp.

- Acushnet’s business growth and FILA’s cost-cutting efforts combine to contribute to FILA Holdings’ earnings improvement

FILA Holdings announced its first-quarter results through public disclosure on May 14.

The company’s consolidated revenue rose to 1.18 trillion won and its operating profit also grew to 163.25 billion won in the first quarter of 2024, up 6.7% and 1.8% year-on-year, respectively.

Golf-related subsidiary Acushnet recorded 939.95 billion won in quarterly revenue, a single-digit year-on-year increase driven by its continued strength in the North American market. In particular, sales grew due to the popularity of its newly launched golf clubs and all golf ball models.

Moreover, FILA’s quarterly revenue reached 242.67 billion won, a single-digit year-on-year rise, amid the full-scale execution of its mid- to long-term strategy. FILA’s various efforts to enhance brand value across the group over the longer term include strengthening its product capabilities and expanding marketing investments. FILA USA also showed a first-quarter performance improvement after reducing discounted sales, while FILA Korea received positive responses from consumers for its Spring/Summer 2024 sportswear collection.

In the first quarter, FILA Holdings committed to tennis-centered marketing activities under FILA’s identity as a premium lifestyle sports brand. It organized the recent new concept tennis festival, “2024 WHITE OPEN SEOUL,” to promote tennis culture for a second consecutive year. Held at Olympic Park, the two-day festival was a great success as a large number of visitors eagerly took
part in the numerous events presented there.

FILA’s leading tennis brand status was further demonstrated in March as it became the longeststanding official apparel and footwear sponsor of the 2024 BNP Paribas Open, a globally renowned tournament held in Indian Wells, California. Such participation in tennis events around the world has earned FILA praise for upholding its brand heritage.

“Despite the deepening downturn in domestic and international consumer demand due to high inflation and high interest rates, our earnings improved due to the continued growth of our golfrelated subsidiary, FILA's cost reduction efforts, and favorable foreign exchange rates,” said FILA Holdings CFO Ho-Yeon (Aaron) Lee. He added, “We will spare no effort in providing quality
investment and support to improve our overall performance and enhance FILA’s brand value.”