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Revenue Growth: 30% increase in Q3 on a reported basis; 28% excluding currency effects.
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Adjusted Operating Margin: Increased by 130 basis points to 15.7% in Q3.
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Adjusted Gross Margin: Increased by 240 basis points to 57.9% in Q3.
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Adjusted Net Income: $185 million in Q3, up from $71 million in the prior year period.
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Adjusted Diluted EPS: $0.33 in Q3, compared to $0.14 last year.
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Direct to Consumer Growth: 51% increase, led by Solomon in Greater China and AIPAC.
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Wholesale Growth: 18% increase at the group level, led by Solomon.
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Regional Growth: Asia Pacific up 54%, China up 47%, EMEA up 23%, Americas up 18% in Q3.
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Technical Apparel Revenue: Increased 31% to $683 million, led by Arterix.
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Outdoor Performance Revenue: Increased 36% to $724 million, driven by Solomon footwear and apparel.
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Ball and Racket Revenue: Increased 16% to $350 million, driven by soft goods and racket sports.
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Net Debt: $800 million at the end of Q3.
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Operating Cash Flow: $104 million generated in the first nine months, compared to $18 million last year.
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Store Openings: 19 net new Solomon shops in Greater China, 12 new Solomon stores in APAC, and 10 net new Wilson brand store openings mostly in Greater China.
Release Date: November 18, 2025
Positive Points
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Amer Sports Inc (NYSE:AS) reported a strong 30% sales growth in Q3, driven by exceptional performance across all segments, particularly in outdoor performance and technical apparel.
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The company achieved a 130 basis points increase in adjusted operating margin, reflecting improved profitability.
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Direct-to-consumer sales grew by 51%, with significant contributions from Solomon in Greater China and AIPAC.
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All regions experienced double-digit revenue growth, with Asia Pacific leading at 54% and China at 47%.
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Amer Sports Inc (NYSE:AS) raised its full-year revenue, margin, and EPS expectations due to strong Q3 results and continued momentum.
Negative Points
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The company faced challenges in the ball and racket segment, with inflatables down due to market conditions and tariff-driven price increases.
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There was a slight SG&A deleverage in outdoor performance and ball and racket segments due to ongoing investments.
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The technical apparel segment experienced a 100 basis points decline in operating margin due to timing shifts related to government grants.
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The company is exiting certain retail and e-commerce channels in North America that were not suitable for Solomon, impacting short-term growth.
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The September fireworks incident in China led to softer sales trends at the beginning of Q4, although recovery is underway.
Q & A Highlights
Q: Have you seen a sales impact in China following the fireworks incident? If so, when do you expect sales to recover? Do you think there could be any longer-term brand repercussions? A: Our China sales trends were softer at the beginning of Q4 but have since rebounded as weather has cooled. We’re confident in our brand position and equity with consumers across all of our markets. We are most focused on connecting with our consumers and communities and delivering great products and store experiences.
Q: Could you speak to your confidence in guiding 2026 revenue growth to mid-teens, which is the high end of your long-term algorithm? A: Given the very solid foundation we built up in 2025, we have a good level of confidence to deliver mid-teen growth in 2026. The strong momentum in our direct-to-consumer channels and across all regions supports this outlook.
Q: Can you provide more details on the progress of Salomon in the United States specifically? A: We are focusing on building the fundamentals in the US, leveraging our strong position in winter sports and expanding into city markets. Our strategy includes opening more epicenter stores, curating media investments, and working with B2B partners to drive distribution. We are confident in accelerating growth in North America.
Q: Can you talk about the long-term opportunity for Wilson Tennis 360 stores in China and the US? A: In China, we have around 80 Wilson Tennis 360 stores, and we see significant long-term potential. In the US, we are focusing on the southern states and California, with early success in our retail formats and partnerships with Dick’s Sporting Goods. We are in the early stages but optimistic about growth.
Q: How are you thinking about the margin performance of the outdoor performance segment into next year? A: We expect margin expansion to be driven primarily by gross margin improvements, supported by favorable channel, product, and regional mix shifts. We will continue to invest in SG&A to drive growth, and we anticipate clearing distribution changes by mid-2026, which should further support margin improvements.