Saturday, 27 April 2024
News

Leatt revenues up 71% in record first quarter

The slew of record breaking Q1 financials continues with the news that Leatt Corporation has booked its best quarter ever with a 71% year-on-year revenue increase.

Leading the charge, Leatt recorded a 109% advance in sales of both mountain bike and motocross helmet sales, surpassing growth rates for the body protection and neck brace sales that the company is known for. On this front, neck braces recorded a 48% increase, body armour a 79% uptick and other parts and accessories sales added 47%.

CEO Sean Macdonald commented: “We are pleased that our strong 2020 performance trend has continued into the 2021 first quarter, with record-breaking results. Traditionally a slower quarter of the year, the 2021 first quarter saw a 71% increase in revenue, compared to a year ago, with revenue growth across our full ‘head-to-toe’ range of products for MTB and off-road MOTO in North America and abroad. We saw surging growth in most of our products, particularly body armor, MTB and MOTO helmets and footwear, including boots and shoes, with encouraging growth in neck brace revenues. This was the best quarter in our company’s history, which we believe is a strong testament to our evolving and robust business model and the fantastic work done by our entire team.

“The numbers for the first quarter were remarkable: Global first quarter revenues were $12.9 million, first quarter net income was $2.1 million, an increase of 469% compared to a year ago. Margins remained consistent with last year at 47%, which has been a challenge as we continue to actively manage manufacturing and logistics costs amid rising raw materials and shipping costs in Asia.

“Leatt’s strong performance is the result of more than a decade of innovative and consumer focused work, with a dedication to excellence that is returning dividends. We are extremely encouraged with the momentum that our brand and products have achieved in the marketplace and our increasing value to our partner dealers and distributors around the world.”

Leatt added that it has been very encouraged by forward ordering from distributors worldwide. “This surge towards outdoor activities is a trend that we expect to continue,” added Macdonald.