Garmin has posted promising financial results in Q1, with the fitness segment driving much of the growth.
Posting an 18 per cent like for like jump, revenues totalled $508 million, up from $431 million. Though automotive and aviation sectors posted increases year on year, it was the outdoors and fitness sectors that posted the strongest gains. Revenue in the fitness segment alone rose by 30 per cent in Q1 to reach $56 million.
Dr Min Kao, chairman and chief executive officer of Garmin said, “We were pleased with the growth of our outdoor, fitness, aviation and marine segments, which combined posted operating income growth of ten per cent. We continue to invest in these segments in order to capitalize on the numerous long‐term growth initiatives in each of them.
“The fitness segment posted revenue growth of 30 per cent in the quarter as the business continues to expand both in North America and globally.
“We experienced strong demand for our high‐end cycling products, particularly in Europe, and we continue to focus on leadership in the GPS running watch category with the release of the Forerunner 610.
“We anticipate strong demand for this product based upon the enthusiasm we saw at the Boston Marathon in April.”