Prince Poised to Break $100 Million in Sales
Prince Sports Inc. says it is looking to break $100 million in sales by the end of its fiscal year, which would be the first time in 10 years the company has reached that mark.
“The first quarter of 2007 was extremely positive for Prince, not only compared to our competitors, but also in the company’s recent history,” says George Napier, CEO of Prince Sports. “We have come out of the gates strong and are heading in the direction of a banner year, with our sights clearly focused on breaking the $100 million sales mark. Without question, our extended team of dedicated retail partners, suppliers, coaches, and athletes, all of whom bleed green and are doing so much to support us, deserve the biggest ‘thank you.’”
Global sales for Prince were up 12 percent in Q1, led by the company’s European region (Europe, Middle East, and Africa), which surged up 52 percent versus the same period last year. The U.S was also strong, registering 11 percent growth.
Prince says the global growth was led by a solid performance in the company’s racquet category, due in large part to the extension of its line of O3 products. In January, Prince launched its new O3 Speedport racquets, a build on its original O3 technology. In addition, Prince’s footwear division contributed as its new M Series line expanded its distribution base. And a successful introduction of a new Synthetic Gut Multifilament string fueled additional growth, says the company.
In a statement in mid-May, Prince says its dollar share in performance racquets in the specialty channel, as reported by SMS/TIA, hit 26.7 percent, the 31st consecutive month in which Prince’s share has been higher than the corresponding month in the prior year. Prince also reported having three of the top four, and four of the top eight, best-selling racquets on a year-to-date basis — including the No. 1 best selling racquet in the sport, the O3 White. The company says that in the two years since it launched the O-tech platform, close to 100 touring pros have switched to O3 technology.