Up 24% Pinarello Reports Fiscal Year 2021-2022 Sales

Up 24% Pinarello Reports Fiscal Year 2021-2022 Sales

Reported by wildeto.com 

Top Italian bicycle brand Pinarello, recently announced their sales for the fiscal year from July 1, 2021 to June 30, 2022, with an overall increase of 24% to 84 million euros. The press release, however, did not disclose profit and loss figures for the year, but said its operating gross margin increased by 30%.

Pinarello's sales in the 2020-2021 financial year were 54.3 million euros and 46 million euros in 2019-2021. The company mentioned in its 2020-2021 report that the main reasons for the impact on sales were the supply problems of components such as wheels and shifting systems, as well as the extension of the global aluminum alloy and carbon fiber supply chain and logistics, resulting in production and delivery delays .

Antonio Dus, CEO, said: "In the most recent financial year, our company has encountered fewer obstacles, so we are accelerating the company's industrial plan to launch by the end of 2020, and we will be in a dynamic environment. Operating and getting more and more people into cycling, we will continue to sell at a steady pace.”

Antonio Dus also said : "Since the outbreak of the epidemic, a positive trend in bicycle sales has emerged, which is in line with the growing trend in sports and outdoor activities. In the first phase of the epidemic, it is widely believed that the impact of the epidemic, The decrease in income will lead to a decrease in spending power, which will reduce the sales of bicycles. As a result, the demand for bicycles has continued to grow after the epidemic, even pushing existing bicycle enthusiasts to buy higher-end bicycle products, greatly increasing the sales of high-end bicycles ."

The company forecasts a 25-30% increase in sales for the fiscal year ending in June 2023. They say they have made significant investments in management and production, of which they have invested 3 million euros in R&D and manufacturing.