CITIC Securities has reaffirmed its “Buy” rating on Amer Sports (AS.N) following the company’s robust Q1 2025 results, which showcased accelerated growth across all key metrics. Revenue climbed 23% year-over-year, while net profit nearly tripled with a 196% surge, demonstrating strong execution across its brand portfolio. The athletic apparel and equipment group has raised its full-year guidance, now projecting 15-17% revenue growth and adjusted diluted EPS of 0.72, reflecting management’s confidence in sustained momentum.
The upward revision stems from multiple growth drivers: core brands like Arc’teryx and Salomon are gaining market share through premium positioning, while strategic channel expansion (especially in China and North America) and category extensions (such as Salomon’s trail-to-street footwear) are delivering results. CITIC notes Amer Sports’ unique positioning at the intersection of outdoor performance and lifestyle trends, with its technical apparel and hardgoods resonating with both professional athletes and urban consumers.
With inventory levels normalizing and gross margins improving, analysts see potential for further earnings surprises as the company scales its DTC channels and optimizes its wholesale partnerships. The guidance upgrade suggests management expects operating leverage to kick in more strongly in coming quarters, particularly as supply chain investments mature. Market observers will watch for progress on Amer Sports’ IPO plans, which could provide additional capital to fuel its expansion in underpenetrated markets like Asia.
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