Despite flat fitness sales, Garmin has record-setting revenue growth
February 16, 2022
Garmin Ltd. reported record revenue for the year and in the fourth quarter despite flat fitness sales that include cycling products.
Revenue for the quarter increased 3% to $1.39 billion compared with $1.35 billion at the same time last year. For 2021, revenue was up 19% year-over-year, rising from $4.1 billion to $4.9 billion. This despite fitness net sales for the quarter essentially remaining the same, slipping slightly from $470,811 million to $470,146 million. For the year, fitness net sales increased 16%, growing from $1.3 billion to $1.5 billion. Bicycle Retailer