Garmin sees ‘normalization’ of cycling product sales
April 27, 2022
Garmin Ltd. reported record first-quarter revenue despite a 28% decrease in sales in its fitness division, which includes Garmin’s cycling products.
Consolidated revenue was $1.17 billion, a 9% increase year-over-year. Three other segments posted double-digit growth led by the outdoor segment ($385 million), which grew 50% year-over-year, and was boosted by increased demand for adventure watches. Bicycle Retailer