Getting back in shape: Technogym aims for another sales leap (updated)

Technogym

12/05/2021 15:08

(Updates with details, background)
    May 12 (Reuters) - Italian fitness equipment maker Technogym
 TGYM.MI  expects sales to accelerate in the second quarter
after a leap in first-quarter revenue driven by increased home
fitness and the gradual reopening of gyms.
    Lockdowns and restrictions to curb the spread of COVID-19
weighed on Technogym's business-to-business segment last year as
gyms were forced to remain closed and memberships tumbled.
    Technogym said on Wednesday its first quarter revenue rose
10.2% to 128.7 million euros ($156 million), boosted by a 129.2%
jump in home fitness revenue. Home fitness revenues made up 40%
of total revenues, up from 15% a year ago.
    "Within the wellness sector, at global level, the hybrid
model is emerging as the new trend: training not only in the gym
but also at home and vice versa," Technogym's chief executive
Nerio Alessandri said in a statement.
    He also confirmed that Technogym, which supplies sports
events such as the Olympics and Ironman, is targeted 1 billion
euros in revenues by 2024.
($1 = 0.8252 euros)  

 (Reporting by Silvia Recchimuzzi in Gdansk, Editing by Maria
Pia Quaglia and Alexander Smith)
 ((silvia.recchimuzzi@tr.com; +48 58 769 66 95))