Amer Sports Exceeds Expectations with Strong Q2 Performance
On August 18, Amer Sports (NYSE:AS) reported second-quarter results that exceeded its own guidance. Revenue surged by 32.1% to $1.63 billion in the quarter ended June 30, 2026, with adjusted operating margin more than doubling from a year earlier. Direct-to-consumer sales grew significantly at 39.9%, now accounting for over half of total revenue. The strong performance was driven by Arc'teryx and Salomon brands within the Technical Apparel and Outdoor Performance segments respectively. Both saw robust growth, with DTC sales rising sharply in each case. Geographically, Asia Pacific delivered a standout result with 60.3% revenue growth, while Greater China grew at 35.5%. Management raised full-year guidance for both revenue and adjusted earnings per share due to this momentum. However, not all of the margin improvement is sustainable. A one-time $64.3 million tariff refund contributed significantly to gross margins in Q2 but will not repeat next quarter. Additionally, increased costs from higher hedging expenses and corporate spending are expected to impact future performance.
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