At 563 million Swedish kronor (€62m-$84m), sales in the Sports & Leisure segment were virtually unchanged in the third quarter for New Wave Group, parent company of Craft, Cutter & Buck and other brands, but their operating results before amortization (Ebitda) were SEK6.4 million better than a year ago at SEK64.2 million (€7.2m-$9.6m). Sales declined on an organic basis because of a weaker market in Sweden and lower sales of golfwear in the U.S. Acquisitions – notably Karhu's distribution of Craft products in the U.S. as of July 1 - boosted the segment's quarterly sales and profits by SEK16 million and SEK4.0 million, respectively. Overall, New Waves consolidated sales decreased to SEK1,035.0 million (€115.5m-$155.4m) in the quarter, but the company achieved a turnaround in operating and net profits as compared to a year ago. Excluding reorganization costs, the operating margin improved to 9.0 percent from 6.8 percent. The company reported operating income of SEK92.8 million (€10.4m-$13.9m) and net income of SEK57.8 million (€6.5m-$8.7m), but the group's chief executive, Torsten Jansson, said he was concerned about the results for the fourth quarter.
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