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Article Date: February 2023
Word Count: 248

Garmin Fitness Sales Plunge, but Outdoor Inches Higher


Fitness sales dropped 28% in the fourth quarter to $336,553,000 from $470,146,000 on declines across all categories, and operating income fell 62% to $39,844,000 from $100,317,000. Bounce, the company’s first LTE-connected kids smartwatch, launched in the quarter, and GRMN recently received FDA approval for the Venue 2’s app tracking heart rhythms and checks for atrial fibrillation, aiming for an eventual full line of devices for managing health conditions. For the full year, fitness sales were down 28% to $1,109,419,000 from $1,533,788,000, and operating income tumbled 71% to $104,738,000 from $359,201,000.

 

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