Piaggio Group’s sales improve in Europe, decrease in U.S.
May 25, 2010
Filed under Features
While the Piaggio Group’s North American sales remain below 2009 levels, the company reported an overall increase in unit sales and net profit in its recent quarter.
The European company’s two-wheel sales increased 12.4 percent over the year-ago period, with big gains in its Asian market while its U.S. market was down. Piaggio’s worldwide two-wheel sales amounted to 87,580 units.
In its “Americas” segment, Piaggio sold 1,100 wholesale units in comparison to 6,400 a year ago. The company noted in its earning report that its sales in Canada were temporarily stopped in the quarter following a change in distribution.
In Europe, Piaggio saw a 3 percent gain in unit sales to 71,400 primarily because of improvements in its market share in Italy.
Overall, the company reported a net profit of $3.5 million after finishing the year-ago quarter with a loss of $5.7 million.