Oslo, Norway-based skiing, sailing and outdoor clothing company Helly Hansen reported a 20.6% revenue increase in the fourth quarter of 2022 compared to the same period last year.
In its quarterly results released Thursday, Canadian Tire Company (CTC), which owns and operates Helly Hansen, said the brand was a “strong contributor to retail revenue growth in the quarter … led by increased sales of sportswear through its North American channels.”
On a conference call for investors, Gregory Craig, executive vice president and chief financial officer for CTC, praised Helly Hansen’s strong sell-through of both sportswear and workwear.
The brand’s continued focus on e-commerce and direct-to-consumer sales in the U.S. helped drive the revenue growth.
In March of 2022, Canadian Tire paused Helly Hansen’s operations in Russia over its invasion of Ukraine, and the company eventually pulled the subsidiary out of Russia altogether, resulting in a $36.5 million one-time expense.
At the time, Helly Hansen operated 41 retail locations and employed over 300 people in Russia.
Overall 2022 sales for CTC’s retail segment were up 2.7% and the fourth quarter was in line with 2021’s “exceptional performance,” when comparable sales rose 11.3%, the company said in a release.
“These results, combined with a strong retail top line over the year, demonstrate we managed well through a dynamic economic environment,” said Greg Hicks, president and CEO of CTC, in a release.