Garmin predicts further sales boost as wearable fitness tech surges

Wearable technology giant Garmin has predicted its European sales will surge by 14 per cent in 2024 thanks in part to new products being launched.

The Southampton-headquartered division made the forecast in newly-filed accounts with Companies House which revealed an increase in both its turnover and pre-tax profit during 2023.

The results show that Garmin Europe’s turnover rose from $1.13bn (£863.5m) to $1.23bn (£939.9m) in the 12 months while its pre-tax profit also grew from $42.4m (£32.4m) to $46.3m (£35.3m).

Garmin said that its sale rose because of the introduction of new products, “strong markets” and an improved market share.

It added that the largest increase was seen in its fitness products, up by 28 per cent, which “rebounded following a tricky 2022 after the strong sales during the pandemic”.

Garmin added that the auto OEM (original equipment manufacturer) sector “continued steady” in the year and had an anticipated decrease of 11 per cent because of new product revenue being taken through other Garmin Europe affiliated sites.

Its aviation and outdoor markets also “showed stability” compared to prior years while the marine sector fell by 11 per cent “as the markets showed some signs of softening”.

European sales surge at Garmin as UK falls back

In the UK, Garmin’s sales fell from $171.4m (£130.9m) to $158.4m (£121m) but grew from $855.9m (£654m) to $960.8m (£734.2m) in Europe.

In the rest of the world, the company’s turnover edged up slightly from $111.4m (£85.1m) to $111.7m (£85.3m).

The wider Garmin group, which is headquartered in the US, reported net sales of $5.2bn (£3.9bn) for the same financial year, up from $4.8bn (£3.6bn) in 2022.

For the first quarter of its current financial year, Garmin posted net sales of $1.3bn (£993.4m), up from $1.1bn (£840.5m).

For the second quarter, its net sales declined from $1.3bn (£993.4m) to $1.5bn (£1.1bn).