Sonos Asia Pacific Revenues Revealed
If you think Sonos products are expensive for what you get, you may be right in your thinking with the US sound Company lifting their margin in the Companies speakers to 47% which is high by industry standards.
In their latest filings Sonos said that revenues increased revenues 6% year over year for the US fourth quarter to US$359.5 million, losses came in at $8.49M for the quarter.
Revenue for the Asia Pacific region came in at $25.56M for the quarter up from $23.22M in the same period last year.
For the 12 months ending on October 3, Sonos Asia Pacific, of which Australia is the biggest market reported revenues of $117M up from $99.57 in 2020.
The Company said that on June 23, 2020, the business initiated a restructuring plan as part of our efforts to reduce operating expenses and preserve liquidity due to the uncertainty and challenges stemming from the COVID-19 pandemic.
This saw 12% of their global headcount sacked, they also closed their New York retail store and six satellite offices.
The business also renegotiated lease costs resulting in a saving of US$2.8M.
The gain was recognized as a credit in sales and marketing expenses.
Sonos CEO Patrick Spence said, “Demand for our products remains stronger than ever, and we are entering fiscal 2022 with a significant backlog due to the continued industry-wide supply constraints.”
Despite these supply constraints, we expect to deliver another strong year in fiscal 2022, including 16% revenue growth and 17% adjusted EBITDA growth at the high end of our outlook”.