'Oversuppy, aggressive discounting' blamed on Canyon sales decreasing 7%

KOBLENZ, Germany (BRAIN) — Canyon Bicycle sales declined 7% year-over-year in the first nine months of the year with parent company Groupe Bruxelles Lambert saying the industry's challenging market of "oversupply and aggressive discounting" was partially responsible.Sales were 611 million euros ($705 million), compared with 655 million euros at the same time last year. Organic growth also decreased 7%, and EBITDA growth slipped 29%.