Vista Outdoor Reduces Loss, But Also Cuts Earnings Guidance
Net loss narrowed to $11,898,000 in the fiscal second quarter ended Sep. 29 from a loss of $32,818,000 last year that included a $23 million impairment charge, as revenues declined 19% to $445,016,000 from $546,585,000. Excluding the divested eyewear and firearms businesses, organic sales slipped 7%. Gross margin overall was up 40 basis points to 20.3%. SG&A was down $14 million, but still increased 80 b.p. as a percent of sales on the lower top line. Interest payments were down 27% to $12.3 million after paying off its highest interest credit facility with the proceeds from the Savage sale. The ... Log in to view full article.