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Article Date: February 2024
Word Count: 221

Bowflex Raises Going Concern Risk after Down Quarter


Net loss in the fiscal third quarter ended Dec. 31 tripled to $34,339,000 from a loss of $11,082,000 prior, pulled down by weak operating results and a $20.9 million goodwill and asset impairment charge on property and right of use assets. Revenues tumbled 31% to $67,566,000 from $98,079,000, largely due to soft exercise bike demand from consumers and retailers, with direct-to-consumer sales off 17% to $38.6 million, and retail (wholesale) segment sales dropping 43% to $28.7 million. Gross margin expanded 240 basis points to 25.7%, while spending reductions lowered SG&A by ... Log in to view full article.

 


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