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Article Date: March 2024
Word Count: 284

Rapala VMC Swings to Loss on Steep Sales Drop


The Finnish fishing brand ended 2023 in the red, tallying a loss for the full year of €6.9 million ($7.5 mm) against a profit of €3.7 million, on 19% lower revenues of $221.6 million ($239.6 mm) down from €274.4 million. After a difficult first half, Rapala focused on a cost savings program that reduced SG&A by €6.0 million, as overstocked wholesale customers were reluctant to place orders. Still, the company managed to reduce its inventory by €11.0 million since June to end the year at €87.5 million, generating strong cash flow.

 

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