August 02, 2023 Compass Diversified Brands Suffer from Inventory Headwinds
Net income from continuing operations in CODI’s branded consumer companies related to sports, outdoor and apparel—5.11 Tactical, Boa, Marucci Sports, PrimaLoft, and Velocity Outdoor—declined by 68% to $6.9 million from $21.4 million for the period ended June 30. Sturm, Ruger Revenues Return to Growth
Net income declined 22% in Q2 to $16,185,000 from $20,757,000 on RGR’s first year-over-year sales increase in six quarters, with the top line gaining 2% to $142,804,000 against $140,653,000. Vucabras Grows on Sneaker Strength
Net income increased 34% to BRL138,951,000 ($26.8 mm) in the second quarter from BRL103,758,000 on a 10% revenue gain to BRL723,920,000 ($139.4 mm) up from BRL656,808,000, boosted by a 14% jump in athletic footwear sales to BRL608.0 million. Garmin Fitness Rebounds, but Outdoor Slips
GRMN’s Fitness segment revenue was up 23% to $334,863,000 from $272,095,000 in the second quarter as advanced wearables led growth across all categories. Coats Group’s H1 Results Fall on Apparel Weakness
The industrial yarn and footwear component supplier saw revenues dip 11% to $715 million from $801 million in the first half, facing difficult year-over-year comparisons and widespread industry destocking.
The Weyco-owned outdoor brand declined by 35% in the second quarter, giving back the big increase in Q2 last year, and then some, as retailers cut back orders in the oversaturated outdoor footwear and boot market.
NSSF-adjusted NICS FBI background checks dwindled 17% last month to 1,023,903 from 1,233,115 in July, 2022, the second consecutive month of major declines. 361 Degrees Anticipates 25% Profit Improvement
The Chinese sportswear brand expects first half profits will be up at least 25% compared to last year’s RMB 550,914,000 ($83.3 mm) bottom line, it revealed in a release. Etcetera: Sportsman’s Warehouse, Golftec, Prince, Kelty, Krimson Klover, Gymshark
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