August 03, 2023
The Big a’s second quarter results came in decidedly better than dire predictions had augured, helped by strong sales of Yeezy stock that benefitted both top and bottom lines, with more of the leftover product dropping in Q3.
Net income was 12% higher at $74,655,000 versus $66,454,000 as the Titleist, FootJoy, and Kjus parent achieved 5% revenue growth to $689,363,000 from $658,599,000 for the quarter ended June 30.
Net loss widened to C$85.0 million ($63.3 mm) in the fiscal first quarter ended July 2, from a loss of C$63.6 million last year, on revenue that was up 21% (+18% CC) to C$84.8 million ($63.1 mm) from C$69.9 million.
Gildan Activewear, citing an unfavorable shift in its activewear assortment as more consumers flock to lower-priced products, has adjusted its full-year revenue and operating margin outlook.
The bottom line swung back to a $7,424,000 profit attributable to Solo Brands, Inc. from last year’s loss of $12,039,000, as it lapped $30.6 million in impairment charges related to the Isle acquisition, while net sales ticked down 4% to $130,927,000 from $136,019,000.
Consolidated net loss was $6,292,000 for the fiscal third quarter ended July 1, compared to $6,237,000 in income prior, as net sales fell 16% to $106,319,000 from $126,875,000.
The bottom line was flat at $14,801,000 from $14,802,000 in the fiscal third quarter ended June 30, on revenues that declined 8% to $187,047,000 from $203,819,000, as stable fishing and diving sales were offset by weakness in the camping and watercraft segments.
The action camera maker’s price cuts and pivot back towards wholesale took their toll in Q2, sending the bottom line $17,212,000 into the red compared to a $2,519,000 profit last year, on 4% lower revenues of $241,020,000 against $250,685,000.
FOXF’s Specialty Sports Group was hit hard by bloated channel inventories, sending revenues from bike suspensions and other components down 41% in the second quarter, to an implied $105 million from $178 million last year.
The parent of Coleman, Contigo, Marmot and other outdoor brands’ issuer credit rating and rating on its unsecured notes were slashed to BB from BB+ by S&P.
The World Federation of the Sporting Goods Industry’s board of directors elevated its current VP of strategic and external affairs Emma (Mason) Zwiebler to interim CEO, effective Nov. 1, succeeding Robbert De Kock who has decided to step down from the role after 16 years.