Clarus Corporation posted net sales of $69.3 million in the 2024 first quarter, compared to $70.3 million in the year‐ago comparative quarter. The decrease was primarily driven by softness in the European wholesale market in the Outdoor segment, partly offset by strength in the Adventure segment due to continued success with new product launches and OEM customers.
Adventure segment sales increased 27 percent to $22.3 million, or $23.0 million on a constant-currency basis, compared to $17.5 million in the year-ago quarter, reflecting higher demand from OEM customers and the impact of the Tred Outdoors acquisition.
Outdoor segment sales were $47.0 million, or $46.7 million on a constant-currency basis, compared to $52.8 million in the year-ago quarter. The decline primarily reflected weakness in European and independent global distributor markets, partially offset by North American wholesale channel growth.
The loss from continuing operations in the first quarter was $6.5 million, or a loss of 17 cents per diluted share, compared to a loss from continuing operations of $2.0 million, or 5 cents per diluted share, in the year-ago quarter. The loss from continuing operations in the 2024 first quarter included $3.0 million of charges relating to legal costs and regulatory matter expenses and $0.7 million of PFAS inventory reserve.
Liquidity at March 31, 2024 vs. December 31, 2023
- Cash and cash equivalents totaled $47.5 million compared to $11.3 million.
- Total debt of $0.1 million compared to $119.8 million.
- On February 29, 2024, approximately $135.0 million of long-term debt, interest and fees were repaid, and the credit agreement was terminated.
Image courtesy Black Diamond
See below for more SGB Media coverage of Q1 for Clarus Corp., including Black Diamond details from BDE President Neil Fiske:
EXEC: Black Diamond Returns to U.S. Growth in Q1, Posting DD Gain as Inventory Clears
