Brand aggregator Compass Diversified (CODI) saw first quarter sales increase 11.0 percent to $375.4 million on a pro forma basis in its Consumer Brands segment, which includes the 5.11, BOA, Primaloft and Velocity Outdoor brands in the active lifestyle market, among other brands in other consumer markets, including The Honey Pot, which was acquired last year.
Consolidated net sales in the first quarter were $524.3 million, up 8 percent compared to $483.9 million in the first quarter of 2023. This was said to be driven by a 61 percent increase in Lugano net sales and the acquisition of The Honey Pot Co.
On a pro forma basis, assuming CODI had acquired The Honey Pot Co. on January 1, 2023, net sales were up 4 percent.
Net income in the first quarter of 2024 was $5.8 million compared to $109.6 million in the first quarter of 2023, reflecting the $98.0 million gain on the sale of Advanced Circuits in February 2023.
See below for more detailed SGB Media coverage of CODI’s first quarter, including management commentary on BOA, Primaloft, 5.11 and Velocity Outdoor:
EXEC: BOA Fuels CODI’s Q1 Branded Consumer Group; Primaloft Sees Order Growth
