Escalade, Inc., the parent of the Brunswick Billiards, Stiga, Accudart, Rave Sports, Victory Tailgate, Onix, Goalrilla, Lifeline Fitness, Woodplay, and Bear Archery brands, saw total net sales decline 9.2 percent on a year-over-year basis to $65.5 million in the fourth quarter. The decline was a softening of the decline for the year, which was down in double digits. Sales were reported down 2.1 percent in Q3 after a 25 percent decline in the first half.
Escalade reported fourth quarter gross margin of 24.3 percent, an increase of 192 basis points versus the prior-year quarter, driven by a combination of continued price discipline, a more favorable sales mix and a decline in freight and storage costs, when compared to the prior-year period.
For the fourth quarter ended December 31, 2023, Escalade reported net income of $2.9 million, or 21 cents per diluted share, versus net income of $2.7 million, or 20 cents per diluted share, for the fourth quarter in 2022.
Full Year 2023 vs 2022
- Net sales decreased 16.0 percent to $263.6 million
- Gross margin declined 3 basis points, to 23.4 percent
- Operating income decreased 32.3 percent to $17.8 million
- EBITDA totaled $23.5 million, a decrease of 27.6 percent
- Net income of $9.8 million, or $0.71 per diluted share vs. $18.0 million, or $1.31 per diluted share for 2022
- Cash provided by operations of $48.3 million vs. $8.6 million in 2022
Image courtesy Escalade/Goalrilla
See below for additional SGB Media coverage of Escalade’s 2023 results and details from its 10-K:
EXEC: Escalade Ramps up Cash Generation; Cuts Inventory 24 Percent
