EXEC: Yeti Delivers Above-Plan 19 Percent Q1 Growth
Yeti Inc. reported sales in the first quarter climbed 18.6 percent year over year, exceeding plan. Sales have more than doubled since the first quarter of 2019 with drinkware sales leading the gains. Earnings were slightly ahead of Wall Street estimates.
EXEC: Clarus Corp Overcomes Supply Chain Woes At Black Diamond In Q1
Clarus Corp. reported first-quarter results topped Wall Street targets as strong sales growth in its Precision Sport or ammunition segment and strong North-American sales for Rhino-Rack offset inventory shortfalls due to logistics challenges at Black Diamond.
EXEC: Beachbody Eyes Recovery After Posting Steep Q1 Loss
The Beachbody Company, Inc. reported a wider loss in the first quarter due in part to an inventory charge related to its connected fitness bikes. Sales declined 12 percent; however, revenue and adjusted EBITDA came in ahead of expectations.
EXEC: Peloton’s Restructuring Off To Slow Start
Shares of Peloton fell $1.23, or 8.7 percent, on Tuesday to $12.90, reaching an all-time low, as sales and the loss in the fiscal third quarter ended March 31 were worse than expected and a tepid outlook was delivered for the fourth quarter.
EXEC: Johnson Outdoors Thwarted By Inventory Shortages In Fishing Segment
Johnson Outdoors continued to see robust demand across its operating segments, but raw material shortages led to inventory shortfalls in its Fishing segment and a high-single-digit decline in its fiscal second-quarter sales.
EXEC: Fox Factory’s Cycling Segment Delivers 44 Percent First-Quarter Growth
Fox Factory Holding Corp. said sales in its Specialty Sports Group (SSG), its cycling component segment, grew 43.5 percent in the first quarter year over year, to just under $170 million. Fox Factory’s CEO Mike Dennison, told analysts, “Our order book remains robust for the rest of 2022, supported by signs of improvement in supply chain capacity.”
EXEC: Adidas Reduces 2022 Expectations Amid China Lockdowns
Adidas lowered its expectations for 2022 after a first-quarter slump as renewed COVID-related lockdowns worsened trends in Greater China. Sales declined 35 percent in the region in the quarter, and Adidas officials now expect sales to decline “significantly” in the key country this year.
EXEC: Under Armour’s Stock Takes Hit On Weak Guidance
Shares of Under Armour were trading down about 25 percent in mid-day trading Friday after the company reported results for its transitional March quarter that slightly lagged Wall Street expectations and provided weak guidance for the current year as it battles supply chain disruption and COVID-related lockdowns in China.
EXEC: BOA And Marucci Sports Pace CODI’s Q1 Active Lifestyle Gains
Compass Diversified (CODI) reported sales in the first quarter grew 55.8 percent at BOA Technology and 42.3 percent at Marucci Sports. Among other businesses in the active lifestyle space owned by CODI, 5.11’s revenues grew 4.2 percent while Velocity Outdoor’s sales declined 21.6 percent.
EXEC: Champion’s Growth Stymied By Supply Chain Snarls
Champion sales globally increased 6 percent on a currency-neutral basis in the first quarter and expanded 28 percent on a two-year stack basis although supply chain constraints restrained the gains. Officials at Hanesbrands, Champion’s parent, also spoke highly of the hiring of former Adidas executive Vanessa LeFebvre to guide Champion’s growth.
EXEC: Vista Outdoor Looks To Split Its Outdoor And Ammunition Businesses
Vista Outdoor reported its seventh consecutive quarter of record quarterly results to close out another record fiscal year, but the big news was management’s decision to split its Outdoor Products and Sporting Products segments into two independent, publicly-traded companies. On a call with analysts, CEO Christopher Metz said the separation will enable each business to better prioritize growth strategies.
EXEC: Ruger Impacted By Softer Demand And Inventory Shortages In Q1
Sturm, Ruger & Company, Inc. reported earnings declined 20.8 percent in the first quarter as sales were down 9.7 percent. The decline reflects tough comparisons as the first quarter of 2021 was the second-highest in Ruger’s history, outpaced only by the second quarter of 2021. On an analysts call, CEO Chris Killoy said April sales […]
EXEC: Acushnet Circumvents Logistics Constraints To Drive Q1 Beat
Acushnet Holdings Corp.’s sales grew 7.6 percent on a currency-neutral basis in the first quarter despite continued supply chain disruption to help earnings fly past Wall Street’s targets. The growth was led by FootJoy, up double-digits across all product categories and Titleist clubs, driven by the successful launch of new Vokey SM9 wedges and continuing success of T-Series irons.
EXEC: Crocs Hikes Guidance On Hey Dude’s Outperformance
Crocs, Inc. raised its guidance for earnings and sales for the year as the Crocs brand’s first-quarter results came in slightly ahead of guidance and Hey Dude’s came in well ahead with strong momentum behind the recently-acquired brand. Andrew Rees, CEO, told analysts, “While we have only owned Hey Dude for six weeks during the quarter, we are rapidly assimilating it into the company, and it’s very clear that demand for the brand is exceptional.”
EXEC: Bogs’ Sales Surge 72 Percent In First Quarter
Bogs’ wholesale sales surged 72 percent in the first quarter on top of the 17 percent annual increase in 2021, officials of Weyco Group Inc. said on an analyst call. Improving inventory levels helped drive the gains
