Fenix Outdoor Posts Q2 Sales and Profit Declines on Retail Inventory Issues
July 24, 2023
In March, the company warned, after a solid sales growth period in Q1, that results in upcoming quarters could be pressured by elevated inventories and promotions in the marketplace.
In the second quarter ended June 30, consolidated sales declined 6.1 percent to €152.7 million, compared to €162.7 million in the prior-year comp quarter, with most of the impact coming from lower reorders in Europe. The Brands and Global sales business were said to have the most negative effects and despite North America performing “reasonably well,” the wholesale business came in below last year’s Q2 sales level. The Chinese JV results indicated a recovery in that market and showed “significant growth in profitability. SGB Media