VF Corporation headquarters
Outside Business Journal

Earnings recap: Double-digit gains for VF Corp., Wolverine Worldwide, Emerald, Thule Group, and more in Q2

Publicly traded outdoor companies showed no sign of stopping their unprecedented growth as Q2 sales figures benefited from a favorable comp—but still impressed

VF Corporation headquarters
Eric Smith

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Based on the gaudy second-quarter sales numbers publicly traded outdoor companies have posted so far, it’s clear the industry’s momentum is showing no sign of stopping.

2021 has been a banner year to date, and the calendar second quarter (April through June) accelerated that trend. A few companies doubled their revenue from the year-ago quarter and all of them scored solid double-digit gains well above 25 percent. 

To be fair, we’re still in favorable comp territory here as the pandemic was brutal for these businesses in the same period of 2020. Still, take a peek at the skyrocketing sales growth that these five outdoor-focused companies notched in Q2:

  • Emerald Holding Inc. (NYSE: EEX): +114.3%
  • VF Corp. (NYSE: VFC): +103.9%
  • Wolverine Worldwide Inc. (NYSE: WWW): +81%
  • Deckers Outdoor Corp. (NYSE: DECK): +78.2%
  • Thule Group AB (OTC: THUPY): +58.1%

Can we expect more of the same in the coming weeks? 

This report is just the first of Outside Business Journal’s two-part series looking at Q2 revenue and income from publicly traded companies with one or more outdoor brands in their portfolios. We’ll know in a few weeks once the remainder of corporations in the OBJ Outdoor Index have reported their calendar second-quarter earnings.

For now, scroll down the page for the important revenue and income details for the first 11 companies to report their Q2 results.

Compass Diversified (NYSE: CODI): +46.2%

Compass Diversified’s sales of $487.4 million were up 46.2 percent from last year, though the company posted a loss of $11.3 million, compared to a loss of $7.4 million in the year-ago quarter. BOA Technology had a stellar quarter with sales growing 57.8 percent and EBITDA more than doubling to $32.2 million. Says COO Pat Maciariello of the dial fit system brand: “BOA continues to experience strong demand across most of its categories led by cycling, workwear, and snowboard customers. In addition, the company’s partners in trail running launched several new innovative products during the quarter which were met with excitement in the market.” 

Deckers Outdoor Corp. (NYSE: DECK): +78.2%

HOKA ONE ONE again crushed it in the fiscal first quarter, almost doubling sales in the period. The brand notched revenue of $213.1 million, up 95.5 percent from a year ago. Companywide, Deckers’ sales grew 78.2 percent to $504.7 million. Profit of $48.1 million was up from a loss of $8 million in the year-ago period. As for other outdoor brands in Q1, Teva’s revenue was up 65.9 percent to $58 million, and Sanuk’s sales were up 13.7 percent. Says Dave Powers, president and CEO, about Deckers’ most profitable quarter in history: “Performance in the first quarter was driven by global wholesale growth of the UGG, HOKA, and Teva brands, whose compelling products are continuing to build market share and overcome a disruption in the channel that began during the pandemic.” 

Emerald Holding Inc. (NYSE: EEX): +114.3%

More than any company on this list, the owner and operator of Outdoor Retailer and Surf Expo benefited from an especially favorable comp in the period since live events were almost entirely scrapped in the second quarter of 2020. In Q2 2021, Emerald posted sales revenue of $15 million, a 114.3 percent bump from the year-ago period. The company slightly narrowed its loss to $46.5 million from $56.4 million. Hervé Sedky, Emerald’s president and CEO, says the company will stage 86 live events in the second half of the year, “representing the most active show schedule in Emerald’s history.” Outdoor Retailer Summer takes place Aug. 10-12 in Denver. 

Fenix Outdoor International AG (OTC: FNXTF): +26.5%

Fenix Outdoor, the Swiss parent company of Fjallraven, Royal Robbins, Brunton, and Primus, reported revenue of €128.7 million (US$152.6 million), up 26.5 percent from the same period in 2020. Fenix Outdoor’s profit of €2.8 million (US$3.3 million) was up significantly from a profit of $0.3 million (US$0.4 million) a year ago. “We are seeing continuing improvement in the North American operation, especially our direct-to-consumer sales are improving (shops and digital),” says Executive Chairman Martin Nordin, who added that the company is almost back to 2019 sales but “light backpacks” have struggled because of school closures due to Covid. 

Garmin Ltd. (Nasdaq: GRMN): +52.5%

Watch and fitness tracker brand Garmin reported Q1 revenue of $1.3 billion, up 52.5 percent from the prior-year quarter, bolstered, in part, by 57 percent growth in its outdoor segment, which had total sales of $323.4 million. The company posted a profit of $317 million, up 72.1 percent from 2Q 2020. “Strong demand for active lifestyle products continued … resulting in record revenue and profits in the second quarter,” says Cliff Pemble, president and CEO of Garmin. 

Helen of Troy (Nasdaq: HELE): +37.7%

The company reported sales for its Housewares segment (which includes insulated bottle brand Hydro Flask) grew 37.7 percent to $193.6 million in the fiscal 2022 first quarter. Helen of Troy remains bullish on the brand. In June, the company announced plans to open a new DC in Tennessee. And on the last earnings call, Julien Mininberg, Helen of Troy’s CEO says, “Hydro Flask continues to be very strong, growing domestically and internationally in the quarter. We are focused on building it into a global brand with an industry-leading sustainability and environmentally forward profile that contributes to the authenticity consumers adore.” 

Newell Brands Inc. (Nasdaq: NWL): +25%

Newell’s Outdoor & Recreation division, which includes Marmot and Coleman, had another strong quarter, posting sales growth of 25 percent to $453 million. The outdoor division doubled its net income to $48 million from $24 million a year ago. Check out our recent story on Marmot getting a brand makeover as it approaches 50 years in business. 

Thule Group AB (OTC: THUPY): +58.1%

Thule Group’s revenue soared 58.1 percent to SEK3.2 billion (US$376.1 million) in the quarter, while profit more than doubled to SEK672 million (US$78.3 million). The company says Region Americas sales increased 53 percent in the quarter after currency adjustment. In the first six months of 2021, the region’s sales have spiked 65 percent. In his commentary, Magnus Welander, CEO and president, says despite the strong performance, “Manufacturing costs increased during the quarter, driven by generally rising material prices and by the extreme freight prices in the global market. We also experienced challenges in accessing capacity at sub-suppliers to be able to address our large volume increases, which resulted in additional costs.” 

VF Corp. (NYSE: VFC): +103.9%

Get woke, go broke? Not quite. That supposed boycott of The North Face after an oil company accused the brand of hypocrisy for not making co-branded jackets with one of its industry mates was a non-factor in the company’s fiscal first-quarter performance. If anything, it had the opposite effect as the VF-owned brand posted sales growth of 93 percent in the period. VF’s entire outdoor segment—which includes The North Face, Altra, Icebreaker, Smartwool, and Timberland—-saw revenue increase 81 percent. And companywide, VF’s sales grew 103.9 percent to $2.2 billion while net income of $324.2 million was up from a loss of $285.6 million a year ago. 

Vista Outdoor (NYSE: VSTO): +38.4%

Vista Outdoor’s revenue rose 38.4 percent to $662.9 million in the fiscal first quarter, while its profit of $102.7 million was up more than 150 percent from a profit of $40.5 million a year ago. The company’s outdoor products division—which includes CamelBak, Camp Chef, Bell, Giro, Bushnell, and now QuietKat and Venor (following the company’s recent acquisition)—posted sales of $200 million, an increase of 38 percent. CEO Chris Metz calls out CamelBak’s 80 percent year-over-year growth in the period, adding that the brand’s “sales tailwind, combined with their best-in-class marketing and customer loyalty, positions CamelBak well for the future.” 

Wolverine Worldwide Inc. (NYSE: WWW): +81%

The parent of Merrell, Chaco, and other footwear brands reported second-quarter revenue of $631.9 million, an 81 percent increase from a year ago. The company’s net earnings of $44.7 million were a drastic improvement from a loss of $1.6 million in Q2 2020. Wolverine CEO Blake Krueger (who is transitioning out of that role later this year) says Merrell set a quarterly record for revenue after doubling its growth from a year ago, and that the parent company is optimistic about all its categories moving forward. “Our strategic shift over the last several years, together with ongoing category tailwinds, has resulted in two-thirds of our revenue positioned in trending performance categories like hiking, running, and work,” Krueger says. 

Part 2 of our outdoor industry Q2 2021 earnings recap will be out in a few weeks and is scheduled to include quarterly reports from the following public companies:

  • Adidas AG (OTC: ADDYY)
  • Callaway Golf Co. (NYSE: ELY)
  • Camping World Holdings Inc. (NYSE: CWH)
  • Canada Goose Holdings Inc. (NYSE: GOOS)
  • Canadian Tire Corp. (OTC: CDNAF)
  • Clarus Corp. (Nasdaq: CLAR)
  • Columbia Sportswear Co. (Nasdaq: COLM)
  • Dick’s Sporting Goods Inc. (NYSE: DKS)
  • GoPro (Nasdaq: GPRO)
  • Johnson Outdoors (Nasdaq: JOUT)
  • Kathmandu Holdings Ltd. (NZE: KMD)
  • Samsonite International SA (OTC: SMSEY)
  • Vail Resorts Inc. (NYSE: MTN)
  • Yeti Holdings Inc. (NYSE: YETI)

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