Outside Business Journal

Q4 2020: Outdoor industry earnings report

How did the outdoor industry’s public companies perform last quarter? Our recap has the pertinent details from the earnings reports released to date.

Eric Smith

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Callaway Golf Co. (NYSE: ELY)

The parent company of outdoor apparel and gear brand Jack Wolfskin reported revenue grew 20.1 percent to $374.6 million in the fourth quarter, though the company reported a loss of $40.6 million in the period. CEO Chip Brewer said on the earnings call that Jack Wolfskin appointed its new CEO, Richard Collier, during the period. Brewer added, “Jack Wolfskin also had a strong quarter, delivering year-over-year revenue growth.” We’ll have more in our Q&A with Jack Wolfskin’s North American general manager, Diana Seung, in early March.

Canada Goose Holdings Inc. (NYSE: GOOS)

Apparel and footwear brand Canada Goose reported total revenue for its fiscal 2021 third quarter was C$474 million (US$375.9 million), up 4.8 percent from the same period in fiscal 2020. Net income of C$105.5 (US$83.7 million) was down 8 percent.

Columbia Sportswear Co. (Nasdaq: COLM)

Columbia reported sales dipped 4 percent to $915.7 million in Q4 while net income fell 16 percent to $95.8 million compared to the year-ago quarter. Columbia brand sales were down 7 percent, but other assets all reported gains: Prana up 11 percent, Mountain Hardwear up 7 percent, and SOREL up 5 percent. CEO Tim Boyle says the company’s e-commerce grew 41 percent in the period and accounted for nearly a quarter of the sales mix.

Deckers Outdoor Corp. (NYSE: DECK)

Deckers reported revenue for its fiscal third quarter of $1.1 billion, up 14.8 percent from the year-ago period. Net income jumped 26.8 percent to $255.5 million. CEO Dave Powers says the “continued global expansion of the Hoka One One brand” propelled Deckers to its record 3Q performance. Hoka sales soared 52.1 percent in the period, while Teva (-8.7 percent) and Sanuk (-17.3 percent) were down.

Fenix Outdoor International AG (STO: FOI-B)

The Swiss parent company of Fjallraven, Royal Robbins, Brunton, and Primus reported revenue of €151.7 million (US$183.7 million), up 1 percent from the year-ago Q4. Fenix Outdoor posted a loss of €3.3 million (US$4 million), down from a profit of €1.8 million (US$2.2 million). Fenix Outdoor CEO Martin Nordin says Fjallraven and Primus performed well during the quarter, while sales were softer at Brunton and Royal Robbins, the latter of which suffered from a global decline in traveling.

GoPro (Nasdaq: GPRO)

GoPro sales slumped 32.3 percent in Q4 to $357.8 million, while net income was nearly cut in half to $44.4 million from $95.8 million a year ago. The company is seeing some traction with its “shift to a more subscription-centric, consumer-direct model,” though not enough to offset sluggishness due to the pandemic.

Helen of Troy (Nasdaq: HELE)

The company reported sales for its Housewares segment (which includes insulated bottle brand Hydro Flask) grew 21.4 percent to $222.4 million in the fiscal third quarter. Operating income in the segment fell 6.2 percent to $37.7 million. The company says Hydro Flask faced headwinds in the brick-and-mortar retail channel due to lockdowns but also saw growth in international sales.

Johnson Outdoors (Nasdaq: JOUT)

The parent company of Eureka, Jetboil, Old Town, and Ocean Kayak reported fiscal first-quarter sales spiked 29 percent to $165.7 million compared to a year ago. Net income more than tripled to $19.8 million. The company says its watercraft recreation and camping sales “rose significantly due to continued demand across all product categories.”

Kathmandu Holdings Ltd. (NZE: KMD)

New Zealand-based Kathmandu—which owns and operates its eponymous brand as well as Oboz Footwear and Rip Curl—reported sales growth of 12 percent for the first six months of its fiscal year. The brand didn’t specify revenue in dollars for the company as a whole or its brands, but Kathmandu CEO Xavier Simonet says Rip Curl posted a record six months, while Kathmandu and Oboz also notched year-over-year sales growth.

Newell Brands Inc. (Nasdaq: NWL)

Newell posted Q4 sales of $2.7 billion, up 2.5 percent from a year ago. Net income of $127 million marked an 83.7 percent decline. The company says its Outdoor & Recreation division, which includes Marmot and Coleman, saw sales dip 7.1 percent to $249 million and posted a loss of $5 million. Newell President and CEO Ravi Saligram did say, however, that Coleman “returned to growth during 2020—what a way to celebrate the brand’s 120th anniversary.”

Thule Group AB (STO: THULE)

Thule Group, which owns rooftop tent brand Tepui, says revenue grew 32.6 percent to SEK1.6 billion (US$193.5 million) in Q4 while net income grew to SEK164 million (US$19.8 million). The company’s Americas region was especially strong with sales growth of 48 percent in the quarter after currency adjustment. Bike products, rooftop tents, and strollers all performed well in this region.

VF Corp. (NYSE: VFC)

VF’s active and outdoor segments each posted declines in the fiscal third quarter. The company—whose brands include the outdoor portfolio of The North Face, Altra, Icebreaker, Smartwool, and Timberland, and an “active” portfolio of Eagle Creek, Eastpak, JanSport, and Vans—says companywide revenue fell 5.8 percent to $3 billion due to store closures and reduced consumer demand. However, VF is projecting a stronger Q4 across the company, notably at The North Face, which is now projected for 20 percent revenue growth this quarter.

Vista Outdoor (NYSE: VSTO)

Sales soared 35.3 percent to $574.7 million for Vista in its fiscal third quarter while net income more than quadrupled to $78.9 million compared to the year-ago period. The company’s outdoor products division, which includes CamelBak, Camp Chef, Bell, Giro, and Bushnell, climbed 24 percent to $173 million.

Yeti Holdings Inc. (NYSE: YETI)

The cooler, drinkware, and outdoor accessory brand reported sales for the fourth quarter of $375.8 million, up 26.3 percent compared to the year-ago period, while net income of $62.4 million far surpassed its Q4 2019 profit of $4.7 million.

Part 2 of our outdoor industry Q4 2020 earnings recap will be out early next month and is scheduled to include quarterly reports from the following public companies with one or more outdoor brands in their portfolios:

  • Acushnet Holdings Corp. (NYSE: GOLF)
  • Adidas AG (XETRA: ADS)
  • ANTA Sports Products Ltd. (HKG: 2020)
  • Camping World Holdings Inc. (NYSE: CWH)
  • Canadian Tire Corp. (TSX: CTC)
  • Clarus Corp. (Nasdaq: CLAR)
  • Compass Diversified (NYSE: CODI)
  • Dick’s Sporting Goods Inc. (NYSE: DKS)
  • Emerald Holding Inc. (NYSE: EEX)
  • Garmin Ltd. (Nasdaq: GRMN)
  • Samsonite International SA (HKG: 1910)
  • Vail Resorts Inc. (NYSE: MTN)
  • Wolverine World Wide Inc. (NYSE: WWW)

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