Outside Business Journal

The Outdoor Industry Suffers Another Month of Stock Market Losses

Publicly traded outdoor companies saw their collective shares decline 5.9 percent in February


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It was another tough month for the outdoor industry. In February, the OBJ Outdoor Index saw stock values dip an average of 5.9 percent. This was the third month in a row of losses—in January, the index slid 8.9 percent; December saw a 3.7 percent loss. 

Of course, these losses weren’t unique to the outdoor space. The Dow Jones, S&P 500, and Nasdaq were all battered in February as well. Still, investors betting on the outdoor industry are feeling the sting right now, despite months of stock trends in the right direction before this most recent cratering.

Not all companies OBJ Outdoor Index were losers in February. A couple on our list saw their share values increase, biggest being Emerald Holding Inc. (NYSE: EEX) with a bump of 9.82 percent and Samsonite International SA (OTC: SMSEY) with an increase of 4.72 percent. 

On the flip side, though, February was another month in which the three companies with the largest declines saw double-digit slides. Thule Group AB (OTC: THUPY) recorded the biggest loss of all the companies on our index, closing out with a 16.8 percent dip. 

OBJ Outdoor Index Compared to Other Indices: February 2022

Index Jan. chg%
OBJ Outdoor Index -5.9%
Dow Jones -3.5%
S&P 500 -3.1%
Nasdaq -3.4%

Of the 28 public companies that OBJ tracks, only six saw their share prices grow in February, while 22 saw declines. Here are the month’s top stock performers:

  1. Emerald Holding Inc. (NYSE: EEX): 9.82%
  2. Samsonite International SA (OTC: SMSEY): 4.72% 
  3. Callaway Golf Co. (NYSE: ELY): 3.69%

And here are the companies that saw the biggest declines in the month:

  1. Thule Group AB (OTC: THUPY): -16.8%
  2. Canada Goose Holdings Inc. (NYSE: GOOS): -15.0%
  3. Adidas AG (OTC: ADDYY): -13.7% 

Tracking the Monthly OBJ Outdoor Index

Below is the OBJ Outdoor Index for February. The Index shows how 28 public corporations—mostly parent companies of outdoor brands, with a couple of retailers, a ski resort giant, and a trade show operator included as well—performed in the calendar month.

The chart includes the companies’ share prices on the last business day of the previous month (January 31), their share price on the last business day of this month (February 28), the percent change in that period, and current market cap (equal to share price times the total number of shares outstanding).

The OBJ Outdoor Index, unlike other indices such as the Dow Jones Industrial, doesn’t use a market cap weighting system.

Foreign companies’ shares are presented here in U.S. dollars and designated as OTC (over-the-counter) securities since they aren’t listed on U.S. stock exchanges. Two exceptions are Dometic Group AB and Fenix Outdoor International Group, whose share prices can be found only on Nasdaq Stockholm and are represented as U.S. currency converted from the Swedish krona.

Underneath the stock chart are capsules on each of the 28 companies of the OBJ Outdoor Index, including headquarters location, connections to the outdoor industry (if not immediately obvious), key executives, and recent editorial coverage in OBJ, where applicable.

OBJ Outdoor Index: February 2022

Company Ticker Stock value
Stock Value


Feb. ’21
Market Cap


Adidas AG (OTC: ADDYY) $136.53 $117.84 -13.7% $45.3B
Anta Sports Products Ltd. (OTC: ANPDY) $384.71 $383.69 -0.27% $41.5B
Callaway Golf Co. (NYSE: ELY) $23.86 $24.74 3.69% $4.60B
Camping World Holdings Inc. (NYSE: CWH) $33.20 $30.71 -7.5% $1.36B
Canada Goose Holdings Inc. (NYSE: GOOS) $30.71 $26.10 -15.0% $2.78B
Canadian Tire Corp. (OTC: CDNAF) $144.28 $146.66 1.65% $9.12B
Clarus Corp. (Nasdaq: CLAR) $22.53 $22.77 1.06% $842.2M
Columbia Sportswear Co. (Nasdaq: COLM) $92.87 $92.72 -0.16% $5.98B
Compass Diversified (NYSE: CODI) $25.16 $23.76 -5.56% $1.64B
Deckers Outdoor Corp. (NYSE: DECK) $320.23 $288.64 -9.86% $7.86B
Dick’s Sporting Goods Inc. (NYSE: DKS) $115.40 $105.00 -9.01% $9.09B
Dometic Group AB** (STO:DOM.ST)  $10.97 $​​9.72 -11.4% $3.37B
Emerald Holding Inc. (NYSE: EEX) $3.26 $3.58 9.82% $251.8M
Fenix Outdoor International AG*  (STO: FOI-B) $126.78 $114.07 -10.0% $1.75B
Garmin Ltd. (NYSE: GRMN) $124.42 $110.44 -11.2% $21.29B
GoPro Inc. (Nasdaq: GPRO) $8.86 $8.60 -2.94% $1.35B
Helen of Troy Ltd. (Nasdaq: HELE) $209.12 $205.67 -1.65% $4.96B
Johnson Outdoors Inc. (Nasdaq: JOUT) $90.22 $82.47 -8.59% $837.7M
Newell Brands Inc. (Nasdaq: NWL) $23.20 $23.75 2.37% $10.11B
On Holding AG (NYSE: ONON) $26.38 $24.35 -7.7% $7.54B
Samsonite International SA (OTC: SMSEY) $10.60 $11.10 4.72% $3.19B
Solo Brands, Inc.  (NYSE: DTC) $11.15 $10.56 -5.29% $669.5M
Thule Group AB (OTC: THUPY) $24.60 $20.46 -16.8% $4.28B
Vail Resorts Inc. (NYSE: MTN) $277.10 $260.55 -5.97% $10.6B
VF Corp. (NYSE: VFC) $65.21 $58.02 -11.0% $22.6B
Vista Outdoor Inc. (NYSE: VSTO) $38.58 $36.45 -5.52% $2.05B
Wolverine World Wide Inc. (NYSE: WWW) $26.49 $23.03 -13.1% $1.90B
Yeti Holdings Inc. (NYSE: YETI) $65.58 $61.56 -6.13% $5.4B
OBJ Outdoor Index Total/Avg. $2472.00 $2327.01 -5.9%

*Currency converted from Swedish krona

OBJ Outdoor Index: Company Guide

Adidas AG (OTC: ADDYY)

  • Headquarters: Herzogenaurach, Germany (U.S. operation is based in Portland, Oregon)
  • Outdoor connection: While Adidas might be known for its athletic apparel, the company also possesses some core outdoor DNA through its Portland, Oregon-based Adidas Terrex and Five Ten brands.
  • Key executives: Kasper Rorsted, CEO; Carla Murphy, GM, Adidas Outdoor

Anta Sports Products Ltd. (OTC: ANPDY)

  • Headquarters: Xiamen, China (subsidiary Amer Sports is based in Helsinki, Finland, and its U.S. operation is based in Ogden, Utah)
  • Outdoor connection: Anta is the owner of Amer Sports and its portfolio of outdoor and snow sports brands — SalomonArc’teryxArmada Skis, and Atomic.
  • Key executives: Jie Zheng, CEO, Amer Sports

Callaway Golf Co. (NYSE: ELY)

  • Headquarters: Carlsbad, California
  • Outdoor connection: Though primarily a golf manufacturer and now the owner of Topgolf, the company made a big play in the outdoor space in late 2018 with the acquisition of European outdoor brand Jack Wolfskin.
  • Key executives: Oliver Brewer, president and CEO, Callaway; Richard Collier, CEO, Jack Wolfskin; Diana Seung, GM, Jack Wolfskin North America

Camping World Holdings Inc. (NYSE: CWH)

  • Headquarters: Lincolnshire, Illinois
  • Outdoor connection: Camping World tried its hand at outdoor retail but abandoned that play in 2019.
  • Key executives: Marcus Lemonis, CEO

Canada Goose Holdings Inc. (NYSE: GOOS)

  • Headquarters: Toronto, Ontario
  • Outdoor connection: In addition to its eponymous apparel brand, Canada Goose owns and operates footwear brand Baffin.
  • Key executives: Dani Reiss, CEO

Canadian Tire Corp. (OTC: CDNAF)

  • Headquarters: Toronto, Ontario
  • Outdoor connection: CTC boasts an iconic outdoor brand, Helly Hansen, in its portfolio. (It also operates a chain of sporting goods retail stores throughout Canada.)
  • Key executives: Carrie Ask, CEO, Helly Hansen

Clarus Corp. (Nasdaq: CLAR)

  • Headquarters: Salt Lake City, Utah
  • Outdoor connection: Clarus is a holding company whose flagship outdoor brand is Black Diamond Equipment. Clarus also owns Rhino-RackPiepsSKINourishment plus two bullet manufacturers.
  • Key executives: John Walbrecht, president

Columbia Sportswear Co. (Nasdaq: COLM)

  • Headquarters: Portland, Oregon
  • Outdoor connection: In addition to the Columbia brand, the Portland-based apparel and footwear giant includes Mountain HardwearprAna, and Sorel in its portfolio.
  • Key executives: Timothy Boyle, CEO

Compass Diversified (NYSE: CODI)

  • Headquarters: Westport, Connecticut
  • Outdoor connection: Long known for its hook-and-bullet assets, CODI added a big outdoor name in the fall of 2020 with the acquisition of Boa Technology Inc.
  • Key executives: Shawn Neville, CEO, Boa Technology

Deckers Outdoor Corp. (NYSE: DECK)

  • Headquarters: Goleta, California
  • Outdoor connection: Deckers is a major player in outdoor and active footwear with such brands as Hoka One OneTevaSanuk, and Ugg.
  • Key executives: Wendy Yang, president, performance lifestyle brands

Dick’s Sporting Goods Inc. (NYSE: DKS)

  • Headquarters: Pittsburgh, Pennsylvania
  • Outdoor connection: The sporting goods retail giant recently launched an outdoor store concept called Public Lands, led by industry veteran Todd Spaletto.
  • Key executives: Lauren Hobart, president and CEO; Todd Spaletto, president, Public Lands

Dometic Group AB (STO: DOM.ST)

  • Headquarters: Stockholm, Sweden
  • Outdoor connection: The Swedish-based company manufactures accessories for mobile-living end markets such as campers and RVs, and it recently acquired Igloo Products Corp.
  • Key executives: Juan Vargues, president and CEO

Emerald Holding Inc. (NYSE: EEX)

  • Headquarters: San Juan Capistrano, California
  • Outdoor connection: Emerald is the owner and operator of the twice-annual Outdoor Retailer and Surf Expo trade shows
  • Key executives: Hervé Sedky, CEO

Fenix Outdoor International AG (OTC: FNXTF) 

  • Headquarters: Zug, Switzerland (U.S. headquarters in Louisville, Colorado)
  • Outdoor connection: The Swiss company’s outdoor brands include FjallravenRoyal Robbins, and Primus.
  • Key executives: Martin Nordin, CEO; Nathan Dopp, CEO Americas

Garmin Ltd. (Nasdaq: GRMN)

  • Headquarters: Schaffhausen, Switzerland (U.S. headquarters in Olathe, Kansas)
  • Key executives: Clifton Pemble, president and CEO

GoPro (Nasdaq: GPRO)

  • Headquarters: San Mateo, California
  • Key executives: Nick Woodman, CEO

Helen of Troy Ltd. (Nasdaq: HELE)

  • Headquarters: El Paso, Texas
  • Outdoor connection: Among its many consumer brands is Hydro Flask, the maker of insulated and stainless steel drinkware, and Osprey.
  • Key executives: Julien Mininberg, CEO

Johnson Outdoors Inc. (Nasdaq: JOUT)

  • Headquarters: Racine, Wisconsin
  • Outdoor connection: The company owns two outdoor brands (Eureka and Jetboil) and two watercraft brands (Old Town and Ocean Kayak).
  • Key executives: Helen P. Johnson-Leipold, chairman and CEO

On Holding AG (NYSE: ONON)

  • Headquarters: Zurich, Switzerland
  • Outdoor connection: The running shoe brand recently went public, pricing its IPO of 31.1 million shares at $24 a share—up from its initial expectations—for an initial raise of $746 million.
  • Key executives: Martin Hoffmann, co-CEO and CFO, Marc Maurer, co-CEO, and Olivier Bernhard, co-founder and executive director

Newell Brands Inc. (Nasdaq: NWL)

  • Headquarters: Atlanta, Georgia
  • Outdoor connection: The company’s core outdoor brands are Marmot and Coleman (and there is some crossover into outdoor with its other consumer brands ContigoEx Officio, and Stearns)
  • Key executives: Ravi Saligram, CEO

Samsonite International SA (OTC: SMSEY)

  • Headquarters: Hong Kong
  • Outdoor connection: The luggage giant owns outdoor pack and bag brands Gregory Mountain Products and High Sierra
  • Key executives: John Sears, VP, Gregory

Solo Brands, Inc. (NYSE: DTC)

  • Headquarters: Southlake, Texas
  • Outdoor Connection: The growing specialty company owns Solo Stove, Oru Kayak, Chubbies and water sports company Isle.
  • Key Executives: John Merris, CEO; Samuel Simmons, CFO

Thule Group AB (OTC: THUPY) 

  • Headquarters: Malmö, Sweden
  • Outdoor connection: The Swedish maker of Thule car racks, luggage, and baby strollers recently got into car-top campers with its purchase of Tepui.
  • Key executives: Magnus Welander, CEO; Hilary Hartley, president Americas

Vail Resorts Inc. (NYSE: MTN)

  • Headquarters: Broomfield, Colorado
  • Outdoor connection: In addition to being the largest ski resort operator in the world, Vail also operates massive lodging and retail operations.
  • Key executives: Kirsten Lynch, CEO

VF Corp. (NYSE: VFC)

  • Headquarters: Denver, Colorado
  • Outdoor connection: One of the biggest, most influential corporations in the outdoor industry, VF Corporation owns and operates an “outdoor” portfolio of The North FaceAltraIcebreakerSmartwoolTimberland, and an “active” portfolio of EastpakJanSport, and Vans.
  • Key executives: Steve Rendle, CEO

Vista Outdoor Inc. (NYSE: VSTO)

  • Headquarters: Anoka, Minnesota
  • Outdoor connection: Vista did some rightsizing of its portfolio in recent years by shedding its firearms assets and acquiring new brands in the outdoor and shooting sports spaces. Its outdoor portfolio now consists of CamelBakCamp ChefBellGiro, QuietKatStone Glacier, and Venor.
  • Key executives: Christopher Metz, CEO

Wolverine World Wide Inc. (NYSE: WWW)

  • Headquarters: Rockford, Michigan
  • Outdoor connection: Another of the big footwear players, Wolverine owns and operates such outdoor brands as Merrell and Chaco, while other brands include WolverineSaucony, and Cat Footwear.
  • Key executives: Blake Krueger, CEO

Yeti Holdings Inc. (NYSE: YETI) 

  • Headquarters: Austin, Texas
  • Key executives: Matthew Reintjes, president and CEO

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