What Caused Outdoor Stocks to Stumble in July?
For the first time since OBJ began tracking the stock performance of outdoor-focused public companies, the industry slipped. Was it a blip or does it signal the start of a trend?
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Outdoor companies have been on fire lately, not only with scorching revenue and income growth but also on Wall Street, where their stocks routinely outshine the rest of the economy.
Investors, however, appear to have cooled on the industry to begin the third quarter. In July—even on the heels of strong sales in Q2—public companies with one or more outdoor brands in their portfolios saw share prices fall an average of 1.3 percent, according to Outside Business Journal’s financial tool, the OBJ Outdoor Index.
It marked the first decline since OBJ began tracking these companies’ stock performance. It also marked the first time that the Outdoor Index was eclipsed by three other indices that OBJ uses as a comparison—the Dow Jones Industrial Average (+1.3 percent), the S&P 500 (+2.3 percent), and the Nasdaq (+1.2 percent).
OBJ Outdoor Index Compared to Other Indices: July 2021
|OBJ Outdoor Index||-1.3%|
Of the 25 public companies that OBJ tracks, only eight saw their shares improve in the month. The remaining 18 saw declines that ranged from the low-single digits to double digits. The biggest drop last month was from Outdoor Retailer parent, Emerald Holding Inc. (NYSE: EEX), whose stock plummeted 26.7 percent.
On the other end of the spectrum, Thule Group AB (OTC: THUPY) led the OBJ Outdoor Index in July with its shares swelling 16.1 percent in the month. The brand has seen strong demand for its line of products—so strong that the company is experiencing a host of supply issues, as its CEO and president, Magnus Welander, outlined in the company’s recent earnings report.
Clarus Corp. (Nasdaq: CLAR) also had a strong month with 11 percent growth. The company is not only riding the momentum of a recent market-shifting roof rack brand acquisition, but it’s also betting big on brick-and-mortar retail as Clarus’ flagship brand, Black Diamond Equipment, looks to capture new consumers in the COVID-fueled outdoor boom.
Shares of Garmin Ltd. (Nasdaq: GRMN) jumped 8.7 percent in July. The watch and fitness tracker brand is coming off an especially strong quarter in which revenue soared 52.5 percent to $1.3 billion. That increase was bolstered, in part, by 57 percent growth in its outdoor segment.
Here are July’s top stock performers.
- Thule Group AB (OTC: THUPY): +16.1%
- Clarus Corp. (Nasdaq: CLAR): +11%
- Garmin Ltd. (Nasdaq: GRMN): +8.7%
Aside from these outliers, outdoor stocks didn’t exactly impress last month. Was the industry’s collective poor performance a blip on the radar due to the surge of COVID’s delta variant? Or was it a reflection of deeper issues related to ongoing supply chain problems and a return to earth for its recently soaring share prices? We’ll know more as the new month gets underway and post an update in early September.
Tracking the Monthly OBJ Outdoor Index
Below is the OBJ Outdoor Index for July. The Index shows how 25 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 (June 30), their share price on the last business day of the just-completed quarter (July 30), 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. (One exception is Fenix Outdoor International, whose share price can be found only on Nasdaq Stockholm and is represented as U.S. currency converted from the Swedish krona.)
Underneath the stock chart is a capsule on each of the 25 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.
This Index is a living document. We’ll update the chart as needed (monthly and at the end of each quarter), we’ll edit capsules based on organizational changes made, and we’ll add or remove companies based on mergers and acquisitions, newly available trading information, IPOs, and other relevant developments.
For more coverage of these companies—including breakouts of brand performance, where available—check out our quarterly financial recaps, which provide relevant details about outdoor public companies’ most recent earnings reports, including revenue and net income.
OBJ Outdoor Index: July 2021
|Adidas AG||(OTC: ADDYY)||$186.78||$182.05||-2.5%||$71B|
|Anta Sports Products Ltd.||(OTC: ANPDY)||$588.75||$546.58||-7.2%||$59.1B|
|Callaway Golf Co.||(NYSE: ELY)||$33.73||$31.68||-6.1%||$5.9B|
|Camping World Holdings Inc.||(NYSE: CWH)||$40.99||$39.36||-4%||$3.5B|
|Canada Goose Holdings Inc.||(NYSE: GOOS)||$43.74||$42.43||-3%||$4.7B|
|Canadian Tire Corp.||(OTC: CDNAF)||$158.25||$152.44||-3.7%||$9.5B|
|Clarus Corp.||(Nasdaq: CLAR)||$25.70||$28.52||+11%||$898M|
|Columbia Sportswear Co.||(Nasdaq: COLM)||$98.36||$99.62||+1.3%||$6.62B|
|Compass Diversified||(NYSE: CODI)||$25.50||$24.97||-2.1%||$1.6B|
|Deckers Outdoor Corp.||(NYSE: DECK)||$384.07||$410.85||+7%||$11.4B|
|Dick’s Sporting Goods Inc.||(NYSE: DKS)||$100.19||$104.14||+3.9%||$9.3B|
|Emerald Holding Inc.||(NYSE: EEX)||$5.39||$3.95||-26.7%||$284.8M|
|Fenix Outdoor International AG||(STO: FOI-B)||$139.62*||$148.46||+6.3%||$2B|
|Garmin Ltd.||(Nasdaq: GRMN)||$144.64||$157.20||+8.7%||$30.2B|
|GoPro Inc.||(Nasdaq: GPRO)||$11.65||$10.24||-12.1%||$1.6B|
|Helen of Troy Ltd.||(Nasdaq: HELE)||$228.12||$223.39||-2.1%||$5.4B|
|Johnson Outdoors Inc.||(Nasdaq: JOUT)||$121.00||$118.37||-2.2%||$1.2B|
|Newell Brands Inc.||(Nasdaq: NWL)||$27.47||$24.75||-9.9%||$10.5B|
|Samsonite International SA||(OTC: SMSEY)||$10.08||$9.17||-9%||$2.6B|
|Thule Group AB||(OTC: THUPY)||$22.34||$25.94||+16.1%||$5.4B|
|Vail Resorts Inc.||(NYSE: MTN)||$316.52||$305.20||-3.6%||$12.3B|
|VF Corp.||(NYSE: VFC)||$82.04||$80.20||-2.2%||$31.5B|
|Vista Outdoor Inc.||(NYSE: VSTO)||$46.28||$40.39||-12.7%||$2.3B|
|Wolverine World Wide Inc.||(NYSE: WWW)||$33.64||$33.54||-0.3%||$2.8B|
|Yeti Holdings Inc.||(NYSE: YETI)||$91.82||$96.33||+4.9%||$8.4B|
*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 — Suunto, Salomon, Arc’teryx, Armada 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 (like Acushnet above) 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: Chip 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: Paul Stoneham, CEO, Helly Hansen (departing)
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-Rack, Pieps, SKINourishment plus two bullet manufacturers.
- Key executives: John Walbrecht, president
- Recent OBJ coverage: More brands flocking to Boulder as outdoor business booms
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 Hardwear, Prana, 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 One, Teva, Sanuk, and Ugg.
- Key executives: Wendy Yang, president, performance lifestyle brands
- Recent OBJ coverage: REI names HOKA ONE ONE top vendor partner of 2020
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
- Recent OBJ coverage: Todd Spaletto unveils details about Public Lands, the new retail concept by Dick’s Sporting Goods
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
- Recent OBJ coverage: Outdoor Retailer parent company Emerald launches e-commerce platform to unite brands and dealers
Fenix Outdoor International AG (OTC: FNXTF)
- Headquarters: Zug, Switzerland (U.S. headquarters in Louisville, Colorado)
- Outdoor connection: The Swiss company’s outdoor brands include Fjallraven, Royal Robbins, Brunton, 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.
- 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
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 Contigo, Ex Officio, and Stearns)
- Key executives: Ravi Saligram, CEO
- Recent OBJ coverage: As Marmot approaches 50, the brand is getting a makeover
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
- Recent OBJ coverage: Behind Gregory’s plans for its new plus-size pack collection
Thule Group AB (OTC: THUPY)
- Headquarters: Malmo, 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: Rob Katz, 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 Face, Altra, Icebreaker, Smartwool, Timberland, and an “active” portfolio of Eagle Creek (soon to be dearly departed), Eastpak, JanSport, and Vans.
- Key executives: Steve Rendle, CEO
- Recent OBJ coverage: A closer look at the PR feud between Liberty Oilfield and The North Face
Vista Outdoor Inc. (NYSE: VSTO)
- Headquarters: Anoka, Minnesota
- Outdoor connection: Vista did some rightsizing of its portfolio in recent years, shedding its firearms assets, and its outdoor portfolio now consists of CamelBak, Camp Chef, Bell, Giro, QuietKat, and Venor.
- Key executives: Christopher Metz, CEO
- Recent OBJ coverage: Vista Outdoor acquires two companies, including an e-bike brand | What outdoor nonprofits need to know about Vista’s new foundation
Wolverine Worldwide 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 Wolverine, Saucony, and Cat Footwear.
- Key executives: Blake Krueger, CEO
Yeti Holdings Inc. (NYSE: YETI)
- Headquarters: Austin, Texas
- Key executives: Matthew Reintjes, president and CEO