BikeBiz Bicycle and cycling retail news
Vista Outdoor has reported its financial results for the third quarter of its fiscal year 2022, which ended on 26th December 2021, with sales increasing by 38% to $795 million.
For the company’s outdoor products, sales increased 17% to $335 million, driven by double-digit growth in outdoor recreation and action sports as well as growth in outdoor accessories. Gross profit increased 25% to $105 million, primarily due to the acquisitions of higher-margin brands including Foresight Sports and QuietKat as well as organic growth, said the company, partially offset by higher logistics and input costs as well as sales channel mix.
For its sporting products, sales rose 60% to $460 million, driven by both organic growth including Remington and growth from its Hevi-Shot acquisition in the prior year.
The company’s brands include CamelBak, Bell, Giro, QuietKat and more.
“Our record third-quarter results demonstrate that we’re successfully executing on our Value Creation strategy and reflect continued high consumer demand for our products,” said Chris Metz, chief executive officer.
“The power of our brands, combined with our continuous introduction of innovative new products, and lean cost structure has allowed us to offset cost increases through targeted pricing action while absorbing some costs through operational efficiencies to maintain profitable growth across our portfolio.
“With the acquisition of Stone Glacier, our seventh acquisition in less than 18 months, Vista Outdoor is building a resilient and diverse portfolio and expanding our total addressable market across multiple outdoor recreation categories. We are also pleased to announce a new $200 million share repurchase program, which is a testament to the confidence we have in our brands, our team and our future.
“Looking ahead, we are positioned to deliver long-term, sustainable results for our shareholders, customers, employees and other stakeholders.
“Two years into the pandemic, people continue to find enjoyment in their newly acquired and rediscovered outdoor passions. We continue to see increasing levels of activity and participation across outdoor recreation whether it be golfing, camping, hiking, biking, hunting or recreational shooting.
Read more: CONEBI outlines safety concerns of e-bike battery repair in position paper
“Whatever their chosen activity, Vista Outdoor will continue to be there with brands they trust to deliver innovative, quality products that enhance their outdoor experiences. Our team’s perseverance to deliver against our goals through unprecedented challenges is nothing short of remarkable. I have the utmost confidence that we will continue to rise to the occasion no matter what comes our way in 2022 and beyond.”
