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Outdoor industry sales numbers grew moderately in Q3, despite headwinds

In the third quarter, even in the face of continued supply chain congestion, outdoor-focused public companies continued to post positive sales and profit figures.

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Many outdoor-focused, publicly traded companies fell short of Wall Street’s projections for revenue and income growth in the third quarter, but they still posted decent numbers—especially considering that supply chain congestion worsened in the period.

Yes, improvements moderated relative to the first and second quarters when outdoor businesses were cruising along in response to unprecedented demand—and when supply chain issues were just appearing on the horizon. But plenty of businesses in the OBJ Outdoor Index managed to score double-digit revenue and earnings growth.

Here are some of the top performers by revenue growth in Q3:

  • Vail Resorts Inc. (NYSE: MTN): +164.4%
  • Compass Diversified (NYSE: CODI): +25.9
  • Dometic Group AB (STO: DOM.ST): +24.2%
  • VF Corp. (NYSE: VFC): +22.6%
  • Deckers Outdoor Corp. (NYSE: DECK): +15.8%

Below, we’ve gathered important revenue and income details for 12 of the largest outdoor industry companies based on Q3 earnings results.

Columbia Sportswear Co. (Nasdaq: COLM): +14.8%

Columbia Sportswear Co.—the parent company of Columbia, Mountain Hardwear, prAna, and SOREL—reported third-quarter sales of $804.7 million, a 14.8 percent increase from the year-ago period. Profit of $100.6 million was up 60.3 percent. All brands but SOREL, which dipped 4 percent to $88.1 million, saw their sales grow in the period. Columbia sales improved 16 percent to $651.5 million, Mountain Hardwear sales climbed 48 percent to $28.7 million, and prAna sales grew 19 percent to $36.4 million. The upbeat quarter was despite continued supply chain issues, noted Tim Boyle, Columbia’s chairman, president, and CEO. “Our third-quarter results reflect high consumer demand for our products and strong operating performance amidst unprecedented supply chain challenges,” he said. “Early-season Fall 2021 sell-through has been encouraging and our global marketing campaign to support the largest innovation launch in our company’s history, Omni-Heat Infinity, is off to a great start.” More details on Columbia’s website.

Compass Diversified (NYSE: CODI): +25.9%

Compass Diversified reported third-quarter sales increased 25.9 percent to $488.2 million and net income more than quadrupled to $90.2 million from 3Q 2020. BOA Technology, which CODI has owned for the last year, posted sales of $39.5 million in the period, up 51.1 percent from a year ago. BOA is CODI’s third-largest asset by revenue, behind 5.11 and Velocity Outdoor. Look for a Q&A with BOA CEO Shawn Neville next week in Outside Business Journal. More details on CODI’s website.

Deckers Outdoor Corp. (NYSE: DECK): +15.8%

Deckers—the parent of HOKA ONE ONE, Sanuk, Teva, and other footwear brands—posted sales for its fiscal second quarter of $721.9 million, up 15.8 percent from the year-ago quarter. Profit was flat at $102.1 million. HOKA again was the star for Deckers, notching sales of $210.4 million, a 47 percent surge from last year. Teva sales grew 4 percent to $28.8 million and Sanuk sales were up 6.2 percent to $10.1 million. Dave Powers, president and CEO of Deckers, was another executive to note the ongoing headwinds due to supply chain congestion. “While we experienced global supply chain challenges during the quarter, we have confidence in our year, and we are aggressively pursuing market share with our in-demand brands by leaning on our global omnichannel organization,” he said. Powers also said HOKA’s expanding global footprint was a key driver in the company’s strong performance. More details on Deckers’ website.

Dometic Group AB (STO: DOM.ST): +24.2%

Dometic, the Swedish-based company that manufactures accessories for mobile-living end markets such as campers and RVs, was recently added to the OBJ Outdoor Index after it acquired Igloo Products Corp. (that sale has now closed, the company just announced). In the third quarter, Dometic’s sales grew 24.2 percent to SEK 5.5 billion (US$645.9 million), while its profit increased 70.8 percent to SEK 480 million (US$55.9 million). More details on Dometic’s website.

Fenix Outdoor International AG (OTC: FNXTF): +7.1%

Fenix Outdoor—the Swiss parent company of Fjallraven, Royal Robbins, Brunton, and Primus—reported revenue for the third quarter of €200.1 million (US$232.2 million), a 7.1 percent bump from the same period a year ago. Profit was flat at €32.5 million (US$37.7 million). Martin Nordin, Fenix’s executive chairman, said North America “has shown good signs of recovery all over. This is happening while still losing out significantly in the small backpack segment (Kanken), which still has not picked up. At this stage, we believe that 2021 will show new record sales in North America unless the pandemic or the weather plays us any unwanted tricks.” More details on Fenix Outdoor’s website.

Garmin Ltd. (Nasdaq: GRMN): +7.5%

Watch and fitness tracker brand Garmin reported Q3 revenue of $1.2 billion, up 7.5 percent from the prior-year quarter. The company’s outdoor segment, however, dipped 3 percent to $323.9 million “primarily due to the timing of product introductions in the prior year,” the company said. Garmin’s profit of $259 million was down 17.4 percent from 3Q 2020. More details on Garmin’s website.

Helen of Troy (Nasdaq: HELE): +6.6%

The company reported sales for its Housewares segment (which includes insulated bottle brand Hydro Flask as well as OXO) grew 6.6 percent to $215.2 million in the fiscal 2022 second quarter. The company said the growth was “primarily due to an increase in brick-and-mortar sales for both OXO and Hydro Flask brands due to strong demand and the favorable comparative impact of COVID-19 related store closures, reduced store traffic and a soft back-to-school season in the prior-year period, higher sales in the closeout channel, and growth in international sales.” More details on Helen of Troy’s website.

Kathmandu Holdings Ltd. (NZE: KMD): +15.1%

New Zealand-based Kathmandu—which owns and operates its eponymous brand as well as Oboz Footwear and Rip Curl—reported sales growth for its fiscal year ended July 31 of NZ$922.8 million (US$659.1 million), a 15.1 percent increase from fiscal year 2020. The company also posted a profit of NZ$63.1 million (US$45.1 million), up nearly 7x its profit a year ago. Oboz sales grew 44.9 percent to NZ$86.1 million (US$61.5 million) in constant currency. Said Michael Daly, Kathmandu’s recently appointed CEO and managing director, of the Bozeman, Mont.-based footwear brand: “Oboz continues its strong performance, with sales growth reflecting the successful product innovation strategy and diversification of its customer base. The forward order book is at its highest level ever, allowing investment to support future growth.” More details on Kathmandu’s website.

Newell Brands Inc. (Nasdaq: NWL): +2.1%

Newell’s Outdoor & Recreation division, which includes Marmot and Coleman, saw sales tick up 2.1 percent to $391 million in the third quarter. The increase wasn’t that impressive, but the division’s 3Q sales figure also surpassed 2019 pre-pandemic levels. Outdoor & Recreation’s reported operating income was $27 million, or 6.9 percent of sales, compared with a reported operating income of $39 million, or 10.2 percent of sales, in the prior-year period. More details on Newell Brands’ website.

Thule Group AB (OTC: THUPY): +13.8%

Thule Group’s revenue improved 13.8 percent to SEK 2.8 billion (US$322.8 million) in the quarter, while profit was up 14.9 percent to SEK 516 million (US$60.1 million). The company said Region Americas sales increased 45 percent in the quarter after currency adjustment. In the first nine months of 2021, the region’s sales have increased 57 percent. “Considering that the third quarter of 2020 was exceptionally strong, with a clear seasonal shift from spring to summer and autumn due to pandemic shutdowns, [3Q 2021] growth was even more impressive,” said Magnus Welander, CEO and president. “After currency adjustment, growth in the third quarter of 2021 improved 75 percent compared with the same period in 2019. Thanks to our flexible supply chain organization, we were able to meet most of the increased demand in the market.” More details on Thule’s website.

Vail Resorts Inc. (NYSE: MTN): +164.4%

The world’s largest ski resort operator reported sales for its fiscal 2021 fourth quarter ended July 31 of $204.2 million, a 164.4 percent jump from the year-ago period, but the company posted a loss of $140.8 million in the quarter, slightly narrowing its loss from $153.6 million last year. This is Vail’s smallest quarter in terms of revenue. For the fiscal year, Vail’s sales dipped 2.7 percent to $1.9 billion while profit grew 29.4 percent to $127.9 million. In Q4, the company was negatively impacted by Covid-19 restrictions at its resorts in Australia, as well as a “one-time $13.2 million charge for a contingent obligation with respect to certain litigation matters,” said outgoing CEO Rob Katz. The company said pass sales were strong in the period, up 42 percent in units and 17 percent in revenue. At the end of Q4, Vail also announced it would hike wages for many of its workers. More details on Vail’s website.

VF Corp. (NYSE: VFC): +22.6%

VF missed analysts’ revenue projections in its fiscal second quarter even as sales increased 22.6 percent to $3.2 billion. Profit soared 80.8 percent to $464.1 million in the period. The company’s outdoor segment—which includes The North Face, Altra, Icebreaker, Smartwool, and Timberland—saw revenue increase 31 percent to $1.5 billion. The outdoor portfolio posted a profit of $284.1 million, double its net income from a year ago. Because TNF is the flagship brand of VF’s outdoor portfolio, it often gets the most press, but on the 2Q earnings call, Steve Rendle, VF’s chairman, president, and CEO, gave a shout-out to Altra, Icebreaker, and Smartwool—all of which are part of VF’s “emerging brands.” Said Rendle: “This group collectively represents nearly $550 million in revenue with a mid-to-high-teen growth profile longer term. While smaller today, these brands are all profitable and are exposed to the attractive tailwinds around health and wellness, active outdoor lifestyles, and sustainability.” More details on VF’s website.

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