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Outdoor industry stocks suffer setbacks in Q3

Outdoor-focused publicly traded companies saw their collective shares sink 6.1 percent in the third quarter, signaling a return to earth after a scorching first half of 2021.


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Snarled supply chains have done more than slow the movement of outdoor goods around the globe. They’ve also stalled public companies’ stock growth.

In the third quarter, congested ports stymied the skyrocketing demand for outdoor products and caused the share prices of outdoor-focused publicly traded corporations to suffer as well.

Companies with one or more outdoor assets in their portfolios saw shares decline an average of 6.1 percent in the July to September timeframe, down significantly from Q2’s 14.9 percent growth and Q1’s 15.8 percent growth, according to the latest OBJ Outdoor Index.

It’s not just the outdoor world that’s been hit by widespread supply constraints and other factors (such as the resurgent pandemic), although the Q3 drop wasn’t quite as steep for other indices. The S&P 500 was up 0.2 percent, while both the Nasdaq (-0.4 percent) and Dow Jones (-1.9 percent) slipped in the period.

OBJ Outdoor Index compared to other indices: Q3 2021

Index Q3 chg%
OBJ Outdoor Index -6.1%
Dow Jones -1.9%
S&P 500 +0.2%
Nasdaq -0.4%

Of the 26 public companies that OBJ tracks, only seven saw their share prices grow in Q3, and 12 of the 19 companies whose stocks lost value suffered double-digit declines.

Here are the third quarter’s top stock performers.

  1. Fenix Outdoor International AG (STO: FOI-B): +21.5%
  2. Dick’s Sporting Goods Inc. (NYSE: DKS): +19.5%
  3. Thule Group AB: (OTC: THUPY): +17.1%

Dick’s again found itself among the leaders. Since the pandemic began, the retail giant has benefited from increasing demand for all manner of sporting goods and outdoor products, and in Q3 it made a splash into outdoor-specific retail with the launch of its Public Lands concept.

Can outdoor companies recover as the holiday season nears? There doesn’t seem to be much relief on the horizon when it comes to supply chain woes, meaning the OBJ Outdoor Index’s downward trend could continue into 2022.

But the stock market, of course, is just one metric to gauge the health of the industry. Several other indications signal that business is booming across our space. We’ll know more about outdoor companies’ fortunes in the coming weeks as Q3 earnings are released. We’ll have recaps of revenue and income results later this month, and we’ll be back with a review of October stock performance in early November.

Tracking the quarterly OBJ Outdoor Index

Below is the OBJ Outdoor Index for the third quarter. The Index shows how 26 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 quarter.

The chart includes the companies’ share prices on the last business day of the previous quarter (June 30), their share price on the last business day of the just-completed quarter (Sept. 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. 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 is a capsule on each of the 26 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/or quarterly), 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 example, it’s too early to start tracking On, which went public last month (look for its inclusion later this year), but we did add Dometic to the Index after its $677 million acquisition of Igloo.

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. The Q3 2021 earnings recaps will be out later this month.

OBJ Outdoor Index: Q3 2021

Company Ticker Stock value
6/30/21
Stock value
9/30/21
Chg%
Q3. ’21
Market Cap

9/30/21

Adidas AG (OTC: ADDYY) $186.78 $158.12 -15.3% $61.7B
ANTA Sports Products Ltd. (OTC: ANPDY) $588.75 $472.03 -19.8% $51B
Callaway Golf Co. (NYSE: ELY) $33.73 $27.63 -18.1% $5.1B
Camping World Holdings Inc. (NYSE: CWH) $40.99 $38.87 -5.2% $3.4B
Canada Goose Holdings Inc. (NYSE: GOOS) $43.74 $35.67 -18.4% $3.8B
Canadian Tire Corp. (OTC: CDNAF) $158.25 $140.71 -11.1% $8.6B
Clarus Corp. (Nasdaq: CLAR) $25.70 $25.63 -0.3% $866.3M
Columbia Sportswear Co. (Nasdaq: COLM) $98.36 $95.84 -2.6% $6.3B
Compass Diversified (NYSE: CODI) $25.50 $28.17 10.5% $1.8B
Deckers Outdoor Corp. (NYSE: DECK) $384.07 $360.20 -6.2% $10B
Dick’s Sporting Goods Inc. (NYSE: DKS) $100.19 $119.77 19.5% $10.6B
Dometic Group AB* (STO:DOM.ST)  $16.702 $15.212 -8.9% $41.3B
Emerald Holding Inc. (NYSE: EEX) $5.39 $4.34 -19.5% $313.5M
Fenix Outdoor International AG  (STO: FOI-B) $137.48** $167.04** 21.5% $2.2B
Garmin Ltd. (Nasdaq: GRMN) $144.64 $155.46 7.5% $29.7B
GoPro Inc. (Nasdaq: GPRO) $11.65 $9.36 -19.7% $1.4B
Helen of Troy Ltd. (Nasdaq: HELE) $228.12 $224.68 -1.5% $5.4B
Johnson Outdoors Inc. (Nasdaq: JOUT) $121.00 $105.80 -12.6% $1.1B
Newell Brands Inc. (Nasdaq: NWL) $27.47 $22.14 -19.4% $9.6B
Samsonite International SA (OTC: SMSEY) $10.08 $10.65 5.7% $3.1B
Thule Group AB (OTC: THUPY) $22.34 $26.16 17.1% $5.2B
Vail Resorts Inc. (NYSE: MTN) $316.52 $334.05 5.5% $14.1B
VF Corp. (NYSE: VFC) $82.04 $66.99 -18.3% $26.8B
Vista Outdoor Inc. (NYSE: VSTO) $46.28 $40.31 -12.9% $2.4B
Wolverine World Wide Inc. (NYSE: WWW) $33.64 $29.84 -11.3% $2.5B
Yeti Holdings Inc. (NYSE: YETI) $91.82 $85.69 -6.7% $7.5B
OBJ Outdoor Index avg. $2,981.23 $2,800.36 -6.1%

* New to the OBJ Outdoor Index
** 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)

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: 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

Columbia Sportswear Co. (Nasdaq: COLM)

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

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

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
  • Recent OBJ coverage: Dometic acquires Igloo for $677 million as cooler category heats up

Emerald Holding Inc. (NYSE: EEX)

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)

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

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

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)

VF Corp. (NYSE: VFC)

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

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 Wolverine, Saucony, and Cat Footwear.
  • Key executives: Blake Krueger, CEO

Yeti Holdings Inc. (NYSE: YETI)