Business
Clarus Reports Second Quarter 2024 Results
Makes Incremental Progress Executing Strategic Initiatives to Accelerate Long-Term Growth Three Veteran Operating and Sales Executives Added to Adventure Team
About this update from Clarus Corporation
[{"type":"text","content":"Makes Incremental Progress Executing Strategic Initiatives to Accelerate Long-Term Growth Three Veteran Operating and Sales Executives Added to Adventure Team to Support U.S., International and OEM Markets Strategic Review Initiated for PIEPS Snow Safety Brand within the Outdoor Segment SALT LAKE CITY, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor enthusiast markets, reported financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Financial Summary vs. Same Year‐Ago Quarter (adjusted to reflect the reclassification of the Precision Sport segment as discontinued operations) Sales of $56.5 million compared to $57.9 million.Gross margin was 36.1% compared to 39.0%; adjusted gross margin of 37.4% compared to 39.0%.Net loss, which includes the impact of discontinued operations, of $5.5 million, or $(0.14) per diluted share, compared to net loss of $2.1 million, or $(0.06) per diluted share.Loss from continuing operations of $5.5 million, or $(0.14) per diluted share, compared to loss from continuing operations of $4.3 million, or $(0.12) per diluted share.Adjusted EBITDA from continuing operations of $(1.9) million with an adjusted EBITDA margin of (3.4)% compared to $1.0 million with an adjusted EBITDA margin of 1.7%. Management Commentary“Against a backdrop of constrained consumers in the outdoor space, we made incremental progress in the second quarter executing Clarus’ strategic initiatives to seek to create long-term value,” said Warren Kanders, Clarus’ Executive Chairman. “We are pleased to see continued improvement in the Outdoor segment, particularly related to simplification and the rationalization of product lines, combined with continued evidence of stabilizing trends in the North American wholesale market, as we focus on our core products and categories. In the Adventure segment, while revenue increased year-over-year for the fourth consecutive quarter, the level of sales growth was affected by constrained consumer demand in the North American market compared to our expectations, and overall profitability was impacted by increased investment aimed at accelerating long-term growth.” Mr. Kanders added, “Looking forward, we are confident that Clarus is well positioned to drive sustainable and profitable gr...