Business
Fox Factory Holding Corp. Announces Second Quarter Fiscal 2020 Financial Results
Achieves Second Quarter Sales of $183.1 MillionGross Margin Increases 40 Basis Points to 32.8%Reports Earnings per Diluted Share of $0.32Adjusted Earnings per
About this update from Fox Factory Holding Corp.
[{"type":"text","content":"Achieves Second Quarter Sales of $183.1 MillionGross Margin Increases 40 Basis Points to 32.8%Reports Earnings per Diluted Share of $0.32Adjusted Earnings per Diluted Share of $0.50\n BRASELTON, Ga., Aug. 05, 2020 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”) today reported financial results for the second quarter and six months ended July 3, 2020. Second Quarter Fiscal 2020 Highlights Sales decreased 4.7% to $183.1 million, compared to $192.1 million in the same period last fiscal yearGross margin increased 40 basis points to 32.8%, compared to 32.4% in the same period last fiscal year; non-GAAP adjusted gross margin increased 40 basis points to 33.1% compared to the same period last fiscal yearNet income attributable to FOX stockholders was $12.6 million, or 6.9% of sales and $0.32 of earnings per diluted share, compared to $22.9 million, or 11.9% of sales and $0.59 of earnings per diluted share in the same period last fiscal year Non-GAAP adjusted net income was $19.7 million, or $0.50 of adjusted earnings per diluted share, compared to $26.6 million, or $0.68 of adjusted earnings per diluted share in the same period last fiscal yearAdjusted EBITDA was $33.7 million, or 18.4% of sales, compared to $38.2 million, or 19.9% of sales in the same period last fiscal year \"FOX's resilient second quarter results reflect the strength of our diversified customer base and performance-defining product portfolio, as well as the commitment and dedication of our talented management team,\" commented Mike Dennison, FOX’s Chief Executive Officer. \"We overcame an unprecedented shutdown of our U.S. factories and economy associated with the COVID-19 pandemic which lasted for over half of our quarter and we were able to not only effectively restart our business but support an incredibly strong surge in demand for our products across all channels. In addition, our Specialty Sports Group was a standout success in the quarter, exceeding our pre-COVID expectations and delivering 10.0% growth.\" \"We remain optimistic and confident about the growth opportunities ahead of us, grounded in our strategic initiatives as well as the consumer loyalty and power of the FOX brand,” Dennison went on to say. Sales for the second quarter of fiscal 2020 were $183.1 million, a decrease of 4.7% as compared to sales of $192.1 ...