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Fox Factory sees 2% drop in bike-related sales in Q1

Published May 6, 2020

BRASELTON, Ga. (BRAIN) — Fox Factory recorded a 1.8% decline in revenue in its Speciality Sports Group, which is comprised of sales of bicycle products sold under the Fox, Marzocchi, Race Face and Easton brands. The company attributed the decline to "a shift in timing of OEM orders."

Sales in the group declined from $65 million in the first quarter last year to $63.8 million this year. Sales in Fox's powered vehicle division were up 24.6% to $120.5 million. Overall sales increased 14% to $184.4 million, compared to $161.7 million in the same period last fiscal year.

Net income was $8.3 million, or $0.21 per diluted share, compared to $18.1 million, and $0.46 per diluted share last year.

“In an unprecedented operating environment, our global team has done a tremendous job to come together and support the needs of our customers,” said Mike Dennison, Fox's CEO. “The health and safety of our employees remains our number one priority, and we believe we are well-positioned with our diversified business model to manage through these challenging times and emerge stronger. The resilience of our people, the power of the Fox brand and our performance-defining ride dynamics products combined with the strength of our valued OEM partners will continue to provide competitive advantages in the market as we move forward.”

Topics associated with this article: Coronavirus, Earnings/Financial Reports

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