![]() Gross margin decreased (0.1)% to 62.4% when compared to the same period of the prior year driven by wholesale mix shift offset by a decrease in freight costs. Gross profit increased 2.8% to $205.7 million compared to $200.2 million in the prior year primarily due to the increase in net sales. Wholesale revenues increased 70.9% to $98.7 million compared to $57.8 million in the prior year.ĭirect-to-consumer revenues decreased 12.1% to $230.7 million compared to $262.6 million in the prior year. The increase was primarily driven by strength with our key strategic retailers and continued market penetration within the wholesale channel, partially offset by a decrease in our direct-to-consumer channel revenue driven by a product mix shift, including products and accessories launched in the second half of 2022 and increased volume for apparel products, along with decreased digital marketing spend. Net sales increased 2.8% to $329.5 million compared to $320.4 million in the prior year. Operating Results for the Nine Months Ended September 30, 2023 Income (loss) per Class A common stock basic and diluted per share was $0.07 for the third quarter of 2023 compared to $(0.03) for the third quarter of 2022.Īdjusted EPS (1) was $0.28 per diluted share for the third quarter of 2023 compared to $0.15 for the third quarter of 2022. The increase was driven by $0.9 million of higher fixed costs and $0.9 million increase in variable costs. Selling, general and administrative (SG&A) expenses increased 3.1% to $61.3 million compared to $59.5 million in the third quarter of 2022. Gross margin decreased 1.4% to 61.9% when compared to the same period of the prior year due to a mix shift to wholesale vs prior year. Gross profit increased 5.5% to $68.3 million compared to $64.7 million in the third quarter of 2022 primarily driven by an increase in net sales. Wholesale revenues increased 114.3% to $34.0 million compared to $15.9 million in the third quarter of 2022.ĭirect-to-consumer revenues decreased 11.6% to $76.3 million compared to $86.3 million in the third quarter of 2022. Continued expansion of the wholesale network led to an increase in wholesale channel revenue, partially offset by a decrease in our direct-to-consumer channel revenue driven by a product mix shift along with decreased digital marketing spend. Net sales increased 8.0% to $110.3 million compared to $102.2 million in the third quarter of 2022. Operating Results for the Three Months Ended September 30, 2023 Solo Brands generates healthy EBITDA margins, has low financial leverage, a balanced omnichannel sales approach, and is capital-lite, leading to strong free cash flow.” We are well positioned to navigate an uncertain consumer environment given the resilience and strength of our financial model. However, we have a lot of exciting, unique and compelling marketing programs to reach new customers, which we believe will stand out from the crowd and drive enthusiasm for our brand. “Looking ahead at the all-important fourth quarter, we recognize the headwinds consumers are facing. Brand momentum is encouraging as we grow our retailer relationships,” said John Merris, Chief Executive Officer of Solo Brands. “We delivered third quarter results exceeding expectations largely driven by strong retail sales. Net cash provided by operating activities of $39.2 million, up $74.5 million or 210.9%įree cash flow (1) of $32.2 million, up $75.1 million or 175.2%Īdjusted net income (1) of $43.4 million, up $7.4 million or 20.7%Īdjusted EBITDA (1) of $55.3 million, up $6.4 million or 13.1%Īdjusted EPS (1) of $0.66 per diluted share, down $0.08 Income (loss) per Class A common stock - basic and diluted of $0.20, up $0.46 Net income of $15.5 million, up $42.7 million or 157.2% Net sales of $329.5 million, up $9.1 million or 2.8% ![]() Nine Months Ended 2023 Highlights Compared to Nine Months Ended 2022 Income (loss) per Class A common stock - basic and diluted of $0.07Īdjusted net income (1) of $15.2 million, up $7.6 million or 100.7%Īdjusted EBITDA (1) of $15.0 million, up $3.7 million or 33.0%Īdjusted EPS (1) of $0.28 per diluted share, up $0.13 Net income of $3.1 million, up $7.1 million or 176.7% ![]() Net sales of $110.3 million, up $8.2 million or 8.0% Third Quarter 2023 Highlights Compared to Third Quarter 2022 (NYSE: DTC) (“Solo Brands” or “the Company”) today announced its financial results for the three and nine month periods ended September 30, 2023. GRAPEVINE, Texas-( BUSINESS WIRE)-Solo Brands, Inc.
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