Quarterly profit drops for Escalade
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Evansville-based Escalade Inc. is reporting second quarter net income of $3.6 million, down from $5.7 million during the same period last year. The sporting goods and recreation equipment manufacturer said Thursday the drop can be partially attributed to reduced post-pandemic consumer demands across most product categories.
Net sales for Escalade also dropped 28.2% to $67.8 million for the quarter. However, CEO Walter Glazer said direct-to-consumer sales saw increased 60% compared to the same period in 2022.
“[The results were] driven by a combination of effective marketing campaigns and successful new product launches,” Glazer said. “In the second quarter, we also continued with strong sales growth in the pickleball category versus year-ago second quarter, despite 19% fewer days this year, driven by growing consumer demand for our Onix brand and leading assortment of innovative paddles, balls, and accessories.”
CEO Walter Glazer said the company still delivered strong overall results following a disappointing first quarter. He said U.S. retail sales of sporting goods remain dampened by inflation, high interest rates, and a mixed employment outlook.
“As we look into the second half of the year, we anticipate continued normalization of wholesale channel inventories which should position us to capitalize on restocking opportunities with our retail partners as we move into the holiday season,” said Glazer.
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