Solo Brands Q2 2024 Earnings Report
Key Takeaways
Solo Brands reported a slight increase in net sales for the second quarter of 2024, but experienced a net loss. While retail sales increased, direct-to-consumer revenue declined slightly. The company lowered its full year 2024 guidance due to challenging near-term environment and softer demand trends.
Net sales increased by 0.5% to $131.6 million compared to the second quarter of 2023.
Net loss was $4.0 million, a decrease of $15.6 million or 135.1% compared to the same period last year.
Direct-to-consumer revenues decreased slightly to $98.8 million, a 0.9% decrease year-over-year.
Retail revenues increased by 4.8% to $32.8 million compared to the second quarter of 2023.
Solo Brands
Solo Brands
Forward Guidance
Solo Brands updated its full year 2024 outlook, expecting total revenue between $470 million and $490 million, and adjusted EBITDA margin between 9% and 10%.
Positive Outlook
- Laser focused on stabilizing business
- Investing in capabilities and infrastructure
- Aiming to return to growth in 2025
Challenges Ahead
- Challenging 3rd quarter performance
- Uncertain macroeconomic environment
- Lowering annual guidance for 2024