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Monday, Apr 22, 2024

Hockey, Lacrosse Hurt Easton-Bell Sales

Easton-Bell Sports Inc. reported on Tuesday a decrease in sales in its second quarter, largely due to lower hockey sales and its exit from the lacrosse product category. The Van Nuys sporting goods manufacturer reported earnings before interest, taxes, depreciation and amortization of $19.5 million in the quarter ended June 29, a decrease of $6.2 million, or about 24 percent compared to the same quarter a year earlier. Revenue fell almost 6 percent to $201.6 million. Easton-Bell is a privately held company but reports limited financial information because its debt trades on public markets. The company blamed the poor showing on lower sales of its hockey equipment, including sticks, helmets and skates. It also said it absorbed costs from its previously announced exit from the lacrosse product category. That was reflected in a 9.4 percent sales decrease in the Team Sports division. Chief Executive Terry Lee said despite the challenges in the company’s hockey business, the company is going in the right direction. “We are pleased with our progress to date in re-organizing our company as we prioritize strategies and resources, streamline operations and rationalize spending,” he said in a prepared statement. In April, there were reports that the company was on the market for $900 million. Both Easton-Bell and Fenway Partners LLC, the New York private equity firm that owns the company, have declined to comment on the matter.

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