DULUTH, Ga. (BRAIN) — Fox Factory's company-wide sales were up 17.8% in its most recent quarter compared to the same period last year, with sales in the company's bicycle-related Speciality Sports Group up 9.1% in the period to $174 million. For the first three quarters of the year, SSG sales were up 25.2% to $522 million.
It was another record quarter for the company, which has recorded sales of over $1.5 billion in the last 12 months, CEO Mike Dennison noted. "I am incredibly proud of our Fox team members and their unwavering commitment against a backdrop of growing economic headwinds," he said in a call with analysts Thursday afternoon.
Company-wide gross profit increased 18.3% to $137.3 million, compared to $116.0 million in the same period last fiscal year. Gross margin percentage increased 10 basis points to 33.5%, compared to 33.4% in the same period last fiscal year; non-GAAP adjusted gross margin percentage increased 10 basis points to 33.9% compared to 33.8% in the same period last fiscal year.
Net income was $50.8 million, or 12.4% of sales and $1.20 of earnings per diluted share, compared to $43.8 million, or 12.6% of sales and $1.03 of earnings per diluted share in the same period last fiscal year
Fox increased its forecast earnings for the full year. In its first-half report, it had forecast full-year sales of $1,535 million to $1,565 million. On Thursday it raised its forecast to $1,565 million to $1,585 million.
Fox's shares are traded on Nasdaq under the FOXF symbol. Stock quotes are available at investor.ridefox.com.
