Company Reports Q1 Revenue of $215.23M, Down 8.3%
Reports Q1 revenue $215.23M vs. $242.13M last year. Comparable retail sales in owned and operated DTC business decreased 8.3% for the quarter. Consolidated results were also impacted by the planned reduction in shipments in the company's wholesale channel as it continues to work with customers to ensure inventories are aligned with demand. Muhammad Umair, president and CEO, said, "Today, we reported our first quarter results, which provide assurance that our strategies are beginning to take shape as we observed a reduction in the rate of sales declines versus the prior quarter and the same quarter last year, combined with material progress on our transformation efforts in a challenging retail environment. We recognize that our value customer has been impacted by higher gas and grocery prices. As a result, we are committed to clear messaging regarding the strength of our price/value offerings."
