Fox Factory sales down 9% in 2023

February 22, 2024

Fox Factory revenues in its Speciality Sports Group, which includes its bike-related brands, were down 43% in the company’s 2023 fiscal year, a decline the company attributed to “channel inventory recalibration” and “lower end consumer demand.” The decline in the SSG revenue came despite the inclusion of $16.8 million in net sales from Marucci, which Fox bought in November. Company-wide, Fox Factory sales were down 8.6% to $1.46 billion.

Sales took a turn for the worse after the first half of the year, said Mike Dennison, Fox’s CEO. Clearly, 2023 was a tale of two halves with the first half of the year generally on plan and the back half of the year, especially after Labor Day, where SSG de-stocking as it relates to Bike and other macro headwinds grew significantly. BRAIN