Fox Factory Q2 net sales $401M (-1.5% YoY), adj EPS $1.21, SSG down 41%, reaffirms FY low end

FOX FACTORY HOLDING CORP

2023-Q2 EPS reported $1.92 revenue$800,566,000

Q2 net sales $400.7M (-1.5% YoY); net income $39.7M ($0.94 dil EPS) vs $53.5M ($1.26) prior year.
Adjusted EPS $1.21, adjusted EBITDA $79.4M (19.8% margin), both down YoY but exceeded expectations.
PVG +32.6%, AAG +26.2% driven by OEM and Custom Wheel House; SSG -41.0% on channel inventory glut.
Gross margin fell 220 bps to 32.9% on inventory markup amortization and mix shift; adj gross margin 34.4%.
FY2023 guidance net sales low end of $1.67-1.70B, adj EPS low end $5.00-5.30; Q3 adj EPS $1.00-1.20.

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