Traeger reported higher-than-expected income in its newest quarter on Wednesday as extra value hikes helped offset a drop in items offered resulting from decrease shopper demand for its grills.
The corporate COOK, -7.00% posted a first-quarter internet revenue of $eight million, or 7 cents a share, in contrast with a lack of $9 million, or eight cents a share, for a similar interval a yr earlier.
Stripping out one-time gadgets, the corporate’s earnings per share got here in at four cents. Analysts polled by FactSet had forecast adjusted earnings per share of 1 cent.
Income fell 32% to $153.2 million, beating analysts expectations of $152.6 million. On March 31, the corporate stated it anticipated to publish income between $145 million and $155 million.
Income coming from gross sales of grills fell 40% to $89.7 million resulting from decrease volumes, it stated.
The corporate’s gross sales continued to be pressured by retailer destocking and decrease shopper demand within the first quarter, Chief Govt Jeremy Andrus stated.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix