This ad will be closed automatically in X seconds.

SharkNinja sales jump 37.9% in Q2

SharkNinja has announced its financial results for the second quarter, ended 30 June, 2024.

Net sales for the period increased 31.4% to $1,248.7 million and adjusted net sales increased 37.9%. Gross margin and adjusted gross margin increased 630 and 570 basis points respectively.

Net income for Q2 increased 470.1% to $68 million, while adjusted net income increased 52.9% to $99.6 million. Adjusted EBITDA increased 47.6% to $167.7 million, or 13.4% of adjusted net sales.

Mark Barrocas, chief executive officer, commented: “SharkNinja fueled excellent organic and profitable growth in the second quarter. Our diversified portfolio of products and strong revenue mix drove broad-based, double-digit growth across each of our key product categories.

“We are expanding market share, entering new categories, and growing our global footprint, as we continue to execute on our proven three-pillar growth strategy. Looking ahead, we are confident in our ability to deliver high-performance products that solve consumer problems, even amidst certain challenges emerging in the global operating environment. Our relentless focus on execution has consistently yielded exceptional results, and we are positioned to execute this playbook going forward.”

During the period, cooking and beverage appliances net sales increased by $36.2 million, or 10.6%, to $379.3 million. Adjusted net sales in the sector increased by $39.7 million, or 11.7%, driven by growth in Europe. Global growth was supported by the success of the outdoor grill and outdoor oven across both the US and European markets.

Food preparation appliances net sales increased by 4121.5 million or 84.8%, to $264.9 million. Adjusted net sales in the sector increased by $125.9 million, or 90.6%, from $139 million to $264.9 million, driven by strong sales of ice cream makers and portable blenders.

Gross profit increased 51.4% to $600.9 million, or 48.1% of net sales, compared to $396.9 million, or 41.8% in Q2 2023.

For FY24, SharkNinja is increased its outlook on key metrics and now expects net sales to increase 20-22%, compared to previous expectation of 10-12%.

Adjusted EBITDA for FY24 is now expected to be between $910 million and £940 million, reflecting a 26% to 31% increase, compared to prior expectation of between $840 million and $870 million, reflecting a 17-21% increase.

MORE NEWS
Copy of Progressive Preschool featured image (41)
 
The Dexam Trust has donated £500 to support Farming on Crutches’ vital work in Sierra Leone. ...
Copy of Progressive Preschool featured image (40)
 
Boots, Dunelm, Lululemon, Matalan, MINISO and Poundland are among the new retailers participating in this year’s Retail Mentoring Program organised by Brand Licensing Europe (BLE). ...
Copy of Progressive Preschool featured image (39)
 
Creating outstanding customer value and building relationships with retailers will be key elements for housewares suppliers to succeed said retail veteran Jeff Evans...
Copy of Progressive Preschool featured image (38)
 
On 28 March at 9:59am, Danish homewares brand, Søstrene Grene, will open its new UK flagship store on Argyll Street, London....
Copy of Progressive Preschool featured image (37)
 
ProCook has appointed Joe Pennington as its new retail director....
Copy of Progressive Preschool featured image (14)
 
BIRA has warned that indies are facing a perfect storm of declining in-store sales and rising costs, despite overall growth in retail....
Get the latest news sent to your inbox
Subscribe to our daily newsletter

The list doesn't exist! Make sure you have imported the list on the 'Manage List Forms' page.