Ski-Doo maker BRP feels impact of slower consumer spending as profits, shares drop
BNN Bloomberg
BRP Inc. saw its third-quarter profits tumble by half from a year earlier, triggering a stock price decline as the recreational vehicle maker felt the squeeze of sluggish consumer spending.
The financial drop marked a sharp U-turn from the previous quarter, when earnings jumped 42 per cent year-over-year and optimism rode high atop near-record sales for the period.
“Consumer confidence declined since July," CEO José Boisjoli said of the U.S. market, pointing to weaker demand for the Ski-Doo maker's products.
"In October, the decline happened in almost all markets, but especially international. And the trend is continuing in November."
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