By Exec Edge Editorial Staff
Solo Brands, Inc. (NYSE: DTC) shares rose 2% in premarket trading Thursday after the lifestyle outdoor products company posted a rise in revenue reaffirmed its full-year guidance.
The company said net sales increased 7.3% to $88.2 million compared to $82.2 million in the first quarter of 2022. The increase was primarily driven by new strategic partnerships and continued market penetration within the wholesale sales channel.
“We are extremely pleased with our first quarter results. We generated solid gross profit and healthy adjusted EBITDA margins, all while making strategic investments in our business,” said John Merris, CEO of Solo Brands, “In an uncertain and volatile macro environment, we remain focused on innovating and delivering great products that create meaningful experiences for customers. We will maintain our disciplined approach to financial management, which positions us to generate healthy growth, positive free cash flow, and strong returns on capital for our shareholders.”
For the full year, the company continues to expect total revenue to be between $520 million to $540 million.