BRP slashes production as softer Ski-Doo demand drives down revenue [Financial Post (Toronto, Ontario, Canada)]
BRP Inc. - Common Subordinate Voting Shares (DOOO)
Company Research
Source: Financial Post
BRP Inc. said it will further cut production after sagging demand for Ski-Doos pushed the powersport company to its first quarterly loss in eight years. Chief executive Jose Boisjoli said “unfavourable” conditions last season — the warmest winter on record in Canada and the United States — hurt retail sales, with unsold Ski-Doos accounting for nearly half of the big buildup in overall stock at its dealers. Article content “Our dealers are very cautious with respect to inventory as uncertain economic conditions and high interest rates are impacting them more than anticipated,” Boisjoli said on a conference call with investors on Friday. The softer sales coupled with more discounts resulted in a 16 per cent year-over-year revenue drop to $2.03 billion in the quarter ended April 30. It also prompted BRP to slash production by 15 to 20 per cent for the fiscal year, versus earlier plans for 10 to 15 per cent. The Sea-Doo maker announced a more modest financial forecast as well
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