SharkNinja, as a newly established public company, posted significant sales and adjusted income in the second quarter.
Net sales increased to $950.3 million from $778.2 million in the quarter a year previous, according to SharkNinja. Adjusted net sales increased to $905.6 million versus $756.4 million in the year-before period. Operating income was $55.6 million versus $36.1 million in the year-past quarter.
The increase in net sales and adjusted net sales resulted primarily from strong response to recently launched products in the outdoor cooking and beauty categories, Shark Ninja stated.
By segment, the quarter year over year, the company reported:
- Cleaning Appliances net sales increased by 0.6% to $413.8 million driven by growth in the multi-floorcare sub-category and by new product innovation. Softness in the North America market, specifically in corded vacuums partially offset the gain as consumers shifted towards cordless.
- Cooking and Beverage Appliances net sales increased by 68.1%, to $343.1 million primarily due to growth in Europe, specifically in the United Kingdom, and a full quarter’s sales of the company’s outdoor grill, which launched in the second half of 2022 and continues to perform well across the United States and European markets.
- Food Preparation Appliances net sales increased 4.1%, to $143.4 million boosted by strong sales of ice cream makers.
- Other net sales increased by 98.3% to $50 million driven by continued strength of the Shark FlexStyle, a new product launch in the beauty category at the end of 2022.
In announcing the financial results, Mark Barrocas, SharkNinja CEO, said, “We believe our strong performance in the second quarter as well as the first half of the year, highlighted by double-digit sales and EBITDA growth, demonstrates our ability to execute on our three-pillar growth strategy. We continue to increase market share in existing categories, pioneer new categories through innovation and globalize our brand. These results build upon a proven track record of delivering profitable, organic growth through high performance products that address everyday consumer challenges. Our recent debut as a public company in the U.S. was an important milestone for us. However, we believe we are only just getting started. We are committed to creating long-term shareholder value through continued diversification across categories, channels, and geographies as we strive to capture additional share of our large global addressable market.”
