(BRAIN) — Vista Outdoor’s sales in its Action Sports division — which includes Bell, Giro, Kash, Raskullz and Blackburn — were up 7% in the company’s first quarter. Sales in the division totaled $72.9 million for the quarter, compared to $67.9 million last year. The company's first quarter for its fiscal 2021 ended June 28.
Vista’s sales in its ammunition business were up 22% and its hunting and shooting division sales were up 2%.
Overall, the company’s sales were $479 million in the quarter, a 4% increase over the same period last year. Adjusted EBIT was $48, up 712% from last year.
"We had an incredible start to our fiscal year, and we see continued strength going forward in both our Outdoor Products and Shooting Sports segments, with increasing participation rates across all of our categories," said Vista Outdoor 's CEO, Chris Metz, in a release.
"The hard work we have done over the past two years in building a nimble and profitable platform has enabled our brands to capitalize on these outdoor recreation trends. We are turning incremental sales growth into margin acceleration, higher quality earnings and strong cash flow, allowing us to further de-leverage our balance sheet. Going forward, we will continue to reinvest our improved cash flow in several areas, including enhancing the new product innovation pipeline within our market-leading brands; pursuing acquisitions that deliver top-line growth and earnings accretion within one year of purchase; and further expanding our e-commerce channels to make it even easier for consumers to buy our products wherever and however they shop."
Vista planned an earnings call with investors for Thursday morning, which BRAIN is monitoring.
