Signa Sports sees FY23 revenue lower than previous view of down 9%-11%

The company said, “Since announcing FY23 guidance, operating performance, particularly in the Bike segment has continued to lag management expectations. As a result of weaker consumer demand and elevated promotional activity to rightsize inventory levels, SSU management anticipates FY23 net revenue will fall below FY23 Guidance of (9)% – (11)% and FY23 free cash flow may miss the low end of the previously provided range. As the Company enters FY24, it is the belief of SSU management that the market disruptions associated with market overstock are likely to persist into late FY24 and will adversely impact the Company’s ability to achieve its near-term growth and profitability targets. As a result, and in light of the upcoming accelerated realignment and restructuring program, the Company is withdrawing its previously stated mid / long-term guidance provided in H1 FY23.”