Solo Brands Inc. ‘s stock
DTC,
dropped 9% in premarket trading on Monday after the maker of Solo Stoves said its fourth-quarter results came in below expectations due to softer-than-expected direct-channel sales. The company lowered its 2023 revenue forecast to $490 million to $500 million, from its earlier view of $520 million to $540 million. Analysts were expecting 2023 revenue of $530.6 million, according to FactSet consensus estimates. The company also named the former chief executive of Vista Outdoor Inc.
VSTO,
Christopher T. Metz as its new president and chief executive. Its former Chief Executive John Merris is departing the company. Prior to Monday’s moves, Solo Brands stock was up by 46.4% in the past year, compared to a 20.6% rise by the S&P 500
SPX,
