This week I break down Q2 earnings across the outdoor and active industry, including Yeti, On, Wolverine Worldwide (Merrell, Saucony), VF Corp (The North Face, Timberland, Vans), Birkenstock, Clarus Group (Black Diamond), and Decker's Hoka, plus a preview of Amer Sports' upcoming report on Arc'teryx and Salomon.
I also cover Outdoor Retailer's new partnership with REI Co-op's Path Ahead Ventures ahead of Outdoor Retailer 2026.
Lastly I sit down with Troy Sicotte, President of Mountain Hardwear, to talk through the brand's history from its 1993 founding, its sale to Columbia Sportswear Company, its decline through the 2010s, and the turnaround led by Joe Vernaccio and Troy himself, including the "Seek Wilder Paths" brand relaunch, its retail partnerships with dealers like Wes Allen, and where the brand is headed under Columbia through 2030.
Show Notes
0:00 – Episode preview: earnings roundup, Outdoor Retailer news, and interview with Troy Sicotte of Mountain Hardwear.
0:43 – Methodology note on constant currency and tariff refund distortions in Q2 gross margins.
2:08 – Yeti's Q2 results: net sales up 9%, SG&A growth outpacing sales, and slowing drinkware growth.
5:10 – On's Q2 results: sales up 22%, stock down 20%, and the strategy behind throttling wholesale.
7:14 – Wolverine Worldwide's Q2 results: Merrell and Saucony growth, inventory discipline, and a 10% stock jump.
8:57 – VF Corp's Q2 results: The North Face growth, continued Vans declines, and debt reduction.
10:51 – Birkenstock's Q2 results and a 33.7% adjusted EBITDA margin.
12:11 – Clarus Group and Black Diamond's Q2 results and Neil Fiske's apparel turnaround.
14:32 – Decker's Hoka results and crossing the billion-dollar revenue mark.
15:11 – What the Q2 earnings season says about the outdoor industry overall.
15:58 – Preview of Amer Sports' upcoming earnings and Arc'teryx and Salomon's growth trajectory. 16:24 – Sponsor message: ISPO's relaunch in Amsterdam this November.
17:13 – Outdoor Retailer 2026 preview: REI Co-op's Path Ahead Ventures partnership and buyer attendance.
19:21 – Sponsor message: Crux Retail's custom retail fixtures for outdoor brands.
20:13 – Introducing guest Troy Sicotte, President of Mountain Hardwear.
21:35 – The history of Mountain Hardwear from its 1993 founding through its sale to Columbia.
25:37 – The leadership changes and product missteps behind Mountain Hardwear's decline in the 2010s.
32:18 – The 2022 brand strategy work that led to "Seek Wilder Paths" and the 30th anniversary relaunch.
35:14 – How Mountain Hardwear builds branded retail environments with partners like Wes Allen.
39:27 – Troy's career path from Birkenstock tech rep to The North Face to Mountain Hardwear president.
43:44 – What it's like operating Mountain Hardwear inside Columbia Sportswear Company under Tim Boyle.
45:24 – Troy's outlook for Mountain Hardwear's growth through 2030 and industry overproduction concerns.
49:52 – Closing thoughts and how to contact the show.
Sponsors
ISPO unites the sporting and outdoor goods industry, inspiring global movement, protecting the places we play, and providing a single, streamlined platform for the brands, athletes, buyers, and innovators who shape the future of sport. www.ispo.com
Crux Retail creates bold retail displays for bold brands. www.crux-retail.com
Connect With Us
We would love to hear your thoughts on the show, inside intel, guest ideas, sponsorship inquiries, or whatever's on your mind. DM me on LinkedIn at https://www.linkedin.com/in/eoincomerford/ or email outdoorunfilteredpod@gmail.com.
