Compared to the same quarter in 2022, Garmin’s overall sales surprisingly fell by 2% brought about by a significant 27% crash in OUTDOOR revenues. That’s the division that sells Fenix 7, Epix 2, Instinct 2 and handhelds.
The table below shows that Outdoor and Marine are still good contributors to overall profitability. Perhaps the worrying sign is that despite the FITNESS team’s increase in sales, its operating income is very low by Garmin standards.
Furthermore, Garmin appears to be growing in the USA but broadly contracting at over 10% everywhere else, probably in line with the high-level economic travails of countries teetering on the edge of recession or actively in a recession.
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