Garmin Outdoor Sales – Significant Crash

27% Drop in Garmin Outdoor Sales

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.

Elsewhere sales were slightly more positive. Readers on this site will be interested to learn that Forerunner 965 and Forerunner 265 contributed to an 11% uptick in revenues in the FITNESS division.

Warning Signs

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.

 Source: Garmin

Reader-Powered Content

This content is not sponsored. It’s mostly me behind the labour of love which is this site and I appreciate everyone who follows, subscribes or Buys Me A Coffee ❤️ Alternatively please buy the reviewed product from my partners. Thank you! FTC: Affiliate Disclosure: Links pay commission. As an Amazon Associate, I earn from qualifying purchases.

15 thoughts on “Garmin Outdoor Sales – Significant Crash

  1. Honestly I find Garmin release schedule and technological choices in the outdoor segment very confusing. Epix/Fenix 7 came out January 2022, nothing so far this year (rumors as of now), no Fenix 7 Plus, no bigger Epix sizes. So consumers are like waiting (I am).

    No flashlight on Epix line, no LTE, no Speaker/Assistant integration on the outdoor line yet they’re competing with Apple Watch in the smart part of the watch.

    Garmin Descent still hasn’t seen a refresh despite the fact that this watch will be perfect with an OLED screen (much better underwater). Their firmware updates also lag behind the Fenix lines (despite being based on the platform) so it doesn’t help people to consider a refresh. Track record is terrible yet Apple is coming at them with the Oceanic integration (how long before air integration comes in).

    Apple, Samsung etc have consistent release schedule. Consumers can plan and make buying decisions better.

    1. By an Apple then.
      Ive just jumped from Apple to Garmin….im im no hurry to go back. My trainng data now is at another level. I now know why Garmin is deemed the industry standard in the Athletic market.

      1. No I don’t want an Apple watch, I’m happy with the Garmin ecosystem. But Garmin isn’t perfect either and their strategy is weird to say the least.

    2. Agreed. We’ve got too many SKUs with features that overlap. It’s so confusing to anyone looking to buy into the ecosystem.

      I’d love for them to put out just one Forerunner, one Fenix and one Epix and get these updated every year with things like LTE and voice assistance.

    3. I agree.
      Forerunner 965 came out in March on Garmin website and no availability in Canada in May…. And no scheduled date. The season begins so what should I do? Annoying !

  2. In India Garmin products are too overpriced. So many Indians want to buy Garmin Products but price matters. Garmin India should take Indian market seriously and price their product correctly then their sales be boost.

  3. My 2p.

    Garmin’s race to the top with ever increasing prices puts me off upgrading my 645M.
    I do want the 265 but £430 is too high for the features I’d use.
    I’ll wait and see how the 65 is priced.

    Most runners in my club are on models 4yrs old. They mostly upgrade when the batteries dies or barometer goes AWOL.

  4. New Epix coming end of the month.
    42mm, 47mm and 51mm sizes in Sapphire and non Sapphire.

  5. They had some quality issues with the fenix 7 sapphire versions, i returned my watch 3 times because the dlc coating was simply falling apart. I know some guys who had the same issue with their tactix watches. Garmin send a new watch without complains, but paying so much money, i expected a higher quality standard. I am checking out amazfit watches right now, they seem much more durable and have amuch better price-performance ratio

Comments are closed.