Dive Brief:
- Solo Brands on Wednesday announced its chief financial officer, Somer Webb, will step down on Dec. 10 to pursue other opportunities. Webb has been CFO since May 2022.
- Andrea Tarbox, who currently serves on the company’s board and chairs its audit committee, will become interim CFO on Dec. 10, according to a company press release. Tarbox has over 20 years of CFO experience, including 12 years at KapStone Paper and Packaging where in 2018 she led a sale to WestRock Company.
- Tarbox will temporarily step down from her role on the audit committee while she serves as interim CFO. Solo Brands has enlisted an executive search firm to find a permanent CFO.
Dive Insight:
After about a year and a half, Solo Brands is once again on the hunt for a CFO.
Prior to Webb, Sam Simmons served as Solo Brands’ chief financial officer for about a year, leading the company through the IPO process in 2021.
Solo Brands on Wednesday also reaffirmed its financial guidance, expecting full-year revenue to be between $520 million and $540 million, with it most likely to be around $530 million, while adjusted EBITDA margin is projected to be between 17% and 18%.
In its most recent quarter, the company reported Q2 net sales fell 3.7% year over year to $130.9 million, while the company swung to a profit reporting net income of $11.5 million from a loss of $19.9 million in the year-ago period. By channel, wholesale revenues increased 57% to $31.3 million, while DTC revenues decreased 14.2% to $99.7 million.
At the time, CEO John Merris said the company’s “omni-channel approach to our business enabled us to lean into the strong momentum we were seeing through our wholesale channel as our brand awareness continues to grow. Although consumers continue to be selective in choosing which brands they shop, we remain focused on the customer experience and product innovation to help us deliver in this environment.”
Solo Brands — which operates brands Solo Stove, Chubbies, Oru Kayak and Isle — has been working to build out its portfolio. The company in May announced it acquired Terraflame for an undisclosed amount.
