Garmin's April Sales to Retailers ‘Trending’ 40% Lower Than in 2019, Says CEO
Garmin is “no exception” to COVID-19's “unprecedented economic changes," said CEO Clifton Pemble on a Q1 call Wednesday. Though Garmin, like most others, is withdrawing 2020 guidance, it’s “optimistic for the long term,” he said. “Our supply chain is healthy,…
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and we've not missed any opportunities.” But April sales to retailers “are trending about 40% lower than last year, as many retailers have curtailed operations and consumer activity has been severely limited by government restrictions,” he said. “We expect these trends to continue throughout the second quarter as restrictions remain in place.” Product registrations “are strong in those regions where restrictions allow the kinds of activities our products are known for,” said Pemble. “We're encouraged by that.” With much brick-and-mortar retail activity shut or inhibited, “online and web has been very strong,” he said. “Our website growth has been phenomenal during this period, and we've been adding to our capabilities on the website to be able to support sales strategies there. With all of that said, our retailers remain very important to us. And as soon as they can come back online, we'll certainly be supporting them.”