Nautilus ended its second quarter of 2022 with net sales down 70.3 percent compared with the second quarter of 2021, according to the Vancouver-based company’s latest quarterly report.
The report noted that the sales decline was due to a return to pre-pandemic seasonal demand. Net sales were up compared with the second quarter of 2020.
Nautilus’ gross profit was $7 million, compared with $55.5 million this time last year. The company saw a 17.4-point decrease in gross margins. The report blamed the loss on increased discounting, the absorption of unfavorable logistics and increased investments in JRNY, Nautilus’ workout app.
Operating expenses were $58.1 million, an increase of 54.5 percent compared with last year. The report read that this loss was primarily due to a goodwill and intangible impairment charge and an increase in investments in JRNY.
The company trades on the Nasdaq market as NLS. Its stocks closed Wednesday at $2.20 per share.
