Good Morning!
Traeger, Solo Brands, and Middleby all reported earnings this week. I'll kick things off with Traeger, where their channel inventory has normalized and they actually had growth in grill revenue. They continue to focus on brand awareness, and have added 300 more Traeger Islands at Home Depot
locations.
It was a different story for Middleby's residential business, which includes Masterbuilt, Char-Griller, and Kamado Joe. They saw another large sales decline for the previous quarter, but they're thinking they're at a trough. It appears that Traeger got ahead of inventory problems before Middleby. They have done cost savings efforts to increase margin, but the lack of volume is hurting those from being realized.
Solo Brands continues to move away
from focusing on DTC. They announced they have started a relationship with Target. The week of Thanksgiving, they're going to launch a Target exclusive Mesa tabletop firepit.