
What We Learned from Earnings Season and a New Model for Outdoor Brand Ownership
In this episode of Outdoor Unfiltered, host Eoin Comerford breaks down the latest quarterly earnings from Columbia Sportswear, VF Corp, Brooks Running, Garmin, and Shimano, unpacking what the results reveal about the state of the outdoor industry. Eoin connects the dots across all five reports, highlighting the divergence between technical performance brands and apparel-driven stalwarts, the role of tariffs in suppressing US consumer demand, and elevated inventory levels at Columbia, VF Corp, and Garmin heading into a potentially promotional holiday season. He also shares his ISPO week schedule, including a panel on the future of active outdoor storytelling and a live podcast recording on European brands entering the US market with executives from Reima and Berghaus. In the second half of the show, Eoin is joined by the founders of the Outdoor Rec Collective -- Gary Montes de Oca, Steven Barnes, and Brian Wachs -- who are launching an ESOP holding company model to reimagine investing in the outdoor industry. They discuss the problem of extractive capital destroying iconic brands like Montrail, Cloudveil, Eastern Mountain Sports, Moonstone, and Marmot, the structural advantages of an ESOP holdco with tax-free cash flow and portfolio diversification, their target investment criteria across hard goods, soft goods, and services, and their vision for creating wealth for the workers who underpin the authenticity of outdoor brands. Time Stamps 3:15 -- Columbia Sportswear earnings: Sorel, Prana, Mountain Hardwear 6:56 -- VF Corp earnings: North Face, Timberland, Vans, Ultra 11:00 -- Sponsored by Aarn Packs 12:27 -- Brooks Running: 13th consecutive quarter of growth 15:40 -- Garmin: outdoor segment up 20% on Fenix 9 18:29 -- Shimano: bike components signal industry recovery 21:01 -- Connecting the dots: what earnings mean for outdoor 24:19 -- Sponsored by Royal Robbins at GOA Connect 27:26 -- The problem with extractive capital in outdoor 33:58 -- The ESOP holdco model explained Connect With Us We would love to hear your thoughts on the show, inside intel, guest ideas, sponsorship inquiries or whatever's on your mind. Eoin Comerford on LinkedIn: https://www.linkedin.com/in/eoincomerford/ Email: outdoorunfilteredpod@gmail.com All contact and sponsor info is listed in the show notes. Outdoor Unfiltered is a production of Rockfight LLC. Our Sponsors ISPO -- Unites the sporting and outdoor goods industry, inspiring a global movement, protecting the places we play and providing a single, streamlined platform for the brands, athletes, buyers and innovators who shape the future of sport. www.ispo.com Royal Robbins -- Building on a legacy and belief that nature and adventure can feed the soul. In the world of digital screens and AI, that idea is more relevant now than ever. And we're seeing it resonate with a new generation of outdoor consumers who are looking for experiences, connection, and versatile products that support the way they want to live. https://www.royalrobbins.com/ Aarn Packs -- Aarn Packs give you a more comfortable backpacking experience by using Balance Pockets that help you spread your pack weight around your center of gravity and allow you to keep your posture natural. https://www.aarnpacks.com/
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