1157 ET - If Polaris' 3Q earnings and sales miss plus guidance cut are any clue, leisure-craft peer BRP may be in the same boat. In a TD Cowen report, Brian Morrison notes that Polaris' North American retail sales fell 7% due to softness from each of its segments. "Weak retail sales, active dealer destocking, increased promotional activity and heightened floor plan financing costs resulted in net sales declining 23%," he says. Polaris thinks this challenging environment will continue, and will be a drag on the industry including BRP for the next several quarters. BRP falls 4.7% to C$73.57. (adriano.marchese@wsj.com)
(END) Dow Jones Newswires
October 22, 2024 11:57 ET (15:57 GMT)
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