Earnings Season Reality Check & Troy Sicotte on Mountain Hardwear's Turnaround

This week I break down Q2 earnings across the outdoor and active industry, including Yeti, On, Wolverine Worldwide (Merrell, Saucony), VF Corp (The North Face, Timberland, Vans), Birkenstock, Clarus Group (Black Diamond), and Decker's Hoka, plus a preview of Amer Sports' upcoming report on Arc'teryx and Salomon.

I also cover Outdoor Retailer's new partnership with REI Co-op's Path Ahead Ventures ahead of Outdoor Retailer 2026.

Lastly I sit down with Troy Sicotte, President of Mountain Hardwear, to talk through the brand's history from its 1993 founding, its sale to Columbia Sportswear Company, its decline through the 2010s, and the turnaround led by Joe Vernaccio and Troy himself, including the "Seek Wilder Paths" brand relaunch, its retail partnerships with dealers like Wes Allen, and where the brand is headed under Columbia through 2030.

Show Notes

0:00 – Episode preview: earnings roundup, Outdoor Retailer news, and interview with Troy Sicotte of Mountain Hardwear.

0:43 – Methodology note on constant currency and tariff refund distortions in Q2 gross margins.

2:08 – Yeti's Q2 results: net sales up 9%, SG&A growth outpacing sales, and slowing drinkware growth.

5:10 – On's Q2 results: sales up 22%, stock down 20%, and the strategy behind throttling wholesale.

7:14 – Wolverine Worldwide's Q2 results: Merrell and Saucony growth, inventory discipline, and a 10% stock jump.

8:57 – VF Corp's Q2 results: The North Face growth, continued Vans declines, and debt reduction.

10:51 – Birkenstock's Q2 results and a 33.7% adjusted EBITDA margin.

12:11 – Clarus Group and Black Diamond's Q2 results and Neil Fiske's apparel turnaround.