Vista Outdoor Sells Sporting Products Unit for $1.91B, Cuts Sales Forecast
Vista Outdoor plans to sell its sporting products business, including its guns and ammunition unit, in a $1.91 billion deal with Czechoslovak Group. However, the company's shares dropped by 20% after it lowered its full-year sales forecast, citing tight consumer spending and pricing pressures. Vista Outdoor now expects revenue for fiscal 2024 to range between $2.73 billion and $2.86 billion, down from its previous forecast of $2.85 billion to $2.95 billion. The deal with Czechoslovak Group is expected to close next year, and the separation of Vista Outdoor's sporting and outdoor goods units will be formalized at that time.