“During the second quarter, we made very meaningful progress on the important strategy work we started earlier in the year and remain excited about the future growth potential of our brands.”

“The company has performed well in the first half of 2022. Several factors have impacted our outlook for the second half, including certain negative trends that accelerated in June,” said CFO Mike Stornant. “We now expect a stronger US dollar, inflation, excess inventory across channels and changing consumer behavior will have a more meaningful negative impact on our industry and the company for the remainder of the year. We are adjusting our full-year outlook accordingly.”

For 2022, revenue is expected to be in the range of $2.74 billion to $2.79 billion, representing growth of approximately 14 per cent to 16 per cent. Foreign currency exchange rate fluctuations are expected to have approximately $72 million (or 3 per cent) negative impact on full-year reported growth.