Why Clarus Corporation Stock Was Up Today
Clarus Corporation (NASDAQ: CLAR) stock was beating the market on Tuesday, as shares rose 3% as of 2:30 p.m ET, compared to a 0.3% increase in the S&P 500. Shares had been up by over 10% just after the market opened but settled to more modest gains. The stock remains in negative territory for the year, down 23% since the start of 2022.
Investors sent shares higher after the sporting-apparel specialist announced strong sales growth in the Q2 period that ended in late June.
Clarus revealed in an earnings report on Monday afternoon that Q2 revenue rose 57%. Most of that growth came from recent acquisitions like the Rhino-Rack and MaxTrax brands. But the core business expanded at a solid clip, too, up 16%. Executives highlighted strong demand trends in its outdoor and adventure-apparel segments, especially in key markets like the U.S., Australia, and New Zealand.
Source Fool.com
