Revenue from the ongoing business was down by 21.2% on a constant currency basis to US$519.5 million. International revenue was down by 24.4% year-on-year to US$229 million, with international revenue from the ongoing business down by 22.3% (24.6% on a constant currency basis) to US$221.8 million.
Direct-to-consumer revenue was down 14.5% to US$136.6 million and down by 12.8% for the ongoing business. Gross margin for the quarter was 40.8%, up from 40.2% in the same quarter of 2022.
Looking forward, full 2023 revenue is expected to be US$2.19-2.2 billion for the ongoing business, representing a decline of around 13%.
President and CEO Chris Hufnagel said: “In the third quarter, we achieved several critical milestones as we took decisive action to stabilise and transform the company, while delivering revenue and earnings in-line with our expectations. We continued to reshape our portfolio, reduce our inventory, and redesign the company to become consumer-obsessed brand builders – focused squarely on building compelling products and telling amazing stories.”