BRP says consumer demand still strong despite recession worries

poll also found that three quarters of Canadians have reduced spending in the past month to cope with the higher cost of living.

While the year-over-year comparison is to a period marred by supply chain shortages and low inventory levels, National Bank analyst Cameron Doerksen said in a note to clients on Wednesday that "the retail numbers would not suggest that overall retail for BRP is weakening."Boisjoli acknowledges that traffic has recently slowed into its dealership network across North America and Europe, but says the company has slowed its advertising spending and that sales still remain strong.

The strong demand, as well as supply chain improvements, helped the Quebec-based company record its strongest quarter ever in terms of sales on Wednesday, with revenue surging 71 per cent in the three-month period ending Oct. 31. Revenue hit $2.71 billion, up from $1.59 billion last year. Net income also increased in the quarter, from $127.7 million last year or $1.53 per diluted share, to $141.6 million or $1.76 per diluted share.

"As we look to the rest of the year, we are well positioned to sustain our solid momentum as we continue to experience robust demand for our products and as the improvement in our supply chain is allowing us to better utilize our increased capacity and deliver more units for our network," chief financial officer Sébastien Martel said on the conference call.

Source: News Formal (newsformal.com)

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