Weber Inc. reports sales decline

PALATINE - Weber Inc. Thursday announced the financial results for its 2023 fiscal year first quarter, ended Dec. 31, including net sales of $165 million, down 42% from the same period a year ago.

The decrease was driven by slower retail traffic, both in-store and online, higher customer inventory levels, and other economic factors, the company said. Changes in foreign currency exchange rates accounted for $8 million of the sales reduction.

"We continue to navigate the macro environment with focus and agility while leaning into our operational expertise, deep product pipeline, and strong execution capabilities to bring our customers experiences that only Weber can create," said Alan Matula, chief executive officer of Weber, a maker of outdoor grills and grilling accessories.

On Dec. 12, Weber announced it has entered into a definitive merger agreement pursuant to which investment funds managed by BDT Capital Partners LLC will purchase all of the outstanding Class A shares it does not already own, for $8.05 per share, which implies a total enterprise value of $3.7 billion for Weber.

Upon completion of the transaction, Weber will become a privately held company majority owned by BDT investment funds. The transaction is expected to close in the first half of 2023, subject to customary closing conditions.