Chervon reports 30% revenue decrease
In its announcement of financial results for the year ended Dec. 31, 2023, Chervon Holdings Limited, parent company of outdoor power equipment brand Ego as well as tool makers Flex and Skil, reported its “revenue decreased by 30.9% from $1,989.3 million in 2022 to $1,374.7 million (USD) in 2023, primarily due to more conservative inventory policies adopted by our key customers caused by macroeconomic uncertainties and unfavorable weather in key geographic regions.”
Chervon reported its revenue from the outdoor power equipment segment decreased by 33.7% from $1,223.5 million in 2022 to $811.4 million in 2023, while revenue from our power tools segment decreased by 27.3% from $754.9 million in 2022 to $548.5 million in 2023. Chervon said that lithium-ion battery powered products accounted for approximately 82% of the new products.
For Ego products specifically, Chervon said its emphasis is on the development of commercial tools. “In 2023, we continued to invest in strengthening the multi-channel sales and distribution network for EGO including … a strategic partnership with Deere & Company. The collaboration leverages the strengths of both parties and further expands the distribution of EGO’s lithium battery-operated OPE products.”
To read the full report, visit Chervon Investor Relations.
