クララス (CLAR) 2026年第3四半期決算説明会：マージン拡大、EBITDAガイダンス上方修正

Clarus Corporation（NASDAQ: CLAR）は、2026年第3四半期の増収、売上総利益率の大幅な拡大、および調整後EBITDAの改善を発表した。Black Diamondが成長を牽引した一方、Adventureはオーストラリアでの需要低迷による圧迫が続いた。

主要なポイント

• 2026年第3四半期の売上高は前年同期の6,930万ドルに対し、7,120万ドルとなった。アウトドア部門の売上高が12.4%増加した一方、アドベンチャー部門の売上高は20.2%減少した。
• 報告ベースの売上総利益率は35.1%から41.0%へと拡大した。実績には約60万ドルの関税還付が含まれている。
• 関税還付を除くと、アウトドア部門の売上総利益率は440ベーシスポイント上昇して40.4%となり、アドベンチャー部門の売上総利益率は640ベーシスポイント上昇して39.6%となった。
• 連結調整後EBITDAは680万ドル、マージンは9.6%となった。部門別ではアウトドアが800万ドルを創出し、アドベンチャーが80万ドル貢献、調整後全社費用は200万ドルだった。
• 経営陣は通期の調整後EBITDA予想を従来の1,200万〜1,300万ドルから1,500万〜1,700万ドルへと引き上げ、売上高予想については下限を引き上げて2億5,100万〜2億5,500万ドルへとレンジを縮小した。
• Clarusは無借金で当四半期を終え、現金および現金同等物は2,080万ドルとなった。経営陣は、在庫と売掛金の正常化に伴い、第4四半期のフリーキャッシュフローがプラスに転じると見込んでいる。

主要財務データ

事業および営業実績

アウトドア部門

Black Diamondの第3四半期の売上高は12.4%増加し、主要カテゴリーおよび主要地域市場全体で成長を達成した。マウンテン部門とクライム部門の売上高はそれぞれ15.2%増、15.1%増となった一方、アパレルは3.3%増となり、6四半期連続の増収を記録した。

マウンテン、クライム、アパレルの3カテゴリーがセグメント売上高の92%を占め、合計で13.1%の成長となった。経営陣は利益率改善の要因として、在庫の健全化、収益性の高いカテゴリーへの注力、値引きの抑制、および定価販売を重視したプレミアムモデルの強化を挙げた。

北米の卸売売上高は10.7%増加した。北米のデジタルD2C売上高は15.7%増加し、売上総利益率は350ベーシスポイント改善した。一方、既存小売店舗の売上高は23.6%増加し、売上総利益率は580ベーシスポイント上昇した。

EUの卸売売上高はドルベースの報告ベースで13.1%増、為替変動の影響を除いた現地通貨ベースで10.3%増となった。EUのデジタルD2C売上高は、Black Diamondがプロモーションや採算性の低い取引を削減したため、現地通貨ベースで0.7%の増加にとどまった。海外ディストリビューター向け売上高は31.9%増加した。

アウトドア部門の在庫は、成長の維持および即納（アットワンス）注文に対応するための主力製品への投資に伴い、6,280万ドルから7,380万ドルへと増加した。経営陣は、年末までに同部門の在庫が約6,700万ドルまで減少すると見込んでいる。

アドベンチャー部門

アドベンチャー部門の売上高は、オーストラリア市場における個人消費の低迷と需要の軟化が主因となり、20.2%減少した。減収となったものの、価格設定、製品および顧客ミックス、プロモーションの削減、コスト管理が収益性を下支えしたと経営陣は述べた。

米州地域では第3四半期中に売上動向の改善が見られた。Clarusは2026年中に120店以上のディーラーを新規開拓し、年初来で約100万ドルの増収効果をもたらした。EMEAの売上高は、新規顧客との関係構築やオランダの物流拠点に支えられ、年初来で27%増加した。

経営陣はまた、日本での事業展開や、ベントレー、ジャガー・ランドローバー、メルセデスといった欧州の自動車メーカーとの新たな提携関係を強調した。同社は2027年に向けて、P7プラットフォームラック、対応車種の拡充、DMK3 MAXTRAXリカバリーボードなど、アドベンチャー製品の追加投入を計画している。

戦略的見直し

Clarusは、ジェフリーズを財務アドバイザーとして戦略的選択肢の検討を継続している。検討対象には、事業の全部または一部の売却、あるいはその他の戦略的もしくは財務的取引が含まれる可能性がある。経営陣は、追加の開示が適切または義務付けられるまで、これ以上のコメントは控えるとしている。

業績予想（ガイダンス）

改定後の調整後EBITDAレンジの中間値は、同社の従来見通しである1,200万〜1,300万ドルの中間値を約28%上回っている。経営陣はこの上方修正の主因として、第3四半期の調整後EBITDAが想定を上回ったことを挙げた一方、全社費用の増加見込みにより一部相殺されたとしている。

経営陣は、アウトドア部門の在庫減少と売掛金の正常化により、第4四半期のフリーキャッシュフローがプラスに転じると見込んでいる。

リスクおよび注視項目

• アドベンチャー部門は、本拠地市場であるオーストラリアにおいて引き続き消費者需要の低迷に直面している。
• 経営陣は、消費者マインドやマクロ経済環境全般に対して引き続き慎重な姿勢を維持している。
• 北東部や中西部でのエルニーニョ現象に伴う暖冬は、手袋や防寒アウターウェアなどの防寒製品の消化率（セルスルー）を低下させる可能性がある。経営陣は、現時点では受注残のキャンセルや即納注文の傾向に変化は見られないと述べている。
• アウトドア部門では、石油関連原料、ポリエステル、運賃、金属においてインフレ圧力が見られる。経営陣は、製品本来の利益率改善と関税面でのより有利な影響によって2027年にはこれらの圧力が相殺されると見込んでいるが、先行きは原油価格や中東情勢の動向に一部左右される状況が続く。
• 第3四半期のフリーキャッシュフローがマイナスとなったのは、アウトドア部門の在庫増加に加え、代金回収の遅れや9月の売上高増加に伴う売掛金の増加が要因である。

アナリスト質疑応答の主なポイント

経営陣は、クライミング、マウンテン、アパレル、フットウェアの全般にわたり、アウトドア部門の新製品パイプラインは引き続き強固であると述べた。再投入されたMagnetronカラビナは完売し、特定のアパレル主力シリーズも相次いで完売となった。同社は2028年までをカバーする3カ年の製品ロードマップを策定している。

海外ディストリビューターの需要は引き続き旺盛で、9月上旬までに即納注文が過去最高水準に達した。経営陣は中国と日本に一段の成長余地を見出している一方、韓国は引き続きBlack Diamondにとって最大の海外市場の1つとなっている。

2027年の収益性について、経営陣は原材料費や輸送運賃のインフレは、製品本来の利益率改善と関税適用の見直しによって相殺されるはずであると述べた。現時点ではこれらのコストが2027年の利益率を押し下げることは想定しておらず、小幅な上振れの可能性も見込んでいる。

アドベンチャー部門について経営陣は、新製品、対応車種の拡充、ディーラー網の拡大、ならびに年後半に予定されているP7プラットフォームラックの投入に支えられ、2027年には売上高が増加に転じると見込んでいる。ただし、これは正式な2027年ガイダンスではなく、経営陣の期待値にとどまる。

決算説明会 文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Clarus Corporation's financial results for the third quarter ended September 30, 2026. Joining us today are Clarus Corporation's Executive Chairman, Warren Kanders; CFO, Mike Yates, President of Black Diamond Equipment, Neil Fis, and the company's external Director of Investor Relations, Mac Berketz.

Following the remarks, we'll open the call for your questions. Before we go further, I would like to turn the call over to Mr. Berkowitz, as he reads the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 and that provides important cautions regarding forward-looking statements. Matt, please go ahead.

Mathew Hayward

Thank you. Before we begin, I'd like to remind everyone that during today's call, we will be making several forward-looking statements, and we will make these statements under the safe harbor provisions of the Private Securities Litigation Reform Act. These forward-looking statements reflect our best estimates and assumptions based on our understanding of information known to us today. These forward-looking statements are subject to potential risks and uncertainties and that could cause the actual results of operations or financial condition of Claris Corporation to differ materially from those expressed or implied by the forward-looking statements.

More information on potential factors that could affect the company's operating and financial results is included from time to time in the company's public reports filed with the SEC. During today's call, we will refer to certain non-GAAP financial measures, which should be considered in addition to and not as a substitute for our results reported in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our earnings press release issued earlier today, which was furnished as an exhibit to our current report on Form 8-K filed with the SEC and is also available on the SEC Filings section of our website at www.clariscorp.com.

I would like to remind everyone this call will be available for replay starting at 7:00 p.m. Eastern Time tonight. A webcast replay will also be available via the link provided in today's press release as well as on the company's website.

Now I'd like to turn the call over to Clarus' Executive Chairman, Warren Kanders.

Warren Kanders

Good afternoon, and thank you for joining Clarus' earnings call to review our results for the third quarter. I am joined today by our Chief Financial Officer, Mike Yates, who will provide a financial update, including Adventure segment performance as well as Neil Fiske, who will discuss our Outdoor segment. .

We delivered strong third quarter results, reflecting the continued progress we are making to strengthen our businesses and drive sustainable, profitable growth. Our efforts to simplify operations sharpen our product focus and improve cost efficiency are translating into meaningful financial improvements, including consolidated gross margin of 41%, up from 35.1% a year ago. And significant year-over-year growth in net income and adjusted EBITDA.

Mike will discuss IPA tariff recovery we recognized during the quarter. Excluding that benefit, we believe that the underlying improvement across both segments remain substantial.

Building on the momentum we saw in the first half of the year, Black Diamond generated double-digit revenue growth in Q3 with strength across major product categories and geographic markets. Importantly, this growth was accompanied by substantial margin expansion reflecting our ongoing focus on higher volume, higher margin products, healthier inventory and a more disciplined approach to promotional activity. These results underscore the strength of the Black Diamond brand and the effectiveness of our strategy.

In Adventure, third quarter sales declined primarily reflecting a challenging consumer environment in Australia. However, we continue to make meaningful progress repositioning the business. And excluding the tariff refund, gross margin improved 640 basis points year-over-year. Overall, we believe the Adventure business is in a fundamentally stronger position than it was 18 months ago. We have simplified our operating footprint, improved our cost structure, strengthened key customer relationships and expanded our international distribution capabilities.

With signs of momentum in the Americas and continued growth opportunities internationally, our focus remains on maintaining our margin improvements, exercising cost discipline and positioning the business to capitalize on our recovery in demand.

Turning to the guidance, supported by our strong performance through the first 9 months of the year, and constructive outlook for Q4, we are raising the low end of our full year revenue guidance and raising our adjusted EBITDA outlook. We now expect 2026 adjusted EBITDA to range between approximately $15 million and $17 million. At the midpoint, this represents an increase of approximately 28% versus our prior adjusted EBITDA forecast of $12 million to $13 million.

Before passing it over to Neil, I will briefly touch on the review of strategic alternatives we announced in May. We continue to explore a range of potential actions aimed at unlocking value more effectively than the market is recognizing today. We have retained Jefferies as our financial adviser to assist in this process. Potential alternatives could include the sale of all or part of the business or other strategic or financial transactions involving the company.

Please note that we will not be answering any questions or commenting further on our strategic review process until additional disclosure is appropriate or required.

With that, thank you for being with us today, and I will call -- I will turn the call over to Neil Fiske.

McNeil Fiske

Thanks, Warren. Turning to Slide 6. I will review the Outdoor segment's third quarter performance and our expectations heading into the remainder of 2026. Overall, Black Diamond had a great Q3 with revenue, margin and EBITDA all well ahead of prior year as our strategy of simplification, focus and business reshaping continues to pay off and build momentum. Total revenues for the quarter were up 12.4%, reflecting accelerating growth in all of our regions and across our major categories.

Our business categories of mountain climb and apparel drove 92% of total revenues and grew 13.1%. As I said on the last call, the core of the business is healthy and growing. It's great to see the momentum from a strong Q2 build into an even better Q3. For the quarter, Mountain was ahead 15.2% versus prior year and saw a nice lift from our collaboration with Nordic footwear, which launched at the UTMB event in Semanie in August.

The client category posted another strong quarter, growing 15.1%. Apparel was up 3.3% for the quarter, the sixth consecutive quarter of growth. Gross margin is also a very positive story for the quarter. Excluding the small amount of tariff refunds, about $70,000 in the quarter, we received in Q3, gross margin came in at 40.4%, up 440 basis points over the prior year period. The strong year-over-year improvement reflects the progress we've made and the quality of our inventory, our focus on our most profitable categories, less discounting and a more full price premium business model.

Operating expenses, including restructuring, transaction costs and legal and regulatory matter expenses were up 9.6% for the quarter, reflecting the cost of the Salt Lake distribution center move along with other factors. Restructuring expenses were $200,000. Outdoor adjusted EBITDA for the quarter came in at $8 million, up 8.7% versus prior period. Inventory ended the quarter at $73.8 million versus $62.8 million in the prior period. This was a deliberate effort to invest in growth and identify the potential upside in our key categories and style franchises.

We have seen the benefit of this investment in the strong growth for the quarter and historically high sales from at-once orders also known as ASAP orders. From here, we'll have a more accurate view of the sales potential and we'll begin bringing the inventory balance down. We expect to end the year around $67 million in inventory with less discounted merchandise and concentration in our proven styles.

Now turning to results by region and channel. North America wholesale grew 10.7%. North America digital D2C, which represents 14.3% of the region's revenue was up 15.7% on the top line, with much healthier margins and less discounting, resulting in a 350 basis point improvement in gross margin for the channel. North America retail comp store sales were up 23.6% with gross margins lifting 580 basis points. EU wholesale was up 13.1% in dollars and 10.3% in constant currency.

EU digital D2C which represents 5.1% of the region's revenue was up 0.7% in constant currency as we pulled back on both promotional activity and less profitable transactions. Our international distributor channel was up 31.9% for the quarter.

Looking ahead, we are in a good position heading into Q4 and on track to achieve or exceed our goals. We feel good about our progress, our momentum and our results. That said, we remain mindful of cautious consumer sentiment and potential adverse macro factors as well as the potential of a warmer El Nino winter on cold weather categories. Once again, I'd like to congratulate and thank our teams around the world for all their hard work, passion and skill in driving these results.

With that, I'll turn it over to our CFO, Mike Yates.

Michael J. Yates

Thank you, Neil, and good afternoon, everyone. On today's call, I'll provide an update on the Adventure segment and then conclude with a summary of our Q3 financial results followed by the Q&A session. Starting with Adventure on Slide 7. Third quarter results reflected continued pressure on the top line, particularly in our home market in Australia were challenging consumer conditions and softer demand across key product categories continue to weigh on the market. However, we are encouraged by the progress we are making to strengthen the underlying business with significant improvements in gross margin and cost discipline, enabling us to maintain profitability despite lower sales volumes.

Excluding the $0.5 million tariff refund at adventure, Q3 adjusted EBITDA was in line with Q3 2025 adjusted EBITDA on 20% less revenue. Gross margin improved 640 basis points year-over-year, excluding the tariff refund, reflecting the benefits of pricing actions and improved customer and product mix and reduced promotional activity. We are also navigating the impact of changes to our distribution network as we prioritize stronger, more profitable customer relationships. While these factors have weighed on sales, we continue to make progress strengthening our position with key retail partners, including Super Cheap Auto in Australia, where we were recently recognized as the most engaged trade partner.

In the Americas, we are beginning to see the benefits of our commercial initiatives with an improving sales trend during the third quarter growth in Rocky Mount, extracts and continued expansion of our dealer network are helping offset softness among certain larger accounts. We have added more than 120 dealers this year generating approximately $1 million in incremental year-to-date revenue. We are particularly encouraged by the performance of Rina Rack in the U.S., where we believe margins have improved significantly because of our pricing and channel initiatives.

Our international expansion efforts also continued to gain traction. EMEA revenue increased 27% year-to-date, supported by new customer and dealer relationships and improved distribution capabilities following the opening of our new facility in the Netherlands. In Japan, our decision to expand beyond an exclusive distribution arrangement has contributed to strong growth. We are also making encouraging progress with European automotive OEMs, including new relationships with Bentley Force, Jaguar, Land Rover and Mercedes, which we believe can support incremental growth in the years ahead.

At the same time, we continue to invest selectively in product innovation to position Adventure for the next cycle. The recently launched Max Trax recovery shovel has been well received, and our acquisition of ONWARD has expanded our portfolio of high-margin vehicle accessories. Looking ahead to 2027, we have an exciting pipeline of new products across our brands, including the next generation of our platform RAC, the P7, expanded vehicle fitments and a new MaxTrax recovery Board, DMK3.

With that, now let me turn to the consolidated and segment financial review on Slide 8. The Consolidated Claris third quarter sales were $71.2 million compared to $69.3 million in the third quarter of the prior year. On a reported basis, from a segment perspective, outdoor was up 12.4% and adventure was down 20.2%. Sales were up in nearly every market for outdoor, as Neil mentioned. And the weak business at Adventure was primarily in the Australian markets for Rhino Rec and MaxTrax.

The consolidated reported gross margin rate in the third quarter was 41.0% and compared to 35.1% in the prior year quarter. The gross profit includes a benefit of $600,000 from the recovery of EPA tariffs in the third quarter of 2026. The vast majority of these tariff refunds in the third quarter were at adventure, specifically venture received $495,000 and outdoor received approximately $70,000. Gross margins, excluding the tariff benefit for the 2 segments are as follows: Outdoor gross margins were 40.4%, up 440 basis points compared to the third quarter in the prior year and adventure gross margins were 39.6%, up 640 basis points compared to the third quarter in the prior year.

Gross margin growth has been realized through pricing, and our simplification strategy, along with better product and customer mix. Third quarter consolidated selling, general and administrative expenses were $25.3 million compared to $26.2 million in the same year ago quarter. Third quarter 2026 expenses reflect lower outside services and employee-related costs at the corporate level and other expense reduction initiatives at adventure to manage costs, offset by a slight increase at the Outdoor segment, primarily due to higher selling expenses.

Adjusted EBITDA in the third quarter was $6.8 million on a consolidated basis or an adjusted EBITDA margin of 9.6%. The third quarter adjusted EBITDA by segment was $800,000 in adventure and $8 million at Outdoor. Adjusted corporate costs were $2 million in the third quarter.

Let me shift over to liquidity and the balance sheet. Free cash flow, defined as net cash provided by operating activities less capital expenditures for the third quarter of 2026 was a $7.4 million for outflow compared to a $7 million outflow for the 3 months ended September 30, 2025. Despite the significant improvements in net income in the third quarter, the negative free cash flow in the quarter was due to increased working capital needs, specifically an increase in inventory at outdoor that Neil mentioned to fulfill ASAP orders.

And higher accounts receivable driven by slower collections and much higher sales at the Outdoor segment in the month of September 2026 compared to the month of September 2025. We do expect free cash flow to be positive in the fourth quarter as inventory and accounts receivable normalize. Neil mentioned, we expect inventory to reduce to $67 million at outdoor by the end of the fourth quarter. At September 30, 2026, total debt was 0. At September 30, 2026, cash and cash equivalents were $20.8 million compared to $36.7 million at December 31, 2025.

Moving on to our 2026 outlook on Slide 9. We now expect fiscal year 2026 sales to range between $251 million and $255 million. And we now expect full year revenue and adventure to be approximately $65 million and full year outdoor revenue to be approximately $188 million. We have revised our full year 2026 adjusted EBITDA to be in the range of $15 million to $17 million or an adjusted EBITDA margin of 6.3% at the midpoint of our revenue and adjusted EBITDA ranges.

The revision to our full year adjusted EBITDA guidance compared to our prior guidance of $12 million to $13 million is as follows: Assuming the midpoint of the 2 guides, the primary difference between the $12.5 million and $16 million in the third quarter beat in adjusted EBITDA compared to our prior guidance, partially offset by corporate cost now expected to be $9 million rather than $8 million a quarter ago.

Turning to the fourth quarter. Sales are expected to range between $62 million and $66 million and at the midpoint of our full year guidance of $16 million adjusted EBITDA. Adjusted EBITDA is expected to be approximately $3 million for the fourth quarter of 2026. Let me give an update on legal. I'd like to provide an update on the company's Section 16B litigation with Half Trading LLC. In the company's action against HapTrading LLC and Mr. rich Padia for disgorgement of short-swing profits under Section 16B, the District Court granted summary judgment to the defendants on March 14, 2025, based on the market-making exemption under Section 16B. The company's timely appeal and appeal was argued before the Second Circuit court on February 12, 2026. The SEC has declined the court's invitation to sit an Amicus brief and the company is still waiting on the second court's decision.

In closing, we are focused on unlocking the trite value of our outdoor and adventure segment and maximizing long-term value for our shareholders. with more focused businesses, a simplified operating structure, a debt-free balance sheet, we believe we have the foundation in place to drive sustainable profitable growth.

At this point, operator, we're ready to take any questions.

Operator

[Operator Instructions] Our first question comes from the line of Mark Smith of Lake Street.

質疑応答

Mark Smith

I wanted to ask just within outdoor first, I know that you guys have focused on simplification in the business. But I'm curious kind of how sales of new products have been trending any bump that you've gotten from new products and kind of how your pipeline and new products looks?

Unknown Executive

I can take that. Thanks, Mark. I'd say, overall, we're quite pleased with our new product introductions and what we've got in the pipeline across all the categories. Klein, Mountain apparel. We've had some great successes in the quarter, the collaboration launch with Nora, where we had special tracking poles, special mountain running pack, terabit was far away above our expectations in Nordic. But just 1 example of very creative collaborations driving innovation. Another example, we brought back kind of by popular demand, our magnetron carabiner was a huge launch sold out immediately. We took back orders got we play in and sold out again. So that's a good example in climb.

And in apparel, we've got a number of our franchise styles like the dirt bag pant that have sold out multiple times, and we're investing in inventory really to find out how high is high on some of these key franchise styles. So I think we're hitting it. You never bat 1,000, as you know, on NPI. But across the major business units with a strong success. And even in footwear, where we've narrowed our focus to rock shoes, our momentum in Camso, which we introduced this year. is doing very well.

So I'm very happy with our new product introductions. We have an amazing design and engineering team, good merchants, and I'm really pleased with the progress. And I think that will sustain itself as we look into what we've got on deck for '27 and '28 we plan pretty far out, as you know, in this business, and we've got a really good 3-year product road map. And I think it's going to continue to look at the business and also hopefully, be accretive to our gross margin profile.

Mark Smith

And then sticking in outdoors, I wanted to ask just about kind of the international sales. I know that you guys called out Europe and quantified kind of some growth there. Here's kind of other regions that may be doing well or if there's anywhere that maybe is a drag? .

Unknown Executive

Yes -- is that for outdoor for adventure outdoor primarily yes. So as you know, we've basically have 3 regions: North America, Europe and then our international distributor group, which surfaces pretty much rest of world. And that division, IGD is having a great year. and we're seeing really strong growth and ahead of our expectations there. Importantly, 1 of the things I'd look at as kind of a immediate short-term leading indicator of the business, is how strong the at-once order businesses and it's strong across all regions, by the way, which is 1 of the things that gives us confidence going into Q4.

But if I look in particular at IGD, I think by the beginning of September, we had done more at once orders than we've ever done in any other year. And so that just tells you sort of the strength of the demand that we're seeing. And also, as Mike mentioned, the payback that we're getting from investing a little bit more inventory in our best styles so that we can fulfill that at once demand.

But I think as an indicator of strength in in the business and IGD in particular, that's a pretty good one. And also looking forward to the order book for '27 and the kind of response we've gotten to the product for those rest of world markets, we feel very good about that. There are some places that I think we need to accelerate a little bit more than we have where we have a great distributor in Korea, 1 of our biggest invested international markets. China is growing, but probably under -- its potential, just given what we've seen with the success of other outdoor brands and we'd like to accelerate even faster in China.

And in Japan, we have changed over our distributor really a succession plan from 1 -- the owner of the prior distributor to his management team as he retired. And I think Japan has a lot more upside for us than what we're seeing today. So business is strong. ASAP's best indicator of that. But I think we're just at the beginning of realizing a lot of growth in those markets.

Michael J. Yates

Mark, just to reiterate what Neil shared in the prepared remarks, North American wholesale is up over 10%. Our North American DTC was up over 15%. EU wholesale was up over 13% and in IGD, our international business was up over 31%. So it was -- as I summarized that nearly in every market, we were up across the BB business.

Matt Koranda

And then Mike, can you just clarify and maybe repeat, I apologize that I missed it. I think that you gave some of the sales guidance for outdoor and adventure ?

Michael J. Yates

Yes, I did. I did. For the full year, we raised the low end of our range to $251 into the high end of $255 million for the consolidated business. But for -- by segment, we said that kind of breaks down at the midpoint of $188 million for the outdoor business and $65 million for the Inventure business. The $188 million and the $55 million kind of hits you right in that midpoint of the $251 to $2.55 or at $188 million and $65 million is $253 million. .

Operator

Our next question comes from the line of Laurent Vasilescu of BNP Paribas.

Laurent Vasilescu

I wanted to follow up. I think, Neil, you made a point about El Nino. It's obviously a pressing concern out there for the overall industry. I'm curious to know like if you're seeing any order book cancellations or if you're seeing anything on that front with regards to variability for the fourth quarter? .

Unknown Executive

Don't change yet, Lauren, in order book or even the pace of at once. But -- but I think it's too early to tell. We'll know more in late November and December. The thing I think we're cautious about that El Nino could cut both ways, we could get better snow in the Rocky Mountain West and West Coast ski areas, that would be a benefit. But the thing to watch out for is just if it's a warmer winter in the Northeast and Midwest and areas of a lot of population density. Those are typically good markets for cold weather accessories like gloves and an outerwear insulation. And if it's a warm winter there, we could see some slower sell-through and less ASAP. And we could see some impact on our D2C way too early to tell. But we just -- we look at that weather effect is kind of having both a positive and a negative. And I just wanted to call that out for investors to be cognizant of.

Laurent Vasilescu

As we look out to '27, I know you're not prepared to comment about '27 guidance. But I think you talked about this last quarter about raw material inflation now that it's 90 days later. Just curious on updated thoughts there, like should we assume kind of like a mid-single-digit increase in cost of goods sold just from raw materials, particularly from oil-based derivatives. Any color there would be super helpful?

McNeil Fiske

Yes. There are 2 things that sort of work against each other and to some extent, offset each other. So there's no question we're seeing some inflationary pressure in material feedstocks, oil, polyester, turning into polyester cost and loan costs, higher freight costs and even impacting the metals market. So that's out there. That, of course, is very much linked to the price of oil and the outcome of the situation in the Middle East. So that's a bit of a headwind for us in '27.

On the flip side, we are we have some improvement in our underlying product margins from the work that we've done. And if you look on a like-for-like basis on tariffs, the tariffs at the beginning of the year and the tariffs now. We have some favorability from the way the latest tariffs have been implemented, that hopefully can offset those raw material costs. And so we don't think there will be a drag on margins in '27. If anything, there might be a little bit of upside as we look ahead.

Laurent Vasilescu

Very helpful. And then the last question here is a broader question on the venture side. I think venture was down about 20% this quarter. And I appreciate, Mike, that you gave us color on the segments for the full year. When do you expect a rebasing of that business so that you can return to growth? I understand Australia market is difficult, but I'm just curious to know face in the macro, when do you think the work that you've done leads to growth going forward for this segment?

Michael J. Yates

Lauren, great question. I appreciate that. Obviously, we are very happy with the work we've done on what we can control, specifically cost. You can see the improvement in gross margins during the quarter. We think that built into our business now, right? We have better terms, better pricing, better relationships with customers, et cetera. So that gross margin, we think, is real and that should carry forward into future years. Same with on our SG&A side, we've controlled our cost. Cost was down, as I mentioned, at adventure year-over-year.

So we've positioned the company, the Inventure business from a cost standpoint to really perform once growth comes back, right? And so what are we doing around growth? We talked about some of the new products. We have a litany of new products that we are teeing up to come out across 2027 that are actually being -- some of them were being introduced this week at the CEMA automotive Show out in Las Vegas. -- our teams out there sharing some of that. But I mentioned 1 of them on the call, the new MAX track Board that nets with a shovel, that's been tremendously successful.

So lots of efforts around NPI, lots of effort around fitments to make our own luck essentially on the sales side. Obviously, we are defending the core and the big product that we expect to introduce next year. And when I say to fund the core, that's the Australian business, the new P7 platform rack. That's expected to come out late in 2027, I think, in the third quarter. So if all that comes to -- if we can continue to drive the gross margin, continue to manage our SG&A costs with the NPI that is teed up, I would expect the business to grow in 2027.

Operator

Thank you, Laurent. Thank you. I'm showing no further questions at this time. I would now like to turn it back to Mike Gates for closing remarks.

Michael J. Yates

Thank you. I want to thank everyone very much for their interest in attending the call this afternoon and your continued support and interest in Claris. We look forward to updating you on our results again next quarter. Thank you again, everyone. .

Operator

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.