Citing lower than expected retail demand, Harley-Davidson lowered its
2024 guidance during the company’s third quarter earnings call on Thursday.

Harley reported a 10% decrease in North American retail sales in the
third quarter compared to last year. Global retail sales fell 13%
year-over-year in the third quarter.

The motorcycle manufacturer attributes the dip in North American sales
to a slowdown in customer traffic as customers “assessed the higher
interest rate environment and macro uncertainty.”

“We have worked diligently through the quarter to mitigate the impact of
high interest rates, and macroeconomic and political uncertainty, that
continue to put pressure on our industry and customers, especially in
our core markets,” said Jochen Zeitz, chairman, president and chief
executive officer of Harley-Davidson.

The company’s revenue is now projected to be down 14% to 16% compared to
2023. Previously, revenue was projected to be down 5% to 9%.

Retail sales are projected to be down 6% to 8%, which is a change from
earlier guidance of flat to up 3%.

The change in guidance follows a summer of criticism for the brand,
including a social media campaign led by conservative activist Robbie
Starbuck.

Earlier this month, Baird Equity Research downgraded Harley-Davidson
stock to neutral, citing “sour feedback” from riders, dealers and
shareholders alike.

“Dealers reported weak retail, excess inventory, and caustic sentiment –
all of which suggest risk to guidance,” according to the report. “The
company was in the news for all the wrong reasons this summer, fueling
more frustration among stakeholders.”

The report highlighted dealer concern about excessive inventory and
having to mark down products.

Zeitz said Thursday the company remains committed to reducing dealer
inventory levels and supporting the overall health of its dealerships.
At the end of the third quarter, dealer inventory was down 13% compared
to the end of quarter two.

“Understandably, dealer profitability is front of mind,” said Zeitz. “As
you’ve seen this week, it’s a tough time for the industry as much as it
is for any discretionary business.”

During the company’s annual dealer forum in October, Harley presented
plans for supporting the dealership network in 2025. That plan received
“very good” feedback, according to Zeitz.

LiveWire, the publicly traded electric motorcycle company spun off from
Harley-Davidson, also lowered its guidance Thursday.

For 2024, the company now expects electric motorcycle sales of between
600 and 1,000 units. So far, LiveWire has sold 374 electric motorcycles
this year.

LiveWire had originally projected selling between 1,000 and 1,500 units
in 2024.

Operating loss guidance of between $115 million to $125 million due to
continued product development remains unchanged for LiveWire.

“Our focus is right sizing the business given the market environment,”
said Karim Donnez, CEO of LiveWire.

The company has officially completed its consolidation plans and moved
into Harley-Davidson’s Juneau Avenue headquarters. LiveWire heads into
2025 with a 30% headcount reduction, according to Donnez.

By the end of the year, the company also plans to introduce a new
product line to broaden its market share.

"Anal dildo seats."

https://biztimes.com/harley-davidson-global-retail-sales-fall-13-in-third-quarter/

Fat Fag Bikes wrote:
> Citing lower than expected retail demand, Harley-Davidson lowered
> its 2024 guidance during the company’s third quarter earnings
> call on Thursday.
>
> Harley reported a 10% decrease in North American retail sales in
> the third quarter compared to last year. Global retail sales fell
> 13% year-over-year in the third quarter.

they should start making electric bikes. btw why the fat fag
bikes? what does that have to with it?