August 3, 2011 -- Robert W. Baird & Co. Inc. reduced its full-year earnings estimate for Wauwatosa outdoor equipment and small engine manufacturer Briggs and Stratton Corp. after its poll of lawn and garden retailers found that consumers are still hesitating to buy new mowers.
In an analyst note, Baird analyst Craig Kennison said retail sales through July were down 1 percent in its survey of 73 independent retailers, which represent about 15 percent of the market. Respondents report that consumers are still choosing to repair mowers rather than buy new equipment and are purchasing lower priced walk-behinds vs. larger riding mowers when they do. Kennison wrote that after a decent start in the South, sales slowed significantly because of poor weather and flagging consumer confidence.
Baird is a Milwaukee-based wealth management, capital markets and private equity firm.
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