Harley-Davidson cut its full-year revenue forecast as persistent inflation and weak demand in the wake of a consumer boycott that spurred it to drop diversity, equity and inclusion (DEI) programs took a toll on its balance sheet.
The motorcycle maker said its sales in North America were down 10% and that it expects its full-year global shipments to be down 16% to 17%, compared with its prior forecast of a 7% to 10% decline.
Harley-Davidson projected that its annual retail sales would be down 6% to 8%, after it previously expected sales would be flat to up by 3%. It now projects revenue from motorcycles and related products will be down 14% to 16% compared with its prior estimate of down 5% to 9%.
“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 Harley-Davidson CEO Jochen Zeitz.