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Within the Club, we heard this week from Foot Locker on Wednesday, then from Costco and Broadcom on Thursday. The big economic data drop of the week arrived Friday with February's nonfarm payrolls report . The center of attention is Tuesday's February consumer price index report . On Thursday, the February produce price index is due out. ET: Producer Price Index 8:30 a.m.
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Make it Monday: Solo Stoves spark multi-million dollar empire
  + stars: | 2023-08-21 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMake it Monday: Solo Stoves spark multi-million dollar empireJohn Merris, Solo Brands CEO, joins 'Last Call' and Make it Monday to discuss how he turned a kickstarter campaign into a multi-million dollar business with Solo Stoves.
Persons: John Merris Organizations: Solo Brands
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Solo Stove turned backyard fire pits into a $400 million empireThis is Solo Stove. Known for its smoke-free backyard fire pits and camping stoves, the brand was started in 2011 by brothers Jeff and Spencer Jan. It's grown from Kickstarter campaigns to a $2 billion valuation when it went public in 2021 as Solo Brands under CEO John Merris. That same year, it acquired outdoor brands, Chubbies, Oru Kayak and Isle while generating about $404 million in revenue. Here's how Solo Stove turned fire pits in a multi-million dollar empire.
Brothers Jeff and Spencer Jan didn't have to reinvent the wheel to build a $400 million company with a cult following. Their company, Grapevine, Texas-based Solo Brands, makes the Solo Stove — a backyard fire pit that the Jan brothers describe as a "virtually smokeless" campfire alternative. As of Tuesday morning, the company now has a $406.74 million market cap under the stewardship of CEO John Merris, who signed on in 2018 after meeting with the brothers. "I remember in that first conversation with them, Spencer and Jeff telling me that they had reinvented fire," Merris tells CNBC Make It. Then, the brothers sent Merris home with a Solo Stove — and the first time he tried it out on his Texas ranch, he was "absolutely blown away."
Here are three of Bank of America's trade-down picks, which Ohmes expects to outperform in 2023. Consumers looking to save money on a gym membership could quit their mid-tier gym and join Planet Fitness for $10 to $25 a month. During the 2008-2009 downturn, Planet Fitness' same-store sales averaged 21% as consumers shifted away from higher-priced options, Ohmes said. Planet Fitness also has rapidly expanding margins and return on invested capital, as well as growth in its equipment segment, Ohmes said. PLNT 1Y mountain Planet Fitness' 12-month performance Bank of America's price target of $100 per share implies 21% upside from Tuesday's close.
Analysts at Bank of America named five stocks this week that they say every investor must own heading into 2023. CNBC Pro combed through Bank of America research looking for stocks with major upside potential. Netflix Shares of Netflix are down 46.8% this year, but analyst Jessica Reif Ehrlich is standing by the streaming giant. Kroger Kroger shares have gained nearly 2.6% this year, but the stock has a lot more room to run, according to analyst Robert Ohmes. ... We rate Solo Brands' shares Buy as we believe its unique platform strategy should enable its high growth Leisure brands."
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