Vancouver fitness equipment company Nautilus plans to lay off 15 percent of its employees due to declining revenue, according to a company statement.
The company plans to save about $30 million annually beginning in its fiscal fourth quarter, which ends March 31, due to the layoffs and other cost-saving measures. In late 2021, Nautilus reported that it had 255 people working in Clark County, but it’s not clear how many are going to be affected by the layoffs.
Nautilus stated that there are “challenges in the retail market” causing declining revenue from the pandemic’s peak. The pandemic caused the company to grow significantly as people stayed home and sought personal fitness equipment to replace their gyms. Nautilus’ revenue and stock price spiked in 2021, but have slowly declined.
An August financial report stated a 70.3 percent net sales decline compared with 2021. Nautilus reported a net loss of $60.2 million in its first fiscal quarter of 2023 compared with a $13.9 million net income the previous year.