From GlobeNewswire:

Johnson Outdoors Inc. reports lower sales and decreased earnings for the first fiscal quarter of 2024. The Company’s total net sales declined by 22% to $138.6 million compared to the previous year’s first fiscal quarter. The decline was due to high retail inventories, lower consumer demand, and other factors affecting sales in several product categories, including fishing, diving, camping, and watercraft recreation.

As a result of the lower sales, the company’s operating profit was $0.05 million for the first fiscal quarter, compared to $5.5 million in the prior year. While gross margin improved to 38.1%, operating expenses decreased to $52.8 million, mainly due to lower sales volumes. Profit before income taxes was $5.9 million, compared to $8.2 million in the prior year. The company’s net income was $4.0 million, or $0.38 per diluted share, versus $5.9 million, or $0.57 per diluted share in the previous year’s first quarter.

The company remains focused on managing high inventory levels, executing cost-saving programs, and managing expenses to improve profitability. It maintains a debt-free balance sheet and cash position to support investments in strategic opportunities and consistent dividend payments to shareholders. The company’s quarterly cash dividend to shareholders of record as of January 11, 2024, was payable on January 25, 2024. For more information, a webcast of the company’s conference call and financial results is available on its website, Johnson Outdoors.com.

Johnson Outdoors Inc. (JOUT) is a leading global innovator of outdoor recreation equipment and technologies. The company designs, manufactures, and markets a portfolio of consumer-preferred brands including watercraft recreation, fishing, diving, and camping products. Despite facing a challenging marketplace, the company is focused on investing in innovation and marketing to position its brands for success.



Read more: Johnson Outdoors Reports Fiscal First Quarter Results