RACINE, Wisc., Johnson Outdoors Inc. (Nasdaq:JOUT), a leading global innovator of outdoor recreation equipment and technology, announced lower sales and increased net income for the Company’s third fiscal quarter ending June 30, 2023.
“Moderating demand from the high pandemic-fueled levels of the past few years in a competitive marketplace impacted results. However, we remain focused on sustaining innovation leadership, and recently we announced an exciting line of new products in Fishing and a new cutting-edge technology in Watercraft Recreation, underscoring the critical importance of our investment in innovation to drive long-term growth,” said Helen Johnson-Leipold, Chairman and Chief Executive Officer. “The power of our innovation and the strength of our brands continue to position Johnson Outdoors for long-term marketplace success.”
THIRD QUARTER RESULTSTotal Company net sales in the third quarter declined 8 percent to $187.0 million compared to $203.8 million in the prior year third fiscal quarter. Key contributing factors include:
- Fishing sales increased by approximately 1 percent, driven primarily by product price increases
- Diving sales remain flat over the prior year third quarter
- Camping revenue declined 50 percent or $11.8 million, of which $4.9 million was due to the sale of the Military and Commercial Tents product lines in the second quarter, and the remainder due to high retail inventories and a decline in consumer spending
- Watercraft Recreation revenue declined 28 percent, reflecting significant reductions in the overall market
Product News Snippet
Old Town received “Best of Boats and Watercraft” honors at ICAST for its new Sportsman BigWater ePDL+ 132, a revolutionary power-assisted pedal drive that combines pedal and battery assist to propel the fishing experience to the next level. Old Town innovation has captured five ICAST awards in the past 10 years.
Minn Kota®, Humminbird® and Old Town® announced new products at ICAST 2023, the world’s most prestigious fishing show. Minn Kota announced the QUEST™ Series, the all-new brushless trolling motor technology. Minn Kota also launched a restage of all its bow-mount trolling motors with a brand-new look, more seamless integration with Humminbird and an updated technology suite full of angler-friendly enhancements.
Humminbird launched the One-Boat Network® App bringing together Humminbird and Minn Kota devices into one dashboard to give anglers unprecedented command of their fishing boat.
YEAR-TO-DATE RESULTSFiscal 2023 year-to-date net sales were $567.5 million, a 4 percent increase over last year’s first fiscal nine month period.
“Looking ahead, we’re focused on continuing to improve operational efficiency to strengthen margins and are working to manage inventories appropriately as we enter the off season,” said David W. Johnson, Chief Financial Officer. “Our balance sheet remains debt-free and our healthy cash position continues to provide us with the flexibility and resources necessary to invest in strategic opportunities to strengthen the business and consistently pay dividends to shareholders.”