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Dec 29, 2023
Johnson Outdoors Q1 2024 Earnings Report
Johnson Outdoors reported lower sales and decreased earnings for the first fiscal quarter of 2024.
Key Takeaways
Johnson Outdoors reported a decrease in net sales by 22% to $138.6 million and a decrease in net income to $4.0 million, or $0.38 per diluted share, due to high retail inventory levels and lower consumer demand.
Net sales decreased by 22% to $138.6 million compared to the prior year.
Operating profit was approximately $0.05 million, a decrease from $5.5 million in the prior year.
Net income was $4.0 million, or $0.38 per diluted share, compared to $5.9 million, or $0.57 per diluted share, in the previous year.
Cash and investments increased by $10.8 million from the prior year, reaching $114.2 million.
Forward Guidance
The company remains focused on managing high inventory levels, executing cost savings, and managing expenses to improve profitability, while continuing to invest in strategic opportunities and paying dividends.
Positive Outlook
- Focus on innovation and marketing to position brands for success.
- Executing on defined cost savings program.
- Managing expenses to improve profitability.
- Debt-free balance sheet and cash position enable continued investment in strategic opportunities.
- Consistently paying dividends to shareholders.
Challenges Ahead
- Tough marketplace with high inventory levels at retail.
- Lower consumer demand resulting in soft sales.
- Operating profit decreased significantly.
- Net income decreased compared to the prior year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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