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Apr 01, 2022
Johnson Outdoors Q2 2022 Earnings Report
Johnson Outdoors experienced lower sales and earnings due to supply chain challenges.
Key Takeaways
Johnson Outdoors reported a decrease in net sales by 8% to $189.6 million and a decrease in net income to $9.9 million, or $0.97 per diluted share, due to ongoing global supply chain challenges and increased costs.
Net sales decreased by 8% compared to the prior year's second fiscal quarter.
Operating profit was $15.4 million, down from $36.0 million in the prior year.
Gross margin was 36.2%, a decrease of 9 points primarily due to increased materials and freight costs.
Net income was $9.9 million, or $0.97 per diluted share, compared to $27.8 million, or $2.74 per diluted share in the previous year.
Forward Guidance
The company expects supply chain challenges to continue through the second half of the fiscal year, impacting margins due to inflationary trends. They plan to maintain higher inventory levels and evaluate future pricing actions. The company's strong balance sheet enables investments to strengthen the business.
Positive Outlook
- Consumers continue to want to spend time outdoors.
- Demand for products remains high across all segments.
- Strategically maintaining higher inventory levels.
- Seeking alternative sources for key components.
- Strong balance sheet and cash position enable investments.
Challenges Ahead
- Ongoing global supply chain challenges are expected to continue.
- Margins will continue to be impacted by pressure caused by the supply chain.
- Inflationary trends are affecting the marketplace.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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