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Jun 30, 2023
Johnson Outdoors Q3 2023 Earnings Report
Reported lower sales but increased net income due to moderating demand and improved gross margin.
Key Takeaways
Johnson Outdoors reported a decrease in net sales by 8% to $187.0 million, reflecting moderating demand. However, net income increased to $14.8 million, or $1.44 per diluted share, driven by improved gross margins due to price increases and lower costs.
Net sales decreased by 8% to $187.0 million compared to the prior year.
Net income increased to $14.8 million, or $1.44 per diluted share, compared to $14.1 million, or $1.38 per diluted share in the previous year.
Gross margin improved to 41.5 percent, driven by price increases and lower freight and materials costs.
Operating expenses increased due to deferred compensation expense, higher warranty expense, and advertising and promotion costs.
Forward Guidance
The company is focused on improving operational efficiency to strengthen margins and managing inventories appropriately as they enter the off season. Their balance sheet remains debt-free and their healthy cash position continues to provide them with the flexibility and resources necessary to invest in strategic opportunities to strengthen the business and consistently pay dividends to shareholders.
Positive Outlook
- Continuing to improve operational efficiency
- Strengthening margins
- Managing inventories appropriately
- Debt-free balance sheet
- Healthy cash position
Historical Earnings Impact
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Avg. Return Before/After Earnings
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