Johnson Outdoors Reports 5% Increase in Q3 Sales to $180.7M, Swings to $7.3M Operating Profit

Reuters
Aug 01
Johnson Outdoors Reports 5% Increase in Q3 Sales to $180.7M, Swings to $7.<a href="https://laohu8.com/S/MMM">3M</a> Operating Profit

Johnson Outdoors Inc. (Nasdaq: JOUT) reported an increase in third-quarter net sales to $180.7 million, a 5% rise from the previous year's $172.5 million. This growth was driven by an 8% increase in fishing revenue owing to the success of new products and a 7% increase in diving revenue supported by stronger market conditions and favorable currency translation. However, sales in the Camping & Watercraft Recreation segment decreased by 14%, primarily due to the exit of the Eureka! Business. Excluding the Eureka! impact, sales in this segment would have improved by 3%. The company reported a profit before income taxes of $10.5 million, up significantly from $0.9 million in the previous year's third quarter. Net income for the quarter was $7.7 million, or $0.75 per diluted share, compared to $1.6 million, or $0.16 per diluted share, in the same period last year. For the fiscal year-to-date, net sales were $456.7 million, marking a 6.2% decrease compared to the previous year's first nine-month period. The total company operating loss for the period was $8.0 million, a decline from a $0.7 million loss in the prior year. Gross margin slightly decreased to 34.8% from 36.2% in the previous year. Operating expenses for the nine-month period were reduced by $9.8 million, totaling $167.0 million. The company continues to focus on strategic priorities such as innovation, digital and e-commerce, and operational efficiency to drive future growth.

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