Johnson Outdoors Q3 sales down 8%, but net income up to $14.8M on margin gains

Total 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 Profit before income taxes was $19.8 million in the current year quarter, compared to $19.2 million in the prior year third quarter. Operating profit was $17.4 million for the third fiscal quarter versus $23.8 million in the prior year third quarter. Gross margin increased to 41.5 percent, compared t

YEAR-TO-DATE RESULTS Fiscal 2023 year-to-date net sales were $567.5 million, a 4 percent increase over last year’s first fiscal nine month period. Profit before income taxes for the year-to-date period was $47.9 million versus $47.0 million in the first nine months of the prior year. Operating profit declined to $34.3 million compared to $53.0 million in prior fiscal year-to-date period. Gross margin improved to 38.0 percent in the first fiscal nine months versus 37.1 percent in the prior fiscal year-to-date period. Operating expenses were $181.4 million in the nine months ended June 30, 2023, an increase of $31.7 million from the prior year period, due to higher warranty expense, advertising and promotional spend, increased compensation costs, professional services and deferred compensation expense between periods. Interest income increased $2.5 million over the prior year-to-date period. Additionally, other income increased by $17.1 million helping to offset the decline in operating