Johnson Outdoors Q1 Revenue Tops Estimate
Johnson Outdoors Inc (NASDAQ: JOUT) reported first-quarter FY23 sales growth of 16.1% year-on-year to $178.34 million, beating the consensus of $167.55 million.
EPS of $0.57 was in-line with the analyst consensus.
Fishing sales increased 27%, driven primarily by improved supply and component availability and price increases.
Camping revenue declined 18%, as consumer demand declined from increased levels seen during the pandemic.
Watercraft Recreation revenue declined 34%.
Gross margin contracted 430 basis points Y/Y to 35.2%, primarily due to increased cost of sales due to high material and freight costs in inventory.
Operating expenses rose 22% Y/Y to $57.3 million. The operating margin was 3.1%, and operating income for the quarter fell 60.2% to $5.4 million.
The company held $103.4 million in cash and equivalents as of Dec. 30, 2022.
Price Action: JOUT shares are trading lower by 0.83% at $70.90 on the last check Friday.
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