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Johnson Outdoors (NASDAQ:JOUT) fell in early trading on Friday after the company reported a 51% year-over-year drop in revenue during FQ4. Management said the end of the elevated pandemic-driven demand of the past few years, combined with higher inventory levels at retail, resulted in lower sales and profits.
Johnson Outdoors (JOUT) disclosed an operating loss of $22.6M for the quarter vs. an operating profit of $13.3M a year ago. Gross profit declined due to lower sales, increased inventory reserves, and unfavorable overhead absorption. EPS was reported at -$1.56 vs. $0.95 a year ago.
“Heading into fiscal year 2024, we’re focused on carefully managing higher-than-normal inventories and improving profitability with a defined cost savings program in place and prudent expense management,” stated Chief Financial Officer said David Johnson. “The balance sheet remains debt-free and our healthy cash position enables us to continue investing in strategic opportunities to strengthen the business and consistently pay dividends to shareholders,” he added.
Shares of Johnson Outdoors (JOUT) fell 11.88% premarket to $48.00 vs. the 52-week trading range of $47.00 to $71.88.
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