By Johnson Outdoors, the Wisconsin-based company known for its popular products including Old Town canoes and Eureka! tents, has announced lower sales and earnings for the first quarter of its fiscal year. This decline is primarily due to high inventories at retailers and a slowdown in consumer demand across various product categories, such as fishing, camping, and watercraft.
For the three months ended December 29, Johnson Outdoors reported a profit of $3.96 million, or 38 cents per share, compared to $5.88 million, or 57 cents per share, in the same period last year. Sales also experienced a significant decrease of 22%, totaling $138.6 million.
Chief Executive Helen Johnson-Leipold acknowledged the challenging marketplace and attributed the decline in sales to high inventory levels at retail and lower consumer demand. The company saw decreases in sales across all segments with fishing sales dropping by 20%, camping revenue slipping by 49%, watercraft recreation sales being cut in half, and diving sales falling by 8%.
Johnson Outdoors remains committed to navigating these difficult market conditions and finding ways to drive growth in the future.
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