Q3 2024 Johnson Outdoors Inc Earnings Call Transcript
Key Points
- Johnson Outdoors Inc (JOUT) reported a net income of $1.6 million for the third quarter.
- The company has no debt and maintains a strong cash position, enabling continued investment in growth opportunities.
- Efforts to reduce inventory have shown progress, with a $26 million reduction from March to June.
- Johnson Outdoors Inc (JOUT) is committed to innovation and has a pipeline of new products to drive future success.
- The company is enhancing its digital and e-commerce capabilities, which are expected to contribute to growth and profitability.
- Sales declined 8% in the third quarter to $172.5 million compared to the prior year.
- Year-to-date sales decreased by 14%, reflecting ongoing market challenges.
- The company reported an operating loss of approximately $500,000 for the third quarter, compared to an operating profit of $17.4 million in the prior year.
- Net income for the fiscal nine-month period was significantly lower at $7.7 million, compared to $35.5 million in the previous year.
- Increased advertising and promotional spending impacted operating expenses, which rose by 4% or $2.2 million.
Hello, everyone, and welcome to the Johnson Outdoors third quarter 2024 earnings conference call. Today's call will be led by Helen Johnson-Leipold, Johnson Outdoors, Chairman and Chief Executive Officer. Also on the call is David Johnson, Vice President and Chief Financial Officer. (Operator Instructions) This call is being recorded. Your participation implies consent to our recording this call. If you do not agree on these terms, simply drop off the line.
I'd now like to turn the call over to Pat Penman from Johnson Outdoors. Please go ahead Mr. Penman.
Thank you. Good morning and thank you for joining us for our discussion of Johnson Outdoors results for the 2024 fiscal third quarter. If you need a copy of today's news release, it is available on our website at johnsonoutdoors.com under Investor Relations.
I also need to remind you that this conference call may contain forward looking statements. These statements are made on the basis of
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