Business
Johnson Outdoors Reports Higher Sales and Earnings for Fiscal Year 2019
RACINE, Wis., Dec. 06, 2019 (GLOBE NEWSWIRE) -- Johnson Outdoors Inc. (Nasdaq:JOUT), a leading global innovator of outdoor recreation equipment and
About this update from Johnson Outdoors Inc.
[{"type":"text","content":"RACINE, Wis., Dec. 06, 2019 (GLOBE NEWSWIRE) -- Johnson Outdoors Inc. (Nasdaq:JOUT), a leading global innovator of outdoor recreation equipment and technology, today announced higher revenue and earnings for the 2019 fiscal year ending September 27, 2019. Continued favorable response to new products in Fishing extended into the industry’s seasonally slow fourth quarter driving significantly higher sales and operating profit year-over-year during the quarter. \n FISCAL 2019 HIGHLIGHTS Sustained momentum in FishingImproved performance in CampingEnhanced digital and ecommerce capacityEffective tariff mitigationStable gross marginsStrong cash flowIncreased quarterly dividend to shareholders “Performance this year reflects the value of our sustained focus and investment in delivering the best outdoor recreation experiences possible. Ensuring we are targeting the right consumer with the right product, at the right time, in the right way and at the right price are all critical factors behind continued success. As a result, Fishing has continued on its profitable growth trajectory. Ongoing investment in innovation and digital acceleration across all of our businesses will provide long-term sustainable growth in an increasingly competitive marketplace,” said Helen Johnson-Leipold, Chairman and Chief Executive Officer. FISCAL 2019 RESULTSTotal Company revenue grew 3 percent to $562.4 million versus fiscal 2018 revenue of $544.3 million. Key factors in the year-over-year comparison were: Demand for new products and legacy technologies in Minn Kota® and Humminbird® powered a 5 percent increase in Fishing sales.Positive momentum in the North American diving market was not enough to offset declines in Asian markets and the negative impact of foreign currency.Camping benefitted from continued growth in Jetboil® and improved performance in military tent sales.Overall kayak market weakness masked growth of Old Town® fishing kayak performance. Total Company operating profit was $63.8 million for fiscal 2019, which compared favorably to operating profit of $63.0 million in the prior fiscal year. Exclusions granted during the fourth quarter for certain product components subject to Section 301 tariffs reduced the total impact of tariffs to $2.9 million for fiscal 2019. Gross margins remained steady despite the impact from tariffs. Higher sales-volu...