Johnson Outdoors ended its financial year on Oct. 1 with a year-on-year increase of 71 percent to $166.6 million in its inventories. The company said it is focused on managing supply chain constraints and related costs, indicating that the demand for its fishing, camping, water recreation and diving products remained strong after a quarter in which its revenues edged up to just $166.3 million from the relatively high level of $164.7 million reached during the year-ago period.
Fishing sales decreased slightly in the fourth quarter to $110.6 million from $113.9 million. Camping revenues climbed to $18.7 million from $15.6 million while sales in water recreation advanced to $16.5 million from $15.7 million. Those for diving grew to $20.5 million from $19.5 million, continuing their recovery and leading to an operating profit for the segment of $1,146,000 from $626,000 a year earlier.
Across the group, the quarterly operating income declined to $13.6 million from $19.5 million a year earlier. At the same time, the gross margin decreased to 41.1 percent from 44.7 percent due to increased tariffs, inbound air freight costs and higher cost of goods sold. Net earnings shrunk to $6.9 million from $15.5 million a year earlier.
The results for the full financial year were much better. Sales grew by 26 percent to $751.7 million for the full year. Operating profit surged by 57 percent to a record $111.3 million, with the diving segment posting a profit of $1,530,000 compared with a loss of $2,576,000 in the prior year. The gross margin decreased to 44.4 percent from 44.6 percent, as higher raw material and freight costs were partially offset by volume efficiencies and a favorable product mix. Net income jumped by 51 percent to $83.4 million., also setting a new record.
Among the business segments, fishing revenues for the full year rose by 23 percent to $553.0 million, while camping grew by 51 percent to $62.9 million. Watercraft recreation revenues jumped by 59 percent to $66.6 million. Diving sales were up by 14 percent to $69.4 million, comparing favorably to the prior fiscal year as markets began to recover from pandemic-related restrictions.
The management said that Johnson’s strong balance sheet and healthy cash position enable the group to invest in strategic opportunities to strengthen the business while consistently paying dividends to shareholders.
