Johnson Outdoors Inc.’s stock
JOUT,
tumbled 19% early Friday, after the maker of outdoor recreation equipment and technology posted a bigger-than-expected fiscal fourth-quarter loss and sales that missed estimates. “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 for our 2023 fiscal year. Our fiscal fourth quarter was particularly impacted by significantly slower demand,” CEO Helen Johnson-Leipold said in a statement. The Racine, Wisconsin-based company posted a net loss of $16 million, or $1.56 a share, for the quarter to Sept. 29, after income of $9.7 million, or 95 cents a share, in the year-earlier period. Sales fell to $96.3 million from $196.4 million a year ago. The FactSet consensus was for a loss of 32 cents a share and sales of $121.0 million. “Heading into fiscal 2024, we are working hard to outperform the challenging marketplace and improving our profitability profile,” said Johnson-Leipold. The stock has fallen 18% in the year through Thursday’s close, while the S&P 500
SPX,
has gained 19.4%.
