Johnson Outside studies file 12 months for 2021

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Johnson Outdoors Inc., a global innovator of outdoor recreational equipment and technology, announced higher sales and earnings for fiscal year ending October 1, 2021.

Continued high demand for fishing, camping and water sports products resulted in a 26% increase in sales as operating profit increased 56.6% and net profit increased 51% year over year. Fourth quarter net sales rose slightly above the unprecedented results of the prior-year quarter.

“Johnson Outdoors had an exceptional year, fueled by people’s continued interest in spending time outdoors. Fishing, camping and water sports had strong sales in all four quarters, while the diving industry rebounded in the third and fourth fiscal years. While persistent global supply chain disruptions continue to be a challenge, we are pleased with our results and the hard work our people have worked to keep meeting demand and delivering the best possible outdoor experiences, ”said Helen Johnson-Leipold, Chairman and Chief Executive Officer. “Looking ahead, we continue to focus on our key strategic drivers – understanding our consumers, maintaining innovation leadership, identifying new sources and growth paths in our markets, and continually optimizing our digital consumer experience – to ensure that our portfolio market-leading brands well positioned for success. “

RESULTS OF BUSINESS 2021

Total revenue for the company increased 26% to $ 751.7 million compared to revenue of $ 594.2 million in fiscal 2020. Significant factors year over year were:

  • Fisheries sales increased 23% due to continued demand across all product lines
  • Camping grew 51% due to higher sales in both Jetboil and Eureka
  • Watercraft Recreation sales rose 59% due to continued high demand across all product categories, including the Sportsman line
  • Dive sales were up 14% compared to the previous fiscal year as markets began to recover from pandemic restrictions

The company’s total operating profit for fiscal 2021 was $ 111.3 million, compared to operating profit of $ 71.1 million for the previous fiscal year. Despite higher raw material and freight costs, gross margins only decreased slightly due to volume efficiencies and a favorable product mix. Operating expenses increased $ 28.9 million year over year, mainly due to volume related expenses, but decreased as a percentage of sales compared to fiscal 2020.

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Net income for the fiscal year improved to $ 83.4 million, or $ 8.21 per diluted share, a 51 percent improvement over $ 55.2 million, or $ 5.47 per diluted share last fiscal year. The effective tax rate was 26.2 percent compared to 25.1 percent in the previous year.

FOURTH QUARTER RESULTS

The company’s net revenue for the fourth quarter of fiscal year totaled $ 166.3 million, an increase over the strong fourth quarter revenue of the prior year. Operating income of $ 13.6 million for the fourth quarter of the current year was down from $ 19.5 million in the fourth quarter of last year. The gross margin declined compared to the same quarter of the previous year due to higher tariffs, incoming air freight costs and higher manufacturing costs. Operating expenses rose slightly due to higher sales-related expenses, but as a percentage of net sales remained at the level of the same quarter of the previous year. Net income for the fourth quarter was $ 6.9 million compared to $ 15.5 million in fiscal 2020.

“As FY 2022 begins, we will continue to focus on managing the ongoing global supply chain pressures and associated logistics constraints that are affecting our industry and the market. We maintain above average inventory levels to meet demand for our products and we expect margins to be affected in the short term by pressures on our supply chain, ”said David W. Johnson, Chief Financial Officer. “It is important that our balance sheet and healthy liquidity position enable us to invest in strategic opportunities to strengthen the business and at the same time pay dividends to shareholders.”