Johnson Outdoors Inc. (JOUT Quick QuoteJOUT - Free Report) reported mixed results for the first quarter of fiscal 2025 (ended Dec. 27, 2024). It incurred a quarterly loss, which is wider than the Zacks Consensus Estimate and last year’s reported value. Quarterly net sales surpassed the consensus mark but declined year over year.

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The quarterly results reflect negative impacts of the ongoing market challenges, a cautious retail and trade channel environment, and competitive pressures, leading to weaker demand for the company’s outdoor recreation products. These lower sales pressures were reflected from the dismal year-over-year contributions from the Fishing, Camping & Watercraft Recreation and Diving segments.

Also, lower sales volume and unfavorable product mix hurt the quarter’s bottom line despite the company’s cost-saving initiatives.

Following the results, the JOUT stock lost 9% during the trading session and inched down 0.5% in the after-hours on Monday.

JOUT’s Earnings & Revenue Discussion

The company reported a quarterly loss per share of $1.49, wider than the Zacks Consensus Estimate of a loss per share of $1.30. In the prior-year quarter, the company reported earnings per share of 38 cents.

Net sales of $107.6 million surpassed the consensus mark of $105 million by 2.8% but declined 22% year over year.

Johnson Outdoors’ Segmental Discussion

Fishing: This segment’s net sales declined 25% year over year to $82.5 million. The downtrend was due to challenging consumer and trade dynamics, increased competitive pressure and strong sell-in of new products in last year's quarter.

This segment reported an operating loss of $8.3 million against an operating profit of $11.5 million in the year-ago quarter.

Camping & Watercraft Recreation: The segmental net sales declined year over year to $9.5 million from $10.7 million. The downturn was attributable to declines in overall consumer demand for products in this market, primarily in the overall kayak industry.

This segment reported an operating loss of $0.6 million compared with a loss of $1.7 million in the year-ago quarter.

Diving: This segment’s net sales declined year over year by 10% to $15.7 million from $17.5 million. The decline was mainly due to continued soft market demand across all geographic regions.

This segment reported an operating loss of $0.9 million compared with a loss of $0.6 million in the year-ago quarter.

Operating Highlights & Expenses of JOUT

During the quarter, JOUT’s gross profit declined to $32.2 million from $52.9 million reported a year ago. The gross margin also contracted 820 basis points (bps) year over year to 29.9%. The downtrend was caused by unfavorable overhead absorption as a result of lower sales volumes, promotional pricing on end-of-life products and changes in product mix toward lower-margin products between quarters.

Operating expenses during the quarter were $52.4 million, marginally down from $52.8 million reported a year ago. The company reported an operating loss of $20.2 million against an operating profit of $0.05 million in the year-ago period.

JOUT’s Balance Sheet

As of Dec. 27, 2024, Johnson Outdoors’ cash and cash equivalents amounted to $95.3 million, down from $145.5 million as of fiscal 2024-end.

Inventories as of the quarter end were $201.6 million compared with $209.8 million reported at the end of fiscal 2024.

JOUT’s Zacks Rank & Recent Consumer Discretionary Releases

Johnson Outdoors currently has a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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