Shares of Johnson Outdoors (NASDAQ:JOUT), an outdoor recreation equipment and technology provider, crashed in pre-market trading after its Q4 results disappointed investors. Earnings came in at -$1.56 per share compared to $0.95 per share in the same period last year. This loss was wider than analysts’ expectations of -$0.32 per share.
The company’s sales more than halved in Fiscal Q4 to $96.3 million, far below analysts’ estimates of $121.0 million.
Helen Johnson-Leipold, Johnson Outdoors’ Chairman and CEO, commented, “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.”
The company’s management added that its fourth quarter was “particularly impacted by significantly slower demand.” While the company did not issue an outlook for FY24, it stated that it was “working hard to outperform the challenging marketplace” and improve its profitability profile.
How Has JOUT Stock Performed This Year?
While no analysts have covered JOUT stock over the past three months, it has not performed well this year. JOUT stock has declined by more than 17% year-to-date.
