Johnson Outdoors reports Q3 EPS 16c vs. $1.44 last year

Reports Q3 revenue $172.5M vs. $187.0M last year. “Challenging marketplace conditions, primarily due to lower consumer demand for outdoor recreation products and heavy promotional activity, have impacted our performance. As a result, we are evaluating all aspects of the business to improve our financial results and are working to redeploy resources to enable growth for the future. While we are expanding our cost savings actions to boost our margins and continuing to work on reducing inventory levels, we are committed to investing in revenue and profit-generating initiatives in innovation and digital and ecommerce capabilities to position Johnson Outdoors for long-term marketplace success. Our debt-free balance sheet and cash position continue to enable us to invest in strategic priorities to strengthen our brands and the business,” said CEO Helen Johnson-Leipold. “Profits remain impacted by lower sales volumes and our ongoing investment in promotional activity. Additionally, while we’ve been improving our inventory levels, progress has been slowed by the decreased demand,” said CFO David Johnson. “As we execute against both short-term and long-term cost savings opportunities for the company, we remain confident in our ability and plans to create long-term value and consistently pay dividends to shareholders.”