Johnson Outdoors Full Year 2024 Earnings: Misses Expectations

Johnson Outdoors Inc. (JOUT) reported its fiscal year 2024 earnings on December 10, 2024, missing analysts' expectations. The outdoor recreation equipment and technology company faced challenging market conditions and competitive pressures, leading to a significant decline in sales and profitability.

Total Company revenue fell 11 percent to $592.8 million versus fiscal 2023 revenue of $663.8 million. All segments experienced sales decreases: Fishing (8%), Diving (13%), Camping (17%), and Watercraft Recreation (29%). Gross margin decreased to 33.9 percent in fiscal 2024, compared to 36.8 percent in the prior year.



The company reported an operating loss of ($43.5 million) in fiscal 2024, which compared unfavorably to operating profit of $11.7 million in the prior fiscal year. Net loss for the fiscal year fell to ($26.5 million), or ($2.60) per diluted share, versus net income of $19.5 million, or $1.90 per diluted share, in the last fiscal year.

Helen Johnson-Leipold, Chairman and Chief Executive Officer, stated, "Challenging marketplace conditions and competitive pressures resulted in lower sales and an operating loss for our 2024 fiscal year. In this challenging environment, we invested in resources against our strategic priorities while working hard to drive operational cost savings."

Despite the earnings miss, Johnson Outdoors maintained a strong balance sheet with $162.0 million in cash and investments, a $9.5 million increase from the prior year, with no debt.

The company's performance in fiscal 2024 highlights the challenges faced by outdoor recreation companies in a competitive market. As Johnson Outdoors works to improve its go-to-market strategy and operational efficiencies, investors will be watching to see if the company can return to profitability in the coming years.