Johnson Outdoors today reported a 24% gain in sales of US$116.6m for its first quarter ended December 31, 2017. Its net income was US$235,000 compared to US$4.1m a year ago.
The company said that it saw 33% gains in its Fishing categories for sales of US$88.9m for the quarter. It said that tightened retail inventory levels in its Watercraft Recreation division pushed sales down in that category. Sales in that division fell to US$4.3m from US$6.2m a year ago.
"We're pleased by the strong start to the year, particularly pre-season performance in Fishing and Diving which highlight the importance of our ongoing focus on innovation, said Helen Johnson-Leipold, chairman and CEO, in a statement. “Continued progress in our work to reposition Eureka for the future and taking actions to strengthen efficiency in Watercraft Recreation are key priorities in the face of very challenging market conditions."
The company reported cash of US$78.3m compared to US$38.9m a year ago. Capital spending increased to US$6.5m in the current quarter versus US$2.7m a year ago, due to strategic investment in systems upgrades and digital transformation.