Johnson Outdoors Inc. (NASDAQ:JOUT) Q4 2023 Earnings Conference Call December 8, 2023 11:00 AM ET
Company Participants
Pat Penman - Vice President of Marketing Services & Global Communication
Helen Johnson-Leipold - Chairman and Chief Executive Officer
David Johnson - Vice President and Chief Financial Officer
Conference Call Participants
Anthony Lebiedzinski - Sidoti
Operator
Hello, everyone, and welcome to the Johnson Outdoors Fourth Quarter 2023 Earnings Conference Call. Today's call will be led by Helen Johnson-Leipold, Johnson Outdoors Chairman and Chief Executive Officer. Also on the call is David Johnson, Vice President and Chief Financial Officer.
Prior to the question-and-answer session, all participants will be placed in a listen-only mode. After the prepared remarks, the question-and-answer session will begin. [Operator Instructions] This call is being recorded. Your participation implies consent to our recording this call. If you do not agree to these terms, simply drop off the line.
I would now like to turn the call over to Pat Penman from Johnson Outdoors. Please go ahead, Ms. Penman.
Pat Penman
Thank you. Good morning, everyone. Thank you for joining us for our discussion of Johnson Outdoors results for the 2023 fiscal fourth quarter. If you need a copy of today's news release, it is available on our website at johnsonoutdoors.com under Investor Relations.
I also need to remind you that this conference call may contain forward-looking statements. These statements are made on the basis of our current views and assumptions and are not guarantees of future performance. Actual events may differ materially from those statements due to a number of factors, many beyond Johnson Outdoors control. These risks and uncertainties include those listed in our press release and filing with the Securities and Exchange Commission. If you have additional questions following the call, please contact Dave Johnson or me.
It is now my pleasure to turn the call over to Helen Johnson-Leipold.
Helen Johnson-Leipold
Thanks, Pat. Good morning, everyone, and thank you for joining us. I'll begin with an overview of the fiscal year and fourth quarter results and then I'll share perspective on the performance and outlook for our businesses. Dave will review financial highlights and then we'll take your questions.
During fiscal year 2023, we saw the end of the elevated pandemic-driven demand of the past few years. That combined with higher inventory levels at retail led to challenging results for the year. Total company sales declined 11% to $663.8 million, compared to $743.4 million in the prior fiscal year. Net income for the year was $19.5 million, or $1.90 per diluted share, a 56% decline from the prior fiscal year.