Johnson Outdoors Inc. (NASDAQ:JOUT) Q1 2024 Earnings Conference Call February 2, 2024 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

Operator

Hello, everyone, and welcome to the Johnson Outdoors First Quarter 2024 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, and thank you for joining us for our discussion of Johnson Outdoors results for the 2024 fiscal first 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 filings with the Securities and Exchange Commission. If you have additional questions following the call, please contact Dave Johnson or myself.

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 our first quarter results, then I'll share perspective on the performance and outlook for our businesses. Today, we'll review financial highlights, and then we'll take your questions.

Sales in our first fiscal quarter ending December, 2023 declined 22% to $138.6 million compared to $178.3 million in the prior year first quarter. Net income for the quarter was $4 million, or $0.38 per diluted share, versus $5.9 million, or $0.57 per diluted share in the previous year's first quarter. Our first quarter results are significantly impacted by high inventory levels at retail and slower consumer demand. In this challenging marketplace, we are investing in consumer marketing programs to reinforce the strengths of our brands, support new product launches, and to stimulate increased demand.