Angling helps Johnson Outdoors deliver record operating profits

Johnson Outdoors has announced higher revenue and earnings for the year ending October 1st, 2021 and record operating profits.

Continued high demand for products in fishing, camping and watercraft recreation propelled a 26% increase in sales as operating profit grew 56.6% and net income rose 51% over the prior fiscal year. Fourth quarter net sales rose slightly above last year’s unprecedented results.  

“Johnson Outdoors had an exceptional year, driven by people’s continued interest in spending time outdoors. Fishing, camping and watercraft recreation saw strong sales during all four quarters, with diving beginning to recover in the third and fourth fiscal quarters. While ongoing global supply chain disruptions remain challenging, we’re pleased with our results and our employees’ hard work to continue to meet demand and deliver the best outdoor experiences possible,” said Helen Johnson-Leipold, Chairman and Chief Executive Officer.

“Looking ahead, we remain focused on our key strategic drivers — understanding our consumers, sustaining innovation leadership, identifying new sources and paths of growth in our markets, and continually optimising our digital consumer experience — to ensure our portfolio of market-leading brands is well-positioned for success.” 

2021 highlights:
• Ongoing strong consumer demand in fishing, camping and watercraft recreation;
• Innovation and new product success;
• Record operating profits and net income;
• Strong, debt-free balance sheet;
• Increased quarterly dividend to shareholders of 43%.

2021 results:
• Total company revenue grew 26% to $751.7 million against 2020 revenue of $594.2 million. Key factors in the year-over-year comparison were:
– Fishing revenue increased 23% due to continued demand across all product lines;
– Watercraft Recreation sales rose 59% due to continued high demand across all product categories;
• Total company operating profit was $111.3 million in 2021, which compared to operating profit of $71.1 million in the year before.
• Despite higher raw material and freight costs, gross margins only dipped slightly due to volume efficiencies and favorable product mix.
• Total company net sales in the fourth quarter were $166.3 million, an increase from the prior fiscal year’s strong fourth quarter sales. Operating profit of $13.6 million in the current year fourth quarter declined from $19.5 million in the prior year fourth quarter.

Gross margin declined from the last comparable year quarter due to increased tariffs, inbound air freight costs and higher cost of goods sold. “Heading into the fiscal year 2022, we remain focused on managing ongoing global supply chain pressures and related logistics constraints affecting our industry and the marketplace. We’re maintaining higher-than-normal inventory levels to meet demand for our products and we expect near-term margins to be impacted by the pressure on our supply chain,” said David W. Johnson, Chief Financial Officer. “Importantly, our balance sheet and healthy cash position enables us to invest in strategic opportunities to strengthen the business, while consistently paying dividends to shareholders.”