JOUT - Johnson Outdoors reels in revenue beat on strong fishing sales

Johnson Outdoors ( NASDAQ: JOUT ) sales impressed analysts as strong fishing demand helped overcome waning interest in camping and watercraft.

For its fiscal first quarter, the Wisconsin-based company posted $0.57 in earnings per share, in-line with expectations. Meanwhile, a 16.2% jump in revenue from the prior year to $178.2M exceeded expectations by $10.75M. Fishing sales were extremely strong, jumping 27% from Q1 2022, helping to offset some weakness in other segments.

The outdoor product manufacturer noted that gross margin contracted 430 basis points from the prior year quarter amid supply chain issues however.

“While we’ve seen improvement in some supply availability, gross margins continue to be negatively impacted by high costs in inventory from supply chain disruptions and inflationary pricing conditions,” CFO David Johnson said. “We remain focused on monitoring demand and managing higher-than-normal inventory levels.”

Inventories levels rose about 15% year over year.

Shares of Johnson Outdoors ( JOUT ) rose 1.99% in premarket trading on light volume.

Read more on the details of the results .

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