Outdoor financials: Johnson Outdoors’ Q4 sales down 20 percent, plus Dick’s Sporting Goods, Hibbett
Johnson Outdoors’ Q4 sales dropped 20 percent, Dick's Sporting Goods' Q3 profit more than tripled, and Q3 profit rose 15 percent for Hibbett Sports.
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Johnson Outdoors’ Q4 sales down 20 percent
Despite narrowing its loss, Johnson Outdoors (Nasdaq: JOUT) saw its fourth-quarter sales plummet 20 percent.
For the quarter ended Oct. 2, its loss from continuing operations was $14.2 million, or $1.55 per diluted share, compared to a loss of $73.5 million, or $8.07 per diluted share, in the same quarter last year.
Total net sales for the quarter declined 20 percent to $65.3 million compared with $81.8 million for the year-ago period.
Although restructuring costs accounted for more than half of the reported operating loss in the fourth quarter, cost-savings helped offset the impact of declining sales on profitability during the period, according to the company.
Interest expense for the fourth quarter increased $1.1 million over the prior year quarter due to charges incurred as the company exited a prior debt agreement. In the previous year’s quarter, the Johnson Outdoors recorded a non-cash deferred tax valuation allowance of $29.5 million.
Watercraft sales were down 31.1 percent: $11.2 million versus $16.2 million last year. The company said the decline was a result of lower end-of-season demand and scaled-back distribution in non-core channels.
Outdoor equipment sales dropped 11.5 percent to $8.8 million compared to $9.9 million last year. It said growth in consumer camping was unable to offset continued declines in the military and commercial segments.
Marine electronics fell 25.2 percent to $22.0 million versus $29.5 million, while diving revenue dropped 10.4 percent to $23.2 million from $25.9 million.
For FY ‘09, total net sales were $356.5 million versus $420.8 million in fiscal 2008, a decrease of 15.3 percent. Loss from continuing operations for the year was $9.7 million, or $1.06 per diluted share, versus a loss of $68.5 million, or $7.53 per diluted share, in the prior year.
Johnson Outdoors is parent of Old Town, Ocean Kayak and Necky, among others.
Dick’s Sporting Goods Q3 profit more than triples
Dick’s Sporting Goods’ (NYSE: DKS) third-quarter profit more than tripled, as the prior year’s results were hindered by higher expenses.
Dick’s earned $18.9 million, or $0.16 per share, versus $6.2 million, or $0.05 per share, a year earlier. It noted that the previous year’s results included $3.1 million in merger and integration costs, as well as higher pre-opening expenses of $7.5 million compared with $4.6 million in those expenses for the current quarter.
Sales for the period ended Oct. 31 increased 7 percent to $989.8 million from $924.2 million as same-store sales climbed 1.9 percent. The retailer said sales were up on new store openings and the addition of e-commerce sales.
Dick’s raised its full-year adjusted profit guidance to a range of $1.04 to $1.09 per share from a range of $1.02 to $1.07 per share. For the fourth quarter, it expects earnings of $0.41 to $0.46 per share.
Q3 profit up 15 percent for Hibbett Sports
Hibbett Sports (Nasdaq: HIBB) posted a 15-percent rise in profit as sales increased and gained better control of inventory and expenses.
For the quarter ended Oct. 31, it earned $8.8 million, or $0.30 per share, up from the $7.7 million, or $0.26 per share, a year earlier.
Revenue rose 4 percent to $145.9 million from $140.1 million. Same-store sales fell 0.2 percent.
Looking ahead, the company raised its 2010 profit forecast to a range of $0.95 to $1.02 per share from $0.85 to $0.95 per share.
Hibbett authorized $250 million in share buybacks to be completed by Feb. 2, 2013. That program replaces one that was to expire Jan. 30, 2010, under which the company bought back $167 million in shares.
–Compiled by Wendy Geister
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