Johnson Outdoors Inc (JOUT) 2024 Q3 法說會逐字稿

Hello, everyone, and welcome to the Johnson Outdoors third 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. (Operator Instructions) This call is being recorded. Your participation implies consent to our recording this call. If you do not agree on these terms, simply drop off the line.

大家好，歡迎參加 Johnson Outdoors 2024 年第三季財報電話會議。今天的電話會議將由 Johnson Outdoors 董事長兼執行長 Helen Johnson-Leipold 主持。副總裁兼財務長 David Johnson 也參加了電話會議。（操作員說明）此通話正在錄音。您的參與即表示您同意我們對此通話進行錄音。如果您不同意這些條款，只需掛斷電話即可。

I'd now like to turn the call over to Pat Penman from Johnson Outdoors. Please go ahead Mr. Penman.

我現在想把電話轉給 Johnson Outdoors 的 Pat Penman。請講，彭曼先生。

Thank you. Good morning and thank you for joining us for our discussion of Johnson Outdoors results for the 2024 fiscal third quarter. If you need a copy of today's news release, it is available on our website at johnsonoutdoors.com under Investor Relations.

謝謝。早安，感謝您加入我們對 Johnson Outdoors 2024 財年第三季業績的討論。如果您需要今天新聞稿的副本，可以在我們的網站 johnsonoutdoors.com 的「投資者關係」下找到。

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.

我還需要提醒您，本次電話會議可能包含前瞻性陳述。這些陳述是根據我們目前的觀點和假設做出的，並不是對未來績效的保證。

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.

由於許多超出 Johnson Outdoors 控制範圍的因素，實際事件可能與這些陳述有重大差異。這些風險和不確定性包括我們的新聞稿和向美國證券交易委員會提交的文件中列出的風險和不確定性。

If you have any 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.

如果您在通話後還有任何其他問題，請聯絡戴夫·約翰遜或我本人。現在我很高興將電話轉給海倫·約翰遜·萊波爾德。

Thanks, Pat. Good morning, everyone, and thank you for joining us. I'll begin by addressing our results and giving perspective on performance, and then I'll share the outlook for the business. Dave will provide more detailed financial review, and then we'll take your questions.

謝謝，帕特。大家早安，感謝您加入我們。我將首先討論我們的結果並給出對績效的看法，然後我將分享業務前景。戴夫將提供更詳細的財務審查，然後我們將回答您的問題。

Sales in our third fiscal quarter ending June 2024 declined 8% to $172.5 million compared to $187 million in the prior year third quarter. Year to date, company sales decreased 14% over last year's fiscal nine month period. And company reported an operating loss of approximately $500,000 for the third quarter compared to an operating profit of $17.4 million in prior year third quarter.

截至 2024 年 6 月的第三季銷售額下降 8%，至 1.725 億美元，而去年第三季的銷售額為 1.87 億美元。今年迄今為止，公司銷售額比去年財年的 9 個月下降了 14%。該公司報告第三季營運虧損約 50 萬美元，而去年第三季營運利潤為 1,740 萬美元。

For the year-to-date period, total company operating loss declined to approximately $700,000 compared to an operating profit of $34.3 million for the prior year to date periods.

今年迄今，公司總營業虧損下降至約 70 萬美元，而去年同期營業利潤為 3,430 萬美元。

Net income for the third quarter was $1.6 million, or $0.16 per diluted share, versus $14.8 million or $1.47 per diluted share in the previous year's third quarter.

第三季淨利為 160 萬美元，即稀釋後每股收益 0.16 美元，而去年第三季淨利為 1,480 萬美元，即稀釋後每股收益 1.47 美元。

Net income during the fiscal nine month period was $7.7 million, or $0.75 per diluted share, versus $35.5 million or $3.47 per diluted share in the prior fiscal year-to-date period.

九個月財年期間的淨利潤為 770 萬美元，即稀釋後每股收益 0.75 美元，而上一財年至今期間的淨利潤為 3,550 萬美元，即稀釋後每股收益 3.47 美元。

Continued tough marketplace conditions significantly impacted our results for the quarter. Consumer demand for outdoor recreation products remains depressed across all of our categories through the peak season. The down market and soft demand required us to significantly increase our investment in promotional activity.

持續嚴峻的市場環境嚴重影響了我們本季的業績。在整個旺季，消費者對我們所有類別的戶外休閒產品的需求仍然低迷。市場低迷和需求疲軟要求我們大幅增加促銷活動的投資。

As we continue to operate in this challenging environment, we do believe the outdoor recreation marketplace is resilient and attractive both long term and that our brands will be well positioned once conditions start to even out.

隨著我們繼續在這個充滿挑戰的環境中運營，我們確實相信戶外休閒市場從長遠來看具有彈性和吸引力，一旦情況開始趨於平穩，我們的品牌將處於有利地位。

We've been evaluating all aspects of the business to improve our financial results as well as working to redeploy resources to enable growth for the future, improving profitability and strengthening our business operations remains a critical focus area.

我們一直在評估業務的各個方面，以改善我們的財務業績，並努力重新部署資源以實現未來的成長，提高獲利能力和加強我們的業務營運仍然是一個關鍵的重點領域。

We've been working hard to reduce inventory to more normal levels, although progress has been limited by the lower consumer demand. We are expanding our cost-savings actions and evaluating our cost structure for additional efficiency opportunities.

我們一直在努力將庫存減少到更正常的水平，儘管進展受到消費者需求下降的限制。我們正在擴大成本節約行動，並評估我們的成本結構以獲得額外的效率機會。

While we have seen some progress from these efforts, we have a lot more work to do to boost our margins and improve our financial performance. As we work to reduce costs and increased efficiency where possible, we will invest in mission critical initiatives to drive growth, including innovation, digital and e-commerce capabilities.

雖然我們從這些努力中取得了一些進展，但我們還有很多工作要做，以提高利潤率並改善財務表現。在我們努力盡可能降低成本和提高效率的同時，我們將投資於推動成長的關鍵任務計劃，包括創新、數位和電子商務能力。

Innovation has always been key to our success and continues to be imperative to winning in an outdoor recreation. Marketplace that has been changing at a rapid pace, creating consumer focused products and technology that delivers the best outdoor experiences possible across all of our categories is a strategic priority, and we are working on a pipeline of new products to drive success.

創新一直是我們成功的關鍵，並且仍然是戶外休閒活動中獲勝的必要條件。市場瞬息萬變，創造以消費者為中心的產品和技術，為我們所有類別提供最佳戶外體驗是我們的策略重點，我們正在開發一系列新產品以推動成功。

Enhancing our digital and e-commerce capability is one key priority as our online presence provides key consumer touch point for our brands from product research to purchase to post-purchase support.

增強我們的數位和電子商務能力是一項關鍵優先事項，因為我們的線上業務為我們的品牌提供了從產品研究到購買再到售後支援的關鍵消費者接觸點。

Our investments in e-commerce and digital sophistication is important to the future of all of our brands and businesses. We are confident this will be a meaningful contributor to accelerating our growth and profitability.

我們對電子商務和數位技術的投資對於我們所有品牌和業務的未來都很重要。我們相信，這將為加速我們的成長和獲利能力做出有意義的貢獻。

While this fiscal year is challenging, we are working hard to improve our financial performance and are committed to investments in revenue and operating initiatives that will position our brands for long-term growth. We feel good about the long-term opportunity of the business, and we are confident that we'll see benefits from these investments in the future.

儘管本財年充滿挑戰，但我們正在努力改善財務業績，並致力於對收入和營運計劃進行投資，這將使我們的品牌實現長期成長。我們對這項業務的長期機會感到滿意，並相信我們將來會從這些投資中看到收益。

Now I'll turn the call over to Dave for more details on the financials.

現在我將把電話轉給戴夫，以了解更多有關財務狀況的詳細資訊。

Thank you, Helen. good morning, everyone. I wanted to highlight a few items from the quarter. Profits of the third quarter were impacted by lower sales volumes, as well as ongoing investment in promotional activity. While we're gaining efficiency benefits and cost savings in our operations, this was offset by lower overhead absorption and product mix.

謝謝你，海倫。大家早安。我想強調本季的一些項目。第三季的利潤受到銷售下降以及促銷活動持續投資的影響。雖然我們在營運中獲得了效率優勢和成本節約，但這被較低的管理費用吸收和產品組合所抵消。

Operating expenses increased 4% or $2.2 million versus the prior year quarter, due primarily to increased advertising and promotional spending, partially offset by lower sales volumes between quarters. As Helen mentioned, we are expanding our cost-savings efforts across all aspects of the business as it's critical that we improve our financial profile. We'll update you on our progress next quarter.

營運支出較上年同期成長 4%，即 220 萬美元，主要是由於廣告和促銷支出增加，但部分被各季度銷售下降所抵消。正如海倫所提到的，我們正在業務的各個方面擴大成本節約工作，因為改善我們的財務狀況至關重要。我們將在下個季度向您通報最新進展。

We've been working hard to reduce our inventory back to more normal levels, although lower consumer demand has hindered progress.

儘管消費者需求下降阻礙了進展，但我們一直在努力將庫存減少到更正常的水平。

Our inventory balance as of June was $223 million, down about $12 million from last year's June quarter and down $26 million from March. We expect some inventory reductions through the balance of the fiscal year.

截至 6 月份，我們的庫存餘額為 2.23 億美元，比去年 6 月份季度減少了約 1,200 萬美元，比 3 月份減少了 2,600 萬美元。我們預計本財年剩餘時間庫存將減少。

Our balance sheet continues to have no debt and our cash position enables us to invest in opportunities to strengthen the business. We remain confident in our ability to deliver long-term value and consistently pay our cash dividends to our shareholders.

我們的資產負債表仍然沒有債務，我們的現金狀況使我們能夠投資於加強業務的機會。我們對創造長期價值並持續向股東支付現金股利的能力充滿信心。

Now I'll turn the call over to the operator for the Q&A session. Operator?

現在我將把電話轉給接線員進行問答環節。操作員？

(Operator Instructions)

（操作員說明）

Anthony, Sidoti.

安東尼，西多蒂。

Good morning, and thank you for taking the questions. So Dave, I know you touched on the lower sales volumes impacting the quarter. Can you also comment about pricing, whether that was a factor in the quarterly sales decline.

早上好，感謝您提出問題。戴夫，我知道您談到了影響本季的銷量下降。您能否評論一下定價，這是否是季度銷售下降的因素。

In that, not really. We've done some discounting in the marketplace. So a price increases we take have been offset by the discounting we've done to shore up our position in the marketplace.

在那方面，並非如此。我們在市場上做了一些折扣。因此，我們採取的價格上漲已被我們為鞏固市場地位而進行的折扣所抵消。

Understood. Okay. And then what was the impact of increased advertising spending in the promotional activity for operating expenses?

明白了。好的。那麼促銷活動中廣告支出的增加對營運費用有何影響呢？

Yeah, I've got that number. It's for the quarter at promo increased about $4.5 million versus last year's quarter.

是的，我有那個號碼。本季的促銷費用比去年同期增加了約 450 萬美元。

Okay. Got you. Okay. That's helpful. Okay. And then as far as inventory levels at retail, what is your sense of that as far as what's going on there? Are you seeing also just retailers being more careful with replenishments? How should we think about that?

好的。明白你了。好的。這很有幫助。好的。那麼就零售庫存水準而言，您對那裡發生的情況有何看法？您是否也看到只有零售商在補貨方面更加謹慎？我們該如何思考這個問題？

I think the retail inventory situation is getting better, but we still see, our retailers being very conservative on the purchasing end of things and, trying to maintain a pretty conservative level of inventory going forward.

我認為零售庫存情況正在好轉，但我們仍然看到，我們的零售商在採購方面非常保守，並試圖在未來保持相當保守的庫存水準。

Understood. Okay. And then can you also just talk about a little bit more about the cost savings actions that you have taken so far, what was the impact of that in the June quarter? And what else are you planning to do in terms cost efficiencies?

明白了。好的。然後您能否再多談談您迄今為止所採取的成本節約行動，這些行動對六月季度的影響是什麼？在成本效率方面您還計劃做什麼？

Yeah, I mean, the focus historically, over this year has been on the factories and the operations and getting efficiencies out of that investment. That's borne some fruit for us has been good. It has helped offset some of the absorption issues we're seeing with the lower volume. So in that it's been so successful for us.

是的，我的意思是，從歷史上看，今年的焦點一直是工廠和營運以及從投資中提高效率。這對我們來說已經取得了一些成果，這是好的。它有助於抵消我們在較低體積中看到的一些吸收問題。所以這對我們來說非常成功。

And we're going to look everywhere going forward and we're going to we're going to trying to find more efficiencies and trying to drive that margin even further kind of across the board, while we continue to invest in what's important for us.

我們將放眼未來，我們將努力尋找更高的效率，並努力全面提高利潤率，同時繼續投資對我們來說重要的事情。

Okay. Thanks That sounds good. And then I guess the last question here for me. You talked about investing in revenue and profit generating activities. I know you've always had a strong focus on innovation. It sounds like you do have some things in the pipeline as far as new products.

好的。謝謝 聽起來不錯。然後我想對我來說最後一個問題。您談到了投資於創收和盈利活動。我知道您一直都非常注重創新。聽起來你們確實有一些新產品正在醞釀中。

Can you give us any sense of that as to like what -- I know for competitive reasons, I'm sure you don't want to discuss too many details, but the can you just kind of talk about like, maybe as far as the magnitude of new product introductions, is that greater than what you've seen recently or maybe other things that you're looking to do to drive the on the top line to be in better shape in fiscal '25?

你能否給我們任何關於喜歡什麼的感覺——我知道出於競爭原因，我確信你不想討論太多細節，但你能不能只是談論一下，也許就新產品推出的規模是否比您最近看到的更大，或者您希望採取其他措施來推動25 財年的營收狀況更好？

We don't give details obviously on the future related to new product, but the whole area of innovation has been a key focus for us and is really our lever to differentiate ourselves. I think the market is changing, it's positive, I think because the consumer, is got some different needs and different motivations, which opens up the door for innovation.

我們沒有明確提供與新產品相關的未來細節，但整個創新領域一直是我們的重點關注點，也是我們脫穎而出的槓桿。我認為市場正在發生變化，這是積極的，我認為因為消費者有一些不同的需求和不同的動機，這為創新打開了大門。

So all I can say that's been our key leadership in the past, and it's going to be our key going forward. And we feel good about the long term and feel good about our ability to understand the consumer and to be there with the right new products.

所以我只能說，這是我們過去的關鍵領導力，也將是我們未來的關鍵。我們對長期發展感到滿意，對我們了解消費者並提供合適的新產品的能力感到滿意。

Got you. Okay. Well, thank you very much and best of luck.

明白你了。好的。嗯，非常感謝你，祝你好運。

Okay. Thank you.

好的。謝謝。

Thank you. I'm showing no further questions at this time. I'd like to turn it back to Helen Johnson-Leipold for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。我想請海倫·約翰遜·萊波爾德（Helen Johnson-Leipold）致閉幕詞。

Thank you for joining us today. I hope everybody has a great rest of the day. Thank you.

感謝您今天加入我們。我希望每個人都度過愉快的一天。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。