Johnson Outdoors Inc (JOUT) 2026 Q1 法說會逐字稿

Hello, everyone, and welcome to the Johnson Outdoors first quarter 2026 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.

大家好，歡迎參加Johnson Outdoors 2026年第一季財報電話會議。本次會議將由Johnson Outdoors董事長兼執行長Helen Johnson-Leipold主持。副總裁兼財務長David Johnson也將出席會議。

(Operator Instructions) The call is being recorded your participant implies consent to our recording this call. If you do not agree to these terms, simply drop off the line.

（操作員說明）通話正在錄音，您的參與即表示同意我們錄音。如果您不同意這些條款，請掛斷電話。

I would now like to turn the call over to Pat Penman from Johnson Outdoors. Please go ahead, Ms. Penman.

現在我將把電話轉給約翰遜戶外用品公司的帕特·彭曼女士。請您發言，彭曼女士。

Good morning, and thank you for joining us for our discussion of Johnson Outdoors results for the 2026 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.

早安，感謝您參加本次關於Johnson Outdoors 2026財年第一季業績的討論會。如果您需要今天的新聞稿，請訪問我們的網站johnsonoutdoors.com，在「投資者關係」欄位下查看。

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.

我還需要提醒各位，本次電話會議可能包含前瞻性陳述。這些陳述是基於我們目前的觀點和假設，並不構成對未來績效的保證。

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. If you have additional questions following the call, please contact Dave Johnson or myself.

由於諸多因素（其中許​​多因素超出Johnson Outdoors的控制範圍），實際情況可能與上述聲明有重大差異。這些風險和不確定性包括我們在新聞稿和提交給美國證券交易委員會的文件中列出的風險和不確定性。如果您在電話會議後有任何其他疑問，請聯絡Dave Johnson或我本人。

It is now my pleasure to turn the call over to Helen Johnson-Leipold.

現在我很高興將電話轉交給海倫·約翰遜-萊波爾德。

Good morning, everyone. I'll be given by sharing perspective on our start to fiscal 2026 as well as an update on the strategic priorities for our businesses. Dave will review the financial highlights, and then we'll be happy to take your questions.

大家早安。我將分享我們對2026財年開局的展望，以及我們各項業務策略重點的最新進展。 Dave將回顧財務亮點，之後我們將樂於回答大家的問題。

In the first quarter of fiscal 2026, we saw markets stabilize and solid reception to our new products. That combination helped drive double-digit growth in the quarter, which is encouraging given that this quarter is typically a slower period as we ramp up for the primary selling season. Additionally, the ongoing hard work we've been doing to improve our profitability has been showing results.

在2026財年第一季度，我們看到市場趨於穩定，新產品也獲得了良好的市場反應。這一利好因素推動了本季兩位數的成長，考慮到通常情況下，第一季是銷售淡季，我們需要為主要銷售旺季做準備，這樣的成長令人鼓舞。此外，我們為提升獲利能力所做的持續努力也已初見成效。

Our operating loss for this first quarter was much improved versus the prior year quarter. While there are still uncertainties in the broader environment, we're encouraged by how the fiscal year has started and feel good about the execution of our plans to accelerate the growth of our business in brands.

與去年同期相比，我們第一季的營業虧損大幅改善。儘管整體環境仍存在諸多不確定因素，但我們對本財年的開局感到鼓舞，並對加速品牌業務成長計畫的執行充滿信心。

Starting with Fishing, both our Minn Kota and Hummingbird brands delivered solid performance in the quarter, with the category benefiting from improved trade dynamics. Demand remains strong for Hummingbird's explorer series and MEGA Live 2 fish binders, which launched last fiscal year, and we saw healthy demand across encodes full lineup of trolling motors.

以釣魚產品為例，Minn Kota 和 Hummingbird 兩大品牌本季皆表現穩健，此品類受惠於貿易環境的改善。 Hummingbird 的 Explorer 系列和上財年推出的 MEGA Live 2 魚餌盒需求依然強勁，而我們旗下所有電動拖釣馬達產品線也都呈現良好的市場需求。

Turning next to Camping and Watercraft. This is an area where our investments in digital and e-commerce are really paying off across Jetboil and Old Town, we've been focused on meeting consumers where they are, which is online and making it easier for them to discover and purchase our products.

接下來我們來看看露營和水上運動用品。在這個領域，我們對Jetboil和Old Town在數位化和電子商務方面的投資確實取得了顯著成效。我們一直致力於在消費者聚集的線上平台與他們互動，讓他們更容易發現並購買我們的產品。

These efforts helped drive growth in the quarter. Both Oldtown and Jetboil remain strong leaders in their respective markets. Jetboil continues to see strong demand for its fast oil cooking systems, which has exceeded our expectations.

這些舉措推動了本季的成長。 Oldtown 和 Jetboil 各自在市場中仍保持領先地位。 Jetboil 的快速油煮系統需求持續強勁，超出了我們的預期。

Finally, in diving, improved conditions across the global markets and our innovation helped drive an increase in sales for the quarter, we continue to see positive momentum for SCUBAPRO's new HydrosPro product that we began shipping in December, HydrosPro 2 builds on the award winning legacy of our original Hydros Pro incorporating meaningful innovation of comfort, fit and performance needed in the buoyancy control device.

最後，在潛水領域，全球市場狀況的改善和我們的創新推動了本季銷售額的成長，我們繼續看到 SCUBAPRO 的新產品 HydrosPro 的積極勢頭，該產品於 12 月開始發貨。 HydrosPro 2 在我們屢獲殊榮的初代 HydrosPro 的基礎上，融入了浮力控制裝置所需的舒適性、貼合性和性能方面的重大創新。

Digital engagement is becoming increasingly important in diving as well from educating drivers on new technologies to supporting dealers with better digital tools and active. We see this as another opportunity to strengthen the connection between our products, our retail partners and consumers.

在潛水領域，數位互動的重要性日益凸顯，從向駕駛者普及新技術到為經銷商提供更先進的數位化工具和更積極的行銷活動，都離不開它。我們認為這是加強產品、零售合作夥伴和消費者之間聯繫的另一個契機。

Overall, we are pleased with the start of fiscal 2026, while it's too still too early to predict how the rest of the fiscal year will unfold. Our priorities remain clear across all our businesses, maintaining a strong and robust innovation pipeline building a growing momentum in digital and e-commerce and continuing to improve product cost and operating efficiency with our cost savings initiatives.

整體而言，我們對2026財年的開局感到滿意，但現在預測本財年剩餘時間的發展還為時過早。我們所有業務的優先事項仍然明確：保持強勁的創新能力，在數位化和電子商務領域保持不斷增長的勢頭，並透過成本節約措施持續降低產品成本並提高營運效率。

These are the right drivers to position Johnson Outdoors for sustainable growth and long-term success. Now I'll turn the call over to Dave for more details on financials.

這些正是推動Johnson Outdoors實現永續成長和長期成功的正確因素。現在我會把電話交給Dave，讓他詳細介紹一下財務狀況。

Thank you, Helen, and good morning, everyone. Loss before income taxes for the first quarter was $1.3 million compared to a pretax loss of $18.9 million in the previous year quarter. The improvement is driven mostly by revenue growth and improving margins. Gross margin for the first quarter improved to 36.6%, up 6.7 points from the prior year. Overhead absorption from higher volumes was the main driver of the improvement in gross margin.

謝謝海倫，大家早安。第一季稅前虧損為130萬美元，去年同期稅前虧損為1,890萬美元。虧損改善主要得益於營收成長和毛利率提升。第一季毛利率提升至36.6%，較去年同期成長6.7個百分點。銷售成長帶來的間接費用分攤是毛利率提升的主要驅動因素。

Additionally, price increases and our ongoing progress on cost savings initiatives helped to offset increases in material costs. Operating expenses increased $2.1 million from the prior year first quarter due primarily to increased sales volume-related expense, partially offset by decreased warranty expense.

此外，價格上漲以及我們在成本節約方面持續取得的進展，有助於抵消材料成本的上漲。由於銷售量相關的費用增加，營運費用較上年同期增加210萬美元，但部分被保固費用的減少所抵銷。

Tax expense for the quarter was about $2 million, driven mainly by an adjustment related to our U.S. valuation allowance on deferred tax assets. We continue to make good progress on our inventory levels. Our inventory balance at the end of the first quarter was $183.9 million, down about $17.7 million from the previous year quarter.

本季稅金支出約200萬美元，主要源自於美國遞延所得稅資產估值準備金的調整。我們的庫存水準持續取得良好進展。第一季末，庫存餘額為1.839億美元，較上年同期減少約1,770萬美元。

I want to highlight that our balance sheet remains debt-free, and we continue to pay a meaningful dividend to shareholders, with the Board approving our most recent dividend announced in December. We remain confident in our ability and plans to create long-term value for shareholders.

我想強調的是，我們的資產負債表仍然零負債，我們繼續向股東派發可觀的股息，董事會已批准了去年12月宣布的最新一輪股息。我們對自身能力和為股東創造長期價值的計劃充滿信心。

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

現在我將把電話轉交給接線生進行問答環節。

(Operator Instructions)

（操作說明）

Anthony Lebiedzinski, Sidoti.

Anthony Lebiedzinski，Sidoti。

Certainly a great start to the fiscal year, so first, just a general kind of question in terms of pricing versus unit volumes. I don't need specific numbers, but just kind of maybe if you could just talk about what you saw as far as pricing versus unit volumes, that would be a good start.

本財年開局確實不錯，所以首先，我想問一個關於價格與銷售關係的總體問題。我不需要具體的數字，但如果您能談談您觀察到的價格與銷量關係，那就太好了。

Well, yes, most of the increase in the quarter was unit volume driven, but we did take pricing across the businesses to react to the cost increases we had. But I would say most of the increase we're seeing is unit volume related.

是的，本季的大部分成長是由銷售量推動的，但我們也對各業務部門的價格進行了調整，以應對成本上漲。不過，我認為我們看到的大部分成長還是與銷量相關的。

That's encouraging here thanks Dave, so you guys have for years focused strongly on innovation. Can you share broadly as far as your sales are concerned, what's coming from new products versus a few years ago? Has there been a meaningful change in terms of the new product component of your sales?

戴夫，這真是令人鼓舞，看來你們多年來一直非常重視創新。能否大致談談你們的銷售情況，新產品帶來的銷售額與幾年前相比有何變化？新產品銷售佔比方面是否有顯著變化？

I mean innovation has always been critical for us and we have been focusing on improving our success rate. So competition is strong and our main way of maintaining leadership is innovation.

我的意思是，創新對我們一直至關重要，我們也一直致力於提高成功率。因此，競爭非常激烈，而我們保持領先地位的主要途徑就是創新。

So I would say we continue to make it stronger. And I don't know about the -- Dave, you can comment on the percept volume, but it truly is the driver of growth.

所以我認為我們會繼續加強它。至於——戴夫，你可以評論一下感知量，但它確實是成長的驅動力。

Absolutely. And we've seen improvement in our new product success over the last couple of years. I think during the COVID cycle, that may have come down a little bit, but we're seeing improvement in that area.

當然。過去幾年，我們的新產品成功率有所提升。我認為在新冠疫情期間，這一數字可能略有下降，但我們目前正看到這方面的改善。

Got you. And then you also talked about the growth in the e-commerce channel. Can you share with us what percentage of your revenue is now related to e-commerce? And do you guys have a goal in mind as far as what you want to get to in the next few years?

明白了。您剛才也提到了電商通路的成長。能否透露一下目前電商收入佔總收入的百分比？你們未來幾年的發展目標是什麼？

What we can say is that it's the fastest growing channel we have, and it's definitely expansive growth for us. our goal is to continue to grow that at a faster pace than our -- across our businesses. It's a key contributor to growth year-on-year.

我們可以肯定地說，這是我們成長最快的管道，對我們來說，它無疑是一個快速擴張的管道。我們的目標是讓它繼續保持比其他業務更快的成長速度。它是我們逐年成長的關鍵驅動力。

Got you. All right. And then -- so you had a great start here to the fiscal year, strong sell-in to retailers in the December quarter. What is your sense now about the current trade inventory levels?

明白了。好的。那麼——你們本財年開局不錯，12月季度零售商的銷售情況也很好。您現在對目前的貿易庫存水準有何看法？

Well, we were glad that the -- what we said, stabilized is more that the trade was in a good position from an into standpoint to react to good sell-in. We had a good cylinder in the first quarter, and so they are in a good position.

我們很高興——我們之前說的「穩定」更確切地說是指，從買入的角度來看，該交易處於有利地位，能夠對良好的賣出情況做出反應。我們在第一季業績良好，所以他們目前處境不錯。

Hopefully, we get the consumer takeaway as the season begins. So I think that the trade is in a healthy position right now.

希望隨著賽季的開始，我們能看到消費者的正面回饋。所以我認為目前整個產業處於健康發展狀態。

Okay. That's good to hear. You've done a lot with your cost savings efforts, and it's clearly evident in the gross margin improvement.

好的，聽到這個消息很高興。你們在成本節約方面做了很多工作，毛利率的提高也清楚地證明了這一點。

I know there was some fixed cost absorption component to that as well. But as it relates to the cost savings initiatives, should we expect to come on that program as we look forward to the rest of the fiscal year?

我知道其中也包含一些固定成本分攤部分。但就成本節約計畫而言，我們是否應該預期在本財年剩餘時間內繼續執行該計畫？

Yes. It's a key strategy for us going forward, especially in these volatile times with the supply chain. So it will be critical for us to continue to work on optimizing product costs, being as efficient as possible. We've got a whole slew of initiatives that we're working on to make that happen.

是的。這對我們未來的發展至關重要，尤其是在當前供應鏈動盪的時期。因此，我們必須繼續努力優化產品成本，盡可能提高效率。我們正在推動一系列措施來實現這一目標。

Okay. And then in terms of the warranty expense, how significant was that as far as the adjustment to the OpEx.

好的。那麼就保固費用而言，它對營運支出的調整幅度有多大？

Yes. I mean it was probably less than 1 point of the operating expense percentage going down. So -- but it did come down in the quarter. So we wanted to point that out.

是的。我的意思是，營運費用百分比的下降幅度可能不到1個百分點。所以——但它確實在本季度有所下降。因此，我們想指出這一點。

Got you. Okay. That makes sense. Okay. And lastly for me. I mean, so Dave, you did touch on the tax expense, which we were not expecting for the quarter. going forward, what's the -- where should we expect the tax rate to fall for the balance of the fiscal year?

明白了。好的。有道理。好的。最後一個問題，戴夫，你剛才提到了稅項支出，這是我們本季沒有預料到的。展望未來，我們應該預期本財年剩餘時間內的稅率會降到什麼水準？

Yes. I mean, the challenge for us is just the profits in the geographies in which we serve. So we've got the valuation allowance in the U.S. And as we make money in the U.S., that won't -- we won't have tax -- or expense on that because it's all reserved for. So the tax rate will be kind of wacky going forward until we can kind of stabilize our profits.

是的。我的意思是，我們面臨的挑戰在於我們服務地區的利潤。我們在美國有估值準備金。當我們在美國獲利時，這部分利潤不會產生任何稅費，也不會產生任何支出，因為它都已預留。因此，在我們能夠穩定利潤之前，稅率可能會比較不穩定。

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

好的，明白了。好的。非常感謝，祝你好運。

I'm showing no further questions at this time. I'll now turn it back to Helen Johnson-Leipold for closing remarks.

目前我不再接受其他提問。現在我將把發言權交還給海倫·約翰遜-萊波爾德，請她作總結發言。

I just want to thank everybody for joining us is have a great day.

我只想感謝大家的參與，祝大家今天過得愉快。

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

感謝您參加今天的會議。會議到此結束，您可以斷開連線了。