Johnson Outdoors Inc (JOUT) 2026 Q2 法說會逐字稿

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

各位好，歡迎參加 Johnson Outdoors 2026 會計年度第二季財報電話會議。今天的會議將由 Johnson Outdoors 董事長兼執行長 Helen Johnson-Leipold 主持。同時在線的還有財務長 David Johnson。（接線員指示）本通話將被錄音。您參與本通話即表示同意我們對本通話進行錄音。若您不同意這些條款，請直接掛線離開。

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

現在我想把電話交給 Johnson Outdoors 的 Allison Kitzerow。Kitzerow 女士，請開始。

Good morning, and thank you for joining us for our discussion of Johnson Outdoors' results for the 2026 fiscal second quarter. If you need a copy of today's news release, it is available on our website at www.johnsonoutdoors.com under Investor Relations.

各位早安，感謝各位參與我們對 Johnson Outdoors 2026 會計年度第二季業績的討論。若您需要今天新聞稿的副本，可至我們網站 www.johnsonoutdoors.com 的「投資人關係」專區取得。

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. 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 any additional questions following the call, please contact Dave Johnson or Pat Penman.

我也必須提醒各位，本次電話會議可能包含前瞻性陳述。這些陳述係基於我們目前的觀點與假設，並不保證未來表現。由於多項因素（其中許多超出 Johnson Outdoors 的控制範圍），實際事件可能與這些陳述存在重大差異。相關風險與不確定性包括我們新聞稿及向美國證券交易委員會提交之文件中所列者。若您在會後仍有其他問題，請聯絡 Dave Johnson 或 Pat Penman。

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

現在我很榮幸把電話交給 Helen Johnson-Leipold。

Thanks, Allison. Good morning, everyone. I'll begin by sharing perspective on our second quarter and year-to-date results as well as give an update on each business. Dave will review the financial highlights, and then we'll take your questions. Improved retail conditions and ongoing success of our product innovation helped drive a 15.5% revenue growth in the second quarter with all business segments contributing to the improvement.

謝謝你，Allison。各位早安。我將先分享我們第二季與年初至今的業績觀點，並更新各事業的進展。接著 Dave 會回顧財務重點，然後我們將回答各位的提問。零售環境改善以及我們產品創新持續成功，帶動第二季營收成長 15.5%，且所有事業部門皆對改善有所貢獻。

Operating income for the second quarter was much improved versus the prior year second quarter due to the increased sales volume and our cost savings initiatives continuing to boost profitability as well. Year-to-date, our net sales are 21.5% higher than last year's fiscal six-month period with operating income and gross margin also up for the fiscal year-to-date period. We are pleased with our second quarter and year-to-date results and are particularly proud of our market-leading brands, which continue to resonate with consumers and reinforce our leadership position across our portfolio.

第二季營業利益相較去年同期大幅改善，主要受惠於銷售量增加，以及我們的成本節省措施持續提升獲利能力。年初至今，我們的淨銷售額較去年會計年度前六個月期間高出 21.5%，本會計年度年初至今的營業利益與毛利率亦同步上升。我們對第二季與年初至今的成果感到滿意，也特別以我們的市場領導品牌為傲；這些品牌持續與消費者產生共鳴，並強化我們在整體產品組合中的領導地位。

Our Fishing business delivered strong results in the second quarter, driven by improved trade conditions, continued robust demand for Humminbird's XPLORE Series and MEGA Live 2 fish finders and Minn Kota's full lineup of trolling motors as well as pricing actions. These factors combine to reinforce our momentum and position in the marketplace. We remain focused on investing in innovation to deliver fishing technology that sets the standard for anglers worldwide.

我們的釣魚事業在第二季交出強勁成績，主要受惠於通路環境改善、Humminbird 的 XPLORE 系列與 MEGA Live 2 探魚器需求持續強勁、Minn Kota 全系列電動拖釣馬達的良好需求，以及價格調整措施。這些因素共同強化我們的動能與市場定位。我們仍將專注投資創新，提供為全球釣客樹立標竿的釣魚科技。

In Camping & Watercraft, growth during the quarter was supported by our expanding digital and e-commerce capabilities with Old Town and Jetboil maintaining their leadership position in competitive categories. During the quarter, Jetboil also launched TrailCook, a new innovation designed to expand the brand beyond boiling water into broader back country cooking. In both brands, we will continue to build on our strength to drive sustained growth through innovation and deeper engagement with outdoor enthusiasts.

在露營與水上載具事業方面，本季成長受惠於我們持續擴充的數位與電商能力，Old Town 與 Jetboil 也在競爭激烈的品類中維持領導地位。本季 Jetboil 亦推出 TrailCook，這項新創新旨在讓品牌從「煮水」延伸至更廣泛的野外烹飪領域。在這兩個品牌上，我們將持續以既有優勢為基礎，透過創新與更深度的戶外愛好者互動，推動可持續的成長。

Lastly, in our Diving business, improved conditions across the global markets and continued growth in e-commerce helped drive a solid increase in second quarter sales. Digital engagement continues to play an increasingly important role, enhancing connectivity between our SCUBAPRO brand, retail partners, and consumers. As we continue to lean into digital channels and strengthen our global footprint, we are optimistic about SCUBAPRO's ability to grow and further reinforce its position in the market. Overall, we are pleased with the quarter and year-to-date results. By investing in and executing our strategic priorities, consumer-driven innovation, digital and e-commerce excellence, and operational efficiencies, we are strengthening our market position and taking the right steps to navigate macroeconomic uncertainty while building long-term resilience.

最後，在潛水事業方面，全球市場環境改善以及電商持續成長，帶動第二季銷售穩健增加。數位互動的重要性持續提升，強化我們 SCUBAPRO 品牌、零售合作夥伴與消費者之間的連結。隨著我們持續加碼數位通路並強化全球布局，我們對 SCUBAPRO 的成長能力以及進一步鞏固其市場地位感到樂觀。整體而言，我們對本季與年初至今的成果感到滿意。透過投資並落實我們的策略優先事項——以消費者為導向的創新、數位與電商卓越，以及營運效率提升——我們正在強化市場地位，並採取正確步驟，在建立長期韌性的同時，因應總體經濟不確定性。

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

接下來我把電話交給 Dave，請他提供更多財務細節。

Thank you, Helen. Good morning, everyone. Our strategic cost savings program remains critical and continues to deliver meaningful benefits to our bottom line.

謝謝你，Helen。各位早安。我們的策略性成本節省計畫仍然至關重要，並持續為我們的獲利底線帶來顯著效益。

Gross margin for the second quarter improved to 38.8%, up 3.8 points from the prior year quarter. Overhead absorption from higher volumes and cost savings were the main drivers of the improvement in gross margin. Year-to-date, gross margin is 37.9%, up 4.9 points from the prior year-to-date period. Operating expenses increased $11.2 million from the prior year second quarter, due primarily to increased sales volume-related costs as well as increased variable compensation costs. Profit before income taxes for the second quarter was $10.2 million compared to $4.2 million in the previous year quarter, driven mostly by the improvement in operating income.

第二季毛利率提升至 38.8%，較去年同期上升 3.8 個百分點。銷量增加帶來的間接費用吸收（overhead absorption）以及成本節省，是毛利率改善的主要驅動因素。年初至今毛利率為 37.9%，較去年同期年初至今期間上升 4.9 個百分點。營業費用較去年第二季增加 1,120 萬美元，主要因銷售量增加所帶動的相關成本上升，以及變動薪酬成本增加。第二季所得稅前利益為 1,020 萬美元，去年同期為 420 萬美元，主要由營業利益改善所帶動。

As we prepare for the upcoming selling season, we modestly increased inventory levels. Our inventory balance at the end of the second quarter was $186.9 million, up about $6.8 million from the previous year second quarter. 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 February. Looking ahead, despite ongoing economic uncertainties, we remain firmly focused on financial discipline and actively managing the business to balance near-term pressures while continuing to invest in priorities that support sustainable growth. Now I'll turn the call over to the operator for the Q&A session.

為迎接即將到來的銷售旺季，我們小幅提高了庫存水位。第二季末庫存餘額為 1.869 億美元，較去年第二季末增加約 680 萬美元。我們的資產負債表仍維持零負債，且董事會已核准我們於 2 月宣布的最新股利，我們也持續向股東支付具意義的股利。展望未來，儘管經濟不確定性仍在，我們仍將堅守財務紀律，並積極管理業務，在平衡短期壓力的同時，持續投資於支持可持續成長的優先事項。現在我把電話交回接線員，進入問答環節。

(Operator Instructions) Anthony Lebiedzinski, Sidoti.

（接線員指示）Anthony Lebiedzinski，Sidoti。

Certainly nice to see the really strong revenue growth, especially in Fishing. So as it relates to Fishing, how much was revenue helped by pricing versus better market conditions and a stronger competitive position?

很高興看到營收成長非常強勁，尤其是在釣魚事業。因此，就釣魚事業而言，營收有多少是受價格因素帶動，相較於市場環境改善以及競爭地位更強所帶來的貢獻？

Yes. I mean, we saw strong unit volume growth in our business. So that was a big driver for the quarter. Pricing certainly helped. But -- and we're also seeing just really strong demand for the broad line of trolling motors that we have. That's very helpful.

是的。我的意思是，我們的業務看到強勁的出貨量（unit volume）成長。所以那是本季的一大驅動因素。價格當然也有幫助。不過——我們也看到市場對我們廣泛的電動拖釣馬達產品線有非常強勁的需求。這非常有幫助。

Got you. So do you think this is perhaps the sort of a replacement cycle after the bump from COVID? Or is there something else you think going on?

了解。那你認為這可能是 COVID 帶來那波成長之後的汰換週期嗎？還是你覺得還有其他因素在發生？

The market is very hard to predict. But I think we have innovation that is really driving -- continues to drive purchase. And I do think there will be -- I think consumers are a little cautious with all the things going on, but innovation still is the catalyst to get things moving. We're hoping that this is the beginning of an upward trend, but I think it's going to be challenging, and innovation will be the key going forward.

市場非常難以預測。但我認為我們的創新確實正在驅動——並且持續驅動——購買行為。我也確實認為——我覺得在各種事情發生的情況下，消費者會稍微謹慎一些，但創新仍是推動市場動起來的催化劑。我們希望這是上升趨勢的開始，但我認為未來會很具挑戰，而創新將是往前走的關鍵。

Got you. Okay. So as far as the other two segments, you highlighted the increased sales through e-commerce. So can you expand on that a little bit? And then maybe give us, if possible, some numbers as it relates to the growth that you saw in the quarter? And how are you thinking about the rest of F '26 as it relates to Diving and Watercraft & Camping?

了解。好的。那至於另外兩個事業部門，你提到透過電商帶動銷售增加。能否再多談一點？另外如果可以的話，請提供一些數字，說明你們本季看到的成長幅度？以及就 Diving 與 Watercraft & Camping 而言，你們如何看待 2026 會計年度剩餘期間的走勢？

Well, there's a few questions in there. But e-commerce is one of our growth initiatives. And we put a hard-court press on that, and it does reach a much broader consumer base. So we are really excited about it. And not to mean that our bricks and mortar aren't important.

嗯，裡面有幾個問題。不過電子商務是我們的成長策略之一。我們在這方面大力推進，而且確實能觸及更廣泛的消費者族群。所以我們對此非常興奮。當然這並不是說我們的實體通路不重要。

I think it's -- they both complement each other. We are just -- we've been up and running on a true digital mode for only about -- actually, it was a year. And so it's early on, and we're -- we've got a lot to learn, but it's a good opportunity to reach a broader audience. I think it will continue to grow. It's a smaller piece of the pie than our other sales.

我認為——兩者是互補的。我們真正以數位模式全面運作其實才大約——實際上是一年。所以還在早期，我們——還有很多要學，但這是觸及更廣泛受眾的好機會。我認為它會持續成長。相較於我們其他銷售，它在整體中占比仍較小。

But I think from a growth standpoint, it is helping us. I think, again, the -- as you -- we don't do a lot of forward-looking, but as we look at the third quarter, the signs in the second are good, and they're better than they've been in the past. But again, there's -- the world is complicated and the consumers have a lot going on.

但我認為從成長角度來看，它確實在幫助我們。我想再說一次——如你所知——我們不太做很多前瞻性評論，但當我們看第三季時，第二季的跡象是好的，而且比過去更好。但同樣地——世界很複雜，消費者也有很多事情在發生。

So -- but we -- again, it's back to the product line, the brand, the positioning in the market, and we feel really good about where we are as a brand and as a company. And we're hoping that the markets also cooperate as well. So it's good to have a quarter that is -- feels very strong. So hopefully I've answered your question.

所以——但我們——再說一次，回到產品線、品牌、在市場上的定位，我們對於目前作為一個品牌與一家公司所處的位置感到非常有信心。也希望市場環境能配合。所以能有一個——感覺非常強勁的季度是件好事。希望我已回答了你的問題。

Yes. That's definitely very helpful context. So as far as the world out there, just wondering, as you talk to your retail customers. Since the Iran conflict started in late February, gas prices have gone up quite a bit. So as it relates to that, I mean, from the point-of-sale data that you can get your hands on, I mean, have you seen any notable impact for your brands? Anything you can talk about that?

是的。這些背景資訊確實很有幫助。那就外部環境而言，我想問的是，當你和零售客戶交流時，自從2月底伊朗衝突開始後，汽油價格上漲了不少。因此就這點來說，我是指，從你們能取得的銷售點（POS）數據來看，你們是否看到對你們品牌有任何顯著影響？有什麼可以談談的嗎？

I mean, I would say not yet, Anthony. We haven't seen a direct impact. But like a lot of companies, we're looking at inflationary pressure, higher input costs.

我的意思是，我會說目前還沒有，Anthony。我們尚未看到直接影響。但和許多公司一樣，我們正在關注通膨壓力、投入成本上升。

Worried consumers.

消費者的擔憂。

Consumers that their confidence levels are down. So I think so far, it's okay. We haven't seen a direct impact, but we're looking at things kind of in a neutral fashion over the next couple of quarters.

消費者的信心水準下降。所以我認為到目前為止還可以。我們沒有看到直接影響，但接下來幾個季度我們會以較中性的態度來看待。

Okay. Understood. Okay. And then -- so yes, so I guess as far as the gross margin, so I guess a two-part question here. So first, in the quarter itself, you did have a strong improvement versus last year. You talked about fixed cost absorption, but also some cost savings. So was that kind of a 50/50 split between that?

好的。了解。好的。然後——那麼是的，我想就毛利率而言，我這裡有兩個問題。首先，就本季來看，你們相較去年有很強的改善。你提到固定成本吸收（fixed cost absorption），也有一些成本節省。所以這大概是各占一半（50/50）嗎？

And then my second part to that question is as it relates to cost pressures, how should we be thinking about the gross margins for the rest of the fiscal year?

然後第二個問題是，關於成本壓力，我們應該如何看待本財年剩餘期間的毛利率？

Yes. So most of the improvement was operating leverage and some fixed cost absorption, but our cost savings program is critical to that -- helping that as well. We're seeing cost pressure going forward. I think like a lot of companies in the electronic industry, component costs are dynamic for us. And so that's something we've got our eye on and we're monitoring.

是的。所以大部分改善來自營運槓桿與部分固定成本吸收，但我們的成本節省計畫對此也很關鍵——同樣有助於改善。我們看到未來會有成本壓力。我想和許多電子產業公司一樣，零組件成本對我們而言是動態變化的。因此這是我們密切關注並持續監控的事項。

So I just think going forward, that will be something that will be a little bit of a headwind for us maybe over the next coming quarters, if you will. So it's a good thing we have our cost savings efforts in place now to help try to offset that.

所以我認為往後，這可能會在接下來幾個季度對我們形成一些逆風。因此現在我們已經推動成本節省措施，來協助盡量抵銷這些影響，這是件好事。

Got it. Okay. And then in terms of the operating expenses, it did come in higher than what we had expected. Just roughly speaking, how much of the year-over-year increase came from your sales volume-related costs versus the incentive compensation piece. And then again, just kind of maybe help us understand like how should we be thinking about operating expenses going forward for the rest of the fiscal year?

了解。好的。接著就營業費用而言，實際金額高於我們原先預期。大致來說，年增的部分有多少是來自銷售量相關成本，多少是來自獎酬激勵（incentive compensation）？然後同樣地，也請協助我們理解：對於本財年剩餘期間的營業費用，我們應該如何看待？

Yes. I mean, a decent portion was volume related and probably -- I can't give you the numbers, but let's say maybe 1/3 was volume related, and then we had some variable compensation accruals adjustments in there that made up about 1/3. And then there's some other cats and dogs in there, too, that we didn't call out, but there's other costs that were -- that we have in that operating expense, like some health care costs and some other consulting expense. So -- but the two big ones were the volume related and then the variable compensation.

是的。我的意思是，其中相當一部分與銷量相關，而且大概——我無法給你精確數字，但比如說可能約1/3與銷量相關，另外我們也有一些變動薪酬（variable compensation）的應計調整，約占1/3。然後還有一些其他零零總總的項目，我們沒有特別點出，但營業費用裡還包含其他成本，例如一些醫療保健成本以及其他顧問費用。所以——但兩個最大的項目就是銷量相關以及變動薪酬。

Okay. And you expect that to continue, you think, here at least near term or just any general comment there?

好的。那你認為這種情況至少在短期內會持續嗎？或有任何一般性的評論？

Well, I think the expense structure will settle down probably a little bit. I mean, obviously, the volume drives some of that. But in terms of kind of where we are, in terms of our spending and our ability to manage that, I think it will kind of settle down probably going forward over the next couple of quarters.

嗯，我認為費用結構可能會稍微趨於穩定。我的意思是，顯然銷量會帶動其中一部分。但就我們目前的狀況、我們的支出以及管理能力而言，我認為接下來幾個季度應該會逐步穩定下來。

But Anthony, we are investing, and we're putting foundational systems. And so -- and we're investing against our key priorities. So I would say it's good spend, and it may not be long term, but as Dave said, it will settle down. But I feel we're investing in the right things to set us up for success long term. And that will eventually -- it will get more efficient on the other side of this.

但Anthony，我們正在投資，並且在建置基礎系統。因此——我們也在針對關鍵優先事項進行投資。所以我會說這是值得的支出，可能不是長期都會維持在這個水準，但如Dave所說，它會趨於穩定。不過我認為我們投資在正確的事情上，能讓我們在長期取得成功。而且最終——在度過這段期間後，效率會更高。

Okay. And then lastly for me, the tax rate came in lower than what we had expected. Maybe, Dave, you can address that. And again, any sort of commentary as to how we should be thinking about the tax rate for the balance of the fiscal year?

好的。最後一個問題，稅率低於我們原先預期。也許Dave你可以說明一下。同樣地，對於本財年剩餘期間的稅率，我們應該如何看待？有任何評論嗎？

Yes. I mean because we have the valuation allowance on the US income right now, it's -- the tax rate is going to kind of be up and down. So it just depends on the mix of profits that we're seeing in the quarter and what we're forecasting for the full year. So I mean, I think the way to think about that is probably a $4 million to $5 million tax expense for the year and how we divide that up over the quarters just kind of depends on the mix of profit. So it's just hard for me to give you a rate quarter-by-quarter just because of that mix.

是的。我的意思是，因為我們目前對美國所得有估值備抵（valuation allowance），所以——稅率會有些上下波動。這取決於我們在該季度看到的獲利組合，以及我們對全年所做的預測。所以我認為比較好的理解方式是：全年稅費大約在400萬到500萬美元之間，而我們如何在各季度分配，主要取決於獲利組合。因此因為這個組合因素，我很難逐季給你一個固定稅率。

And I'm not showing any further questions at this time. I turn the call back over to Helen.

目前我這邊沒有看到其他問題。我把電話會議交回給Helen。

Okay. Well, thank you, everybody, for joining us today, and questions, you can call Dave or Pat, but have a good day. Thank you.

好的。那麼謝謝各位今天加入我們；如果還有問題，你們可以致電Dave或Pat。祝大家有美好的一天。謝謝。

Thank you, ladies and gentlemen. This does conclude today's presentation. We thank you for your participation. You may now disconnect, and have a wonderful day.

謝謝各位女士先生。今天的簡報到此結束。感謝各位的參與。您現在可以掛線，祝您有美好的一天。