Johnson Outdoors Inc. (Nasdaq:JOUT), makers of Eureka tents and Old Town canoes and kayaks, reported higher quarterly revenue and profit, mostly due to its marine and watercraft brands, despite a drop in outdoor equipment sales.
The Racine, Wis.-based outdoor recreation company reported revenue of $128.9 million for its fiscal second quarter, ended April 1, 2011 – up 14 percent from a year ago.
Quarterly net income grew 37 percent to $8.5 million, or $0.87 per diluted share, compared to a net income of $6.2 million, or $0.64 per diluted share, a year ago.
Marine and watercraft sales led the way for Johnson, as its marine electronics jumped 27 percent to $78.9 million in revenue thanks to its Minn Kota, Humminbird and Cannon brands. Johnson’s watercraft sales climbed nearly 12 percent to $18.1 million.
Outdoor equipment sales fell 25 percent to $10.3 million mostly “due to delays in military orders resulting from continued budget gridlock in Washington,” company officials said.
Looking ahead, company officials said they were working through higher commodity, sourcing and freight costs, but “remain on track to deliver financial targets of five percent compound annual growth in sales, and six percent operating margin by the end of fiscal 2012.”
Liberty Interactive profit decline buffered by strong e-commerce sales
Liberty Interactive Grop (Nasdaq:LINTA), parent company of online outdoor retailer Backcountry.com, reported higher revenue and a lower profit for the first quarter, despite a strong performance from its e-commerce side of the business.
The group, which is primarily driven by shopping channel QVC, saw its first-quarter 2011 revenue increase 7 percent to $2.2 billion, and it operating income before depreciation and amortization (OIBDA) fall 1 percent to $378 million, compared to the same period a year ago.
The profit decline was due to declined business via QVC following the Japan earthquake, company officials said.
Within its e-commerce sector, including Backcountry.com, Liberty increased revenue 21 percent to $324 million in the first quarter, and increased adjusted OIBDA 61 percent to $29 million.
--Compiled by David Clucas
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