Record Minn Kota sales lift Johnson Outdoors
Marine equipment sales offset losses in other recreational markets.
Johnson Outdoors, the company behind marine brands such as Minn Kota, Humminbird and Old Town canoes, has lifted its annual sales to US$433.7 million in the year ending September 2016, a rise of 1%.
Despite the slow sales growth, the company's operating profit grew 28% to US$22.9 million versus US$17.9 million in the prior fiscal year, due primarily to higher volume and improved gross margins.
In the marine electronics sector, sales of Minn Kota and Humminbird grew by 5%, offsetting losses in dive equipment (down 4%) and military tents. Total net sales in electronics for the year reached just under US$275 million while operating profit grew by a massive 65% to US$43 million.
The company also reported strong marketplace momentum behind the Old Town and Ocean Kayak brands, resulting in a 3% increase in watercraft sales.
“Performance this year reflects how important innovation is in our ability and capacity to deliver sustained long-term profitable growth,” said Helen Johnson-Leipold, chairman and CEO. “New products like the Minn Kota Riptide Ulterra, Humminbird Helix series of fishfinders, Old Town Predator fishing kayaks and Jetboil Genesis cooking system drove strong consumer demand during the year.
“Anticipation is high and positive momentum growing for our equally exciting and award-winning 2017 new product line-up unveiled during the third quarter, which includes the revolutionary Minn Kota Ultrex trolling motor and Old Town Predator PDL pedal-drive boat."