A stubborn retail environment is blamed for a dip in revenue at Winnebago Industries. The outdoor lifestyle products manufacturer, with Iowa recreational vehicle factory locations in Forest City, Lake Mills, Charles City and Waverly, reports revenue for the fourth quarter was 771-million dollars. That’s down nearly 35% compared to the same period a year ago. Winnebago CEO Michael Happe says the recreational consumer market continues to be challenging.
Fiscal 2023 revenues of three-point-five billion dollars dropped almost 30-percent compared to Fiscal 2022, primarily due to lower unit sales related to retail market conditions and higher discounts and allowances compared to the prior year. Happe says the company continues to see the benefits of a diversified portfolio.
Happe says the addition of the Newmar and Grand Design recreational vehicle brands, as well as the Chris-Craft and Barletta boat companies during his tenure as CEO, have been positive for the company, despite the drop in revenue for the fiscal year.
Happe says R-V retail market share performance declined slightly in the fourth quarter but there were some positive signs toward the end of the quarter.
Fourth quarter profit for the company was nearly 44-million dollars, with profit for the fiscal year of almost 216 million.
