Revenue grew 39.1 percent in the fourth quarter for Winnebago compared to the same period in 2019, and gross profit was up 90 basis points, from $83.2 million to $122.5 million.
“In the face of the unprecedented impacts of the Covid-19 pandemic, our strong fourth quarter finish to the year was a testament to the incredible resolve of our world-class team, the strength of our portfolio of leading outdoor lifestyle brands, and our efficiency in quickly and safely resuming operations to meet tremendous consumer demand,” said Winnebago CEO Mike Happe in a statement.
For fiscal 2020, revenues of $2.4 billion represented an 18.6 percent increase from $2 billion last year.
Operating income for the fiscal year was $113.8 million, compared to $155.3 million in fiscal 2019. Net income was $61.4 million, a decrease of 45 percent compared to $111.8 million last year, a decline the company is attributing to the impact of Covid-19 and increased interest expense.
“During fiscal year 2020, we continued to expand our family of outstanding brands with the acquisition of Newmar, and when combined with our Winnebago, Grand Design RV, and Chris-Craft brands, we believe we have four of the most respected brands in the outdoors industry,” said Happe.
“We have expanded our leadership team capabilities as well in the past year, through the acquisition of Newmar and also through adding new talent to the team in Huw Bower to lead our Winnebago Outdoors business, as announced at the end of September,” he said. “Going forward, we are committed to managing our company in a highly disciplined fashion so that we are best positioned to build on our momentum in the marketplace, capture the numerous opportunities we believe lie ahead and deliver further value to the customers and communities we serve.”
Fiscal 2020 also marks “an inflection point” in the company’s corporate responsibility obligations, he said.
“It is our strong intention that through these initiatives, our Winnebago Industries team will emerge as an even stronger leader in our communities, and in so doing, will make a meaningful contribution to an improvement in the many dimensions of social justice,” Happe said.