Winnebago Profit Down 67% In Q2
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In a sure sign the economy is tanking, Winnebago announced a 67% reduction in profits for Q2. Consumer confidence is down, so less people are buying recreational vehicles.
The Forest City-based company said Thursday it cut employment by 9 percent, or about 300 people during the quarter to bring production in line with slowing sales.
Net income was $2.5 million, or 9 cents a share, down from $7.5 million, or 24 cents a share a year ago.
Sales fell 17.5 percent to $164.2 million from $199 million for the same period a year ago.
Low consumer confidence, not to mention high gas prices, might keep the negative trend going for a quarter or two.
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