Garmin Ltd. and Subsidiaries

Net Sales, Gross Profit and Operating Income by Segment (Unaudited)

(In thousands)

The Company announced an organization realignment in January 2023, which combined the consumer auto operating segment with the outdoor operating segment. As a result, the Company's operating segments, which also represent our reportable segments, are fitness, outdoor, aviation, marine, and auto OEM. Results for the 13-week and 53-week periods ended December 31, 2022 have been recast below to conform with the current period presentation. This change had no effect on the Company's consolidated results of operations.

Fitness

Outdoor

Aviation

Marine

Auto OEM

Total

13-Weeks Ended December 30, 2023

Net sales

$

412,076

$

486,378

$

217,134

$

239,886

$

127,027

$

1,482,501

Gross profit

232,147

317,061

162,214

126,099

26,628

864,149

Operating income (loss)

92,550

163,855

56,671

37,294

(9,916)

340,454

14-Weeks Ended December 31, 2022

Net sales

$

336,553

$

451,465

$

225,251

$

210,614

$

82,473

$

1,306,356

Gross profit

164,496

280,031

159,858

114,723

25,862

744,970

Operating income (loss)

39,844

134,152

62,829

42,853

(12,503)

267,175

52-Weeks Ended December   30, 2023

Net sales

$

1,344,637

$

1,697,151

$

846,329

$

916,911

$

423,224

$

5,228,252

Gross profit

716,906

1,072,861

625,988

491,261

97,939

3,004,955

Operating income (loss)

232,201

515,254

226,400

179,429

(61,124)

1,092,160

53-Weeks Ended December   31, 2022

Net sales

$

1,109,419

$

1,770,275

$

792,799

$

903,983

$

283,810

$

4,860,286

Gross profit

552,417

1,099,408

573,063

491,457

90,430

2,806,775

Operating income (loss)

104,738

573,281

213,186

215,304

(78,664)

1,027,845