Columbia Sportswear Company Reports Fourth Quarter and Full Year 2023 Financial Results; Provides Full Year 2024 Financial Outlook
Fourth Quarter 2023 Highlights
-
Net sales decreased 9 percent (10 percent constant-currency) to
$1,060.0 million , compared to fourth quarter 2022. -
Operating income decreased 27 percent to
$113.1 million , or 10.7 percent of net sales, compared to fourth quarter 2022 operating income of$155.4 million , or 13.3 percent of net sales. Fourth quarter 2023 operating income includes a$25.0 million impairment charge related to prAna, compared to$35.6 million in the comparable period in 2022. -
Diluted earnings per share decreased
23 percent to
$1.55 , compared to fourth quarter 2022 diluted earnings per share of$2.02 . The impairment charge related to prAna negatively impacted diluted earnings per share by$0.31 , compared to a negative impact of$0.43 in the comparable period in 2022. -
Exited the quarter with
$764.5 million of cash, cash equivalents and short-term investments and no borrowings. -
Exited the quarter with
$746.3 million of inventories, a decrease of 27 percent compared toDecember 31, 2022 .
Full Year 2023 Highlights
-
Net sales increased 1 percent to
$3,487.2 million , compared to 2022. -
Operating income decreased 21 percent to
$310.3 million , or 8.9 percent of net sales, compared to 2022 operating income of$393.1 million , or 11.3 percent of net sales. -
Diluted earnings per share decreased 17 percent to
$4.09 , compared to 2022 diluted earnings per share of$4.95 . -
The Company repurchased
$184.0 million of common stock during the year.
Full Year 2024 Financial Outlook
The following forward-looking statements reflect our expectations as of
-
Net sales of
$3.35 to$3.42 billion , representing a net sales decline of 4.0 to 2.0 percent compared to 2023. -
Operating income of
$256 to$288 million , representing operating margin of 7.6 to 8.4 percent. -
Diluted earnings per share of
$3.45 to$3.85 .
Chairman, President and Chief Executive Officer
“Looking ahead, we expect 2024 to be a challenging year. Retailers are placing orders cautiously, and economic and geopolitical uncertainty remains high. We are working diligently to maximize sales in this environment, while optimizing our product, brand marketing and marketplace strategies to accelerate growth in 2025 and beyond. To mitigate erosion in profitability and to improve the efficiency of our operations, we are implementing a multi-year profit improvement program targeting
“Our balance sheet remains strong, with cash and short-term investments totaling
- accelerate profitable growth;
- create iconic products that are differentiated, functional and innovative;
- drive brand engagement through increased, focused demand creation investments;
- enhance consumer experiences by investing in capabilities to delight and retain consumers;
- amplify marketplace excellence, with digitally-led, omni-channel, global distribution; and
- empower talent that is driven by our core values, through a diverse and inclusive workforce."
CFO's Commentary and Financial Review Presentation Available Online
For a detailed review of the Company's fourth quarter 2023 financial results, please refer to the CFO Commentary and Financial Review presentation furnished to the
Fourth Quarter 2023 Financial Results
(All comparisons are between fourth quarter 2023 and fourth quarter 2022, unless otherwise noted.)
Net sales decreased 9 percent (10 percent constant-currency) to
Gross margin expanded 20 basis points to 50.6 percent of net sales from 50.4 percent of net sales for the comparable period in 2022. Gross margin expansion primarily reflects lower inbound freight costs and favorable channel mix, which more than offset the impact of inventory reduction efforts across our DTC and wholesale businesses.
SG&A expenses were
Impairment of goodwill and intangible assets included a
Operating income decreased 27 percent to
Interest income, net of
Income tax expense of
Net income decreased 26 percent to
Full Year 2023 Financial Results
(All comparisons are between the full year 2023 and the full year 2022, unless otherwise noted.)
Net sales increased 1 percent (1 percent constant-currency) to
Gross margin expanded 20 basis points to 49.6 percent of sales compared to 49.4 percent of net sales for the comparable period in 2022.
SG&A expenses increased 9 percent to
Impairment of goodwill and intangible assets included a
Operating income decreased 21 percent to
Interest income, net was
Income tax expense of
Net income decreased 19 percent to
Balance Sheet as of
Cash, cash equivalents, and short-term investments totaled
The Company had no borrowings as of either
Inventories decreased 27 percent to
Cash Flow for the Twelve Months Ended
Net cash provided by operating activities was
Capital expenditures totaled
Share Repurchases for the Twelve Months Ended
The Company repurchased 2,377,962 shares of common stock for an aggregate of
At
Quarterly Cash Dividend
The Board of Directors approved a regular quarterly cash dividend of
Full Year 2024 Financial Outlook
(Additional financial outlook details can be found in the CFO Commentary and Financial Review presentation.)
The Company's Full Year 2024, First Half 2024, and First Quarter 2024 Financial Outlook are each forward-looking in nature, and the following forward-looking statements reflect our expectations as of
Net sales are expected to decrease 4.0 to 2.0 percent, resulting in net sales of
Gross margin is expected to expand 100 to 150 basis points to 50.6 to 51.1 percent of net sales from 49.6 percent of net sales in 2023.
SG&A expenses, as a percent of net sales, are expected to be 43.2 to 43.5 percent, compared to SG&A expense as a percent of net sales of 40.6 percent in 2023.
Operating income is expected to be
Interest income, net is expected to be approximately
Effective income tax rate is expected to be 24.0 to 25.0 percent.
Net income is expected to be
Foreign Currency
- Foreign currency translation is anticipated to increase 2024 net sales growth by approximately 60 basis points.
-
Foreign currency is expected to have an approximately
$0.03 positive impact on diluted earnings per share due primarily to favorable foreign currency translational impacts to net sales growth, partially offset by negative foreign currency transactional effects from hedging of inventory production.
Cash Flows
Operating cash flow is expected to be at least
Capital expenditures are planned to be in the range of
First Half 2024 Financial Outlook
-
Net sales are expected to be
$1,310 to$1,352 million , representing a decline of 9 to 6 percent from$1,442 million for the comparable period in 2023. -
Operating income is expected to be (
$12 ) to$8 million , resulting in operating margin of -0.9 to +0.6 percent, compared to operating margin of 4.3 percent in the comparable period in 2023. -
Diluted earnings per share is expected to be
$0.01 to$0.26 , compared to$0.88 for the comparable period in 2023.
First Quarter 2024 Financial Outlook
-
Net sales are expected to be
$730 to$753 million , representing a decline of 11 to 8 percent from$820.6 million for the comparable period in 2023. -
Operating income is expected to be
$16 to$28 million , resulting in operating margin of 2.2 to 3.8 percent, compared to operating margin of 6.9 percent in the comparable period in 2023. -
Diluted earnings per share is expected to be
$0.30 to$0.45 , compared to$0.74 for the comparable period in 2023.
Conference Call
The Company will hold its fourth quarter 2023 conference call at
First Quarter 2024 Reporting Date
Supplemental Financial Information
Since
The non-GAAP financial measures should be viewed in addition to, and not in lieu of or superior to, our financial measures calculated in accordance with GAAP. The Company provides a reconciliation of non-GAAP measures to the most directly comparable financial measure calculated in accordance with GAAP. See the "Reconciliation of GAAP to Non-GAAP Financial Measures" table included herein. The non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the Company’s expectations, anticipations or beliefs about the Company's ability to realize growth opportunities and manage expenses, financial position, marketing strategies, inventory, full year 2024 net sales, gross margin, SG&A expenses, operating income, net interest income, effective income tax rate, net income, diluted earnings per share, weighted average diluted shares outstanding, foreign currency translation, cash flows, and capital expenditures, as well as first half and first quarter 2024 net sales, operating income, and diluted earnings per share. Forward-looking statements often use words such as "will," "anticipate," "estimate," "expect," "should," "may" and other words and terms of similar meaning or reference future dates. The Company's expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis; however, each forward-looking statement involves a number of risks and uncertainties, including those set forth in this document, those described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the heading "Risk Factors," and those that have been or may be described in other reports filed by the Company, including reports on Form 8-K. Potential risks and uncertainties that may affect our future revenues, earnings and performance and could cause the actual results of operations or financial condition of the Company to differ materially from the anticipated results expressed or implied by forward-looking statements in this document include: loss of key customer accounts; our ability to effectively execute our business strategies, including initiatives to upgrade our business processes and information technology (“IT”) systems and investments in our DTC businesses; our ability to maintain the strength and security of our IT systems; the effects of unseasonable weather, including global climate change; the seasonality of our business and timing of orders; trends affecting consumer spending, including changes in the level of consumer spending, and retail traffic patterns; unfavorable economic conditions generally, the financial health of our customers and retailer consolidation; higher than expected rates of order cancellations; changes affecting consumer demand and preferences and fashion trends; changes in international, federal or state tax, labor and other laws and regulations that affect our business, including changes in corporate tax rates, tariffs, international trade policy and geopolitical tensions, or increasing wage rates; our ability to attract and retain key personnel; risks inherent in doing business in foreign markets, including fluctuations in currency exchange rates, global credit market conditions, changes in global regulation and economic and political conditions and disease outbreaks; volatility in global production and transportation costs and capacity and timing; our ability to effectively manage our inventory and our wholesale customer’s to manage their inventories; our dependence on third-party manufacturers and suppliers and our ability to source at competitive prices from them or at all; the effectiveness of our sales and marketing efforts; business disruptions and acts of terrorism, cyber-attacks or military activities around the globe; intense competition in the industry; our ability to establish and protect our intellectual property; and our ability to develop innovative products. The Company cautions that forward-looking statements are inherently less reliable than historical information. The Company does not undertake any duty to update any of the forward-looking statements after the date of this document to conform them to actual results or to reflect changes in events, circumstances or its expectations. New factors emerge from time to time and it is not possible for the Company to predict or assess the effects of all such factors or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
About
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(Unaudited) |
||||||
|
|
|
|
|
||
(in thousands) |
|
|
2023 |
|
|
2022 |
ASSETS |
|
|
|
|
||
Current Assets: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
350,319 |
|
$ |
430,241 |
Short-term investments |
|
|
414,185 |
|
|
722 |
Accounts receivable, net |
|
|
423,079 |
|
|
547,561 |
Inventories |
|
|
746,288 |
|
|
1,028,545 |
Prepaid expenses and other current assets |
|
|
80,814 |
|
|
129,872 |
Total current assets |
|
|
2,014,685 |
|
|
2,136,941 |
Property, plant and equipment, net |
|
|
287,281 |
|
|
291,214 |
Operating lease right-of-use assets |
|
|
357,295 |
|
|
324,409 |
Intangible assets, net |
|
|
79,908 |
|
|
81,558 |
|
|
|
26,694 |
|
|
51,694 |
Deferred income taxes |
|
|
105,574 |
|
|
94,162 |
Other non-current assets |
|
|
67,576 |
|
|
71,568 |
Total assets |
|
$ |
2,939,013 |
|
$ |
3,051,546 |
LIABILITIES AND EQUITY |
|
|
|
|
||
Current Liabilities: |
|
|
|
|
||
Accounts payable |
|
$ |
235,927 |
|
$ |
322,472 |
Accrued liabilities |
|
|
272,058 |
|
|
328,759 |
Operating lease liabilities |
|
|
71,086 |
|
|
68,685 |
Income taxes payable |
|
|
17,556 |
|
|
18,802 |
Total current liabilities |
|
|
596,627 |
|
|
738,718 |
Non-current operating lease liabilities |
|
|
336,772 |
|
|
310,625 |
Income taxes payable |
|
|
25,688 |
|
|
33,251 |
Deferred income taxes |
|
|
66 |
|
|
143 |
Other long-term liabilities |
|
|
41,250 |
|
|
33,020 |
Total liabilities |
|
|
1,000,403 |
|
|
1,115,757 |
Total shareholders' equity |
|
|
1,938,610 |
|
|
1,935,789 |
Total liabilities and shareholders' equity |
|
$ |
2,939,013 |
|
$ |
3,051,546 |
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(In thousands, except per share amounts) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net sales |
|
$ |
1,059,994 |
|
|
$ |
1,169,520 |
|
|
$ |
3,487,203 |
|
|
$ |
3,464,152 |
|
Cost of sales |
|
|
523,804 |
|
|
|
579,544 |
|
|
|
1,757,271 |
|
|
|
1,753,074 |
|
Gross profit |
|
|
536,190 |
|
|
|
589,976 |
|
|
|
1,729,932 |
|
|
|
1,711,078 |
|
Gross margin |
|
|
50.6 |
% |
|
|
50.4 |
% |
|
|
49.6 |
% |
|
|
49.4 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses |
|
|
404,823 |
|
|
|
405,093 |
|
|
|
1,416,313 |
|
|
|
1,304,394 |
|
Impairment of goodwill and intangibles assets |
|
|
25,000 |
|
|
|
35,600 |
|
|
|
25,000 |
|
|
|
35,600 |
|
Net licensing income |
|
|
6,707 |
|
|
|
6,121 |
|
|
|
21,665 |
|
|
|
22,020 |
|
Operating income |
|
|
113,074 |
|
|
|
155,404 |
|
|
|
310,284 |
|
|
|
393,104 |
|
Interest income, net |
|
|
5,028 |
|
|
|
1,054 |
|
|
|
13,687 |
|
|
|
2,713 |
|
Other non-operating income, net |
|
|
1,867 |
|
|
|
3,253 |
|
|
|
2,221 |
|
|
|
1,593 |
|
Income before income tax |
|
|
119,969 |
|
|
|
159,711 |
|
|
|
326,192 |
|
|
|
397,410 |
|
Income tax expense |
|
|
26,629 |
|
|
|
34,021 |
|
|
|
74,792 |
|
|
|
85,970 |
|
Net income |
|
$ |
93,340 |
|
|
$ |
125,690 |
|
|
$ |
251,400 |
|
|
$ |
311,440 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
1.55 |
|
|
$ |
2.02 |
|
|
$ |
4.11 |
|
|
$ |
4.96 |
|
Diluted |
|
$ |
1.55 |
|
|
$ |
2.02 |
|
|
$ |
4.09 |
|
|
$ |
4.95 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
60,214 |
|
|
|
62,123 |
|
|
|
61,232 |
|
|
|
62,754 |
|
Diluted |
|
|
60,345 |
|
|
|
62,311 |
|
|
|
61,424 |
|
|
|
62,970 |
|
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) |
||||||||
|
|
Year Ended |
||||||
(in thousands) |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
251,400 |
|
|
$ |
311,440 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
||||
Depreciation, amortization, and non-cash lease expense |
|
|
127,052 |
|
|
|
117,399 |
|
Provision for uncollectible accounts receivable |
|
|
3,142 |
|
|
|
(2,044 |
) |
Loss on disposal or impairment of investments, property, plant and equipment, and right-of-use assets, goodwill, and intangible assets |
|
|
26,374 |
|
|
|
38,194 |
|
Deferred income taxes |
|
|
(5,135 |
) |
|
|
(8,118 |
) |
Stock-based compensation |
|
|
23,051 |
|
|
|
21,021 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
123,830 |
|
|
|
(64,495 |
) |
Inventories |
|
|
283,826 |
|
|
|
(399,851 |
) |
Prepaid expenses and other current assets |
|
|
29,840 |
|
|
|
(25,749 |
) |
Other assets |
|
|
(3,148 |
) |
|
|
(2,475 |
) |
Accounts payable |
|
|
(85,862 |
) |
|
|
40,429 |
|
Accrued liabilities |
|
|
(62,239 |
) |
|
|
20,683 |
|
Income taxes payable |
|
|
(8,800 |
) |
|
|
(5,871 |
) |
Operating lease assets and liabilities |
|
|
(73,718 |
) |
|
|
(62,749 |
) |
Other liabilities |
|
|
6,684 |
|
|
|
(3,055 |
) |
Net cash provided by (used in) operating activities |
|
|
636,297 |
|
|
|
(25,241 |
) |
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of short-term investments |
|
|
(528,491 |
) |
|
|
(44,876 |
) |
Sales and maturities of short-term investments |
|
|
121,279 |
|
|
|
176,083 |
|
Capital expenditures |
|
|
(54,607 |
) |
|
|
(58,467 |
) |
Net cash provided by (used in) investing activities |
|
|
(461,819 |
) |
|
|
72,740 |
|
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from credit facilities |
|
|
837 |
|
|
|
52,918 |
|
Repayments on credit facilities |
|
|
(837 |
) |
|
|
(52,979 |
) |
Payment of line of credit issuance fees |
|
|
— |
|
|
|
(604 |
) |
Proceeds from issuance of common stock related to stock-based compensation |
|
|
7,354 |
|
|
|
6,588 |
|
Tax payments related to stock-based compensation |
|
|
(4,681 |
) |
|
|
(4,229 |
) |
Repurchase of common stock |
|
|
(184,022 |
) |
|
|
(287,443 |
) |
Cash dividends paid |
|
|
(73,440 |
) |
|
|
(75,082 |
) |
Net cash used in financing activities |
|
|
(254,789 |
) |
|
|
(360,831 |
) |
Net effect of exchange rate changes on cash |
|
|
389 |
|
|
|
(19,831 |
) |
Net decrease in cash and cash equivalents |
|
|
(79,922 |
) |
|
|
(333,163 |
) |
Cash and cash equivalents, beginning of period |
|
|
430,241 |
|
|
|
763,404 |
|
Cash and cash equivalents, end of period |
|
$ |
350,319 |
|
|
$ |
430,241 |
|
Supplemental disclosures of cash flow information: |
|
|
|
|
||||
Cash paid during the year for income taxes |
|
$ |
90,507 |
|
|
$ |
92,110 |
|
Supplemental disclosures of non-cash investing and financing activities: |
|
|
|
|
||||
Property, plant and equipment acquired through increase in liabilities |
|
$ |
10,125 |
|
|
$ |
11,103 |
|
|
||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||||||||||||||
Net Sales Growth - Constant-currency Basis |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
Reported
|
|
Adjust for Foreign Currency |
|
Constant-currency
|
|
Reported
|
|
Reported
|
|
Constant-currency
|
||||||||
(In millions, except percentage changes) |
|
|
2023 |
|
Translation |
|
|
2023(1) |
|
|
2022 |
|
% Change |
|
% Change(1) |
|||||
Geographical |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
689.4 |
|
$ |
— |
|
|
$ |
689.4 |
|
|
$ |
780.8 |
|
(12 |
)% |
|
(12 |
)% |
|
|
|
174.7 |
|
|
0.6 |
|
|
|
175.3 |
|
|
|
164.0 |
|
7 |
% |
|
7 |
% |
|
|
|
130.7 |
|
|
(7.2 |
) |
|
|
123.5 |
|
|
|
132.8 |
|
(2 |
)% |
|
(7 |
)% |
|
|
|
65.2 |
|
|
— |
|
|
|
65.2 |
|
|
|
92.0 |
|
(29 |
)% |
|
(29 |
)% |
Total |
|
$ |
1,060.0 |
|
$ |
(6.6 |
) |
|
$ |
1,053.4 |
|
|
$ |
1,169.6 |
|
(9 |
)% |
|
(10 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brand |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Columbia |
|
$ |
891.3 |
|
$ |
(5.6 |
) |
|
$ |
885.7 |
|
|
$ |
961.3 |
|
(7 |
)% |
|
(8 |
)% |
SOREL |
|
|
116.3 |
|
|
(1.0 |
) |
|
|
115.3 |
|
|
|
142.6 |
|
(18 |
)% |
|
(19 |
)% |
prAna |
|
|
22.8 |
|
|
0.1 |
|
|
|
22.9 |
|
|
|
32.3 |
|
(29 |
)% |
|
(29 |
)% |
|
|
|
29.6 |
|
|
(0.1 |
) |
|
|
29.5 |
|
|
|
33.4 |
|
(11 |
)% |
|
(12 |
)% |
Total |
|
$ |
1,060.0 |
|
$ |
(6.6 |
) |
|
$ |
1,053.4 |
|
|
$ |
1,169.6 |
|
(9 |
)% |
|
(10 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Product Category |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Apparel, Accessories and Equipment |
|
$ |
823.4 |
|
$ |
(4.8 |
) |
|
$ |
818.6 |
|
|
$ |
900.5 |
|
(9 |
)% |
|
(9 |
)% |
Footwear |
|
|
236.6 |
|
|
(1.8 |
) |
|
|
234.8 |
|
|
|
269.1 |
|
(12 |
)% |
|
(13 |
)% |
Total |
|
$ |
1,060.0 |
|
$ |
(6.6 |
) |
|
$ |
1,053.4 |
|
|
$ |
1,169.6 |
|
(9 |
)% |
|
(10 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Channel |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Wholesale |
|
$ |
428.9 |
|
$ |
(4.2 |
) |
|
$ |
424.7 |
|
|
$ |
514.5 |
|
(17 |
)% |
|
(17 |
)% |
DTC |
|
|
631.1 |
|
|
(2.4 |
) |
|
|
628.7 |
|
|
|
655.1 |
|
(4 |
)% |
|
(4 |
)% |
Total |
|
$ |
1,060.0 |
|
$ |
(6.6 |
) |
|
$ |
1,053.4 |
|
|
$ |
1,169.6 |
|
(9 |
)% |
|
(10 |
)% |
(1) Constant-currency net sales is a non-GAAP financial measure. See “Supplemental Financial Information” above for further information. |
|
||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||||||||||||||
Net Sales Growth - Constant-currency Basis |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
|
Twelve Months Ended |
||||||||||||||||||
|
|
Reported
|
|
Adjust for Foreign Currency |
|
Constant-currency
|
|
Reported
|
|
Reported
|
|
Constant-currency
|
||||||||
(In millions, except percentage changes) |
|
|
2023 |
|
Translation |
|
|
2023(1) |
|
|
2022 |
|
% Change |
|
% Change(1) |
|||||
Geographical |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
2,241.4 |
|
$ |
— |
|
|
$ |
2,241.4 |
|
|
$ |
2,302.2 |
|
(3 |
)% |
|
(3 |
)% |
|
|
|
519.8 |
|
|
22.0 |
|
|
|
541.8 |
|
|
|
473.9 |
|
10 |
% |
|
14 |
% |
|
|
|
469.2 |
|
|
(10.7 |
) |
|
|
458.5 |
|
|
|
438.6 |
|
7 |
% |
|
5 |
% |
|
|
|
256.8 |
|
|
8.7 |
|
|
|
265.5 |
|
|
|
249.5 |
|
3 |
% |
|
6 |
% |
Total |
|
$ |
3,487.2 |
|
$ |
20.0 |
|
|
$ |
3,507.2 |
|
|
$ |
3,464.2 |
|
1 |
% |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brand |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Columbia |
|
$ |
2,935.1 |
|
$ |
19.4 |
|
|
$ |
2,954.5 |
|
|
$ |
2,864.3 |
|
2 |
% |
|
3 |
% |
SOREL |
|
|
336.7 |
|
|
(0.3 |
) |
|
|
336.4 |
|
|
|
347.3 |
|
(3 |
)% |
|
(3 |
)% |
prAna |
|
|
113.6 |
|
|
0.1 |
|
|
|
113.7 |
|
|
|
143.1 |
|
(21 |
)% |
|
(21 |
)% |
|
|
|
101.8 |
|
|
0.8 |
|
|
|
102.6 |
|
|
|
109.5 |
|
(7 |
)% |
|
(6 |
)% |
Total |
|
$ |
3,487.2 |
|
$ |
20.0 |
|
|
$ |
3,507.2 |
|
|
$ |
3,464.2 |
|
1 |
% |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Product Category |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Apparel, Accessories and Equipment |
|
$ |
2,676.6 |
|
$ |
15.7 |
|
|
$ |
2,692.3 |
|
|
$ |
2,661.1 |
|
1 |
% |
|
1 |
% |
Footwear |
|
|
810.6 |
|
|
4.3 |
|
|
|
814.9 |
|
|
|
803.1 |
|
1 |
% |
|
1 |
% |
Total |
|
$ |
3,487.2 |
|
$ |
20.0 |
|
|
$ |
3,507.2 |
|
|
$ |
3,464.2 |
|
1 |
% |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Channel |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Wholesale |
|
$ |
1,874.0 |
|
$ |
7.5 |
|
|
$ |
1,881.5 |
|
|
$ |
1,867.7 |
|
— |
% |
|
1 |
% |
DTC |
|
|
1,613.2 |
|
|
12.5 |
|
|
|
1,625.7 |
|
|
|
1,596.5 |
|
1 |
% |
|
2 |
% |
Total |
|
$ |
3,487.2 |
|
$ |
20.0 |
|
|
$ |
3,507.2 |
|
|
$ |
3,464.2 |
|
1 |
% |
|
1 |
% |
(1) Constant-currency net sales is a non-GAAP financial measure. See “Supplemental Financial Information” above for further information. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240201535501/en/
Vice President of Investor Relations and Strategic Planning
(503) 985-4112
aburns@columbia.com
Source: