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     157  0 Kommentare Columbia Sportswear Company Reports Fourth Quarter and Full Year 2023 Financial Results; Provides Full Year 2024 Financial Outlook

    Columbia Sportswear Company (NASDAQ: COLM, the "Company"), a multi-brand global leading innovator in outdoor, active and lifestyle products including apparel, footwear, accessories, and equipment, today announced fourth quarter 2023 financial results for the period ended December 31, 2023.

    Chairman, President and Chief Executive Officer Tim Boyle commented, “I’m proud of what our global workforce was able to achieve in 2023. We successfully executed our inventory reduction plan, which contributed to operating cash flow generation of over $600 million for the year. The Columbia brand generated healthy growth outside of the U.S., led by China and Europe-direct markets. In the U.S., we navigated a difficult U.S. marketplace and a warm winter, both of which impacted our fourth quarter performance.

    “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 $125 to $150 million in annual savings by 2026.

    “Our balance sheet remains strong, with cash and short-term investments totaling $765 million with no borrowings at year end. I’m confident in our team, our strategies, and our ability to unlock the significant long-term growth opportunities we see across the business. We are committed to investing in our strategic priorities to:

    • 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 Securities and Exchange Commission (the "SEC") on a Current Report on Form 8-K and published on the Investor Relations section of the Company's website at http://investor.columbia.com/financial-results at approximately 4:15 p.m. ET today. Analysts and investors are encouraged to review this commentary prior to participating in our conference call.

    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 $1,060.0 million from $1,169.6 million for the comparable period in 2022. The decline in net sales primarily reflects earlier shipment of Fall 2023 wholesale orders in third quarter 2023 compared to late shipment of Fall 2022 wholesale orders in fourth quarter 2022, as well as lower U.S. direct-to-consumer (DTC) net sales.

    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 $404.8 million, or 38.2 percent of net sales, compared to $405.1 million, or 34.6 percent of net sales, for the comparable period in 2022. The largest changes in SG&A expenses primarily reflect higher DTC expenses, partially offset by lower variable demand creation and incentive compensation expenses.

    Impairment of goodwill and intangible assets included a $25.0 million charge related to prAna, compared to $35.6 million of charges related to prAna for the comparable period in 2022.

    Operating income decreased 27 percent to $113.1 million, or 10.7 percent of net sales, compared to $155.4 million, or 13.3 percent of net sales, for the comparable period in 2022.

    Interest income, net of $5.0 million, compared to $1.1 million for the comparable period in 2022, reflects higher yields on increased levels of cash, cash equivalents, and investments.

    Income tax expense of $26.6 million resulted in an effective income tax rate of 22.2 percent, compared to income tax expense of $34.0 million, or an effective income tax rate of 21.3 percent, for the comparable period in 2022.

    Net income decreased 26 percent to $93.3 million, or $1.55 per diluted share, compared to net income of $125.7 million, or $2.02 per diluted share, for the comparable period in 2022.

    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 $3,487.2 million from $3,464.2 million for the comparable period in 2022.

    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 $1,416.3 million, or 40.6 percent of net sales, from $1,304.4 million, or 37.7 percent of net sales, for the comparable period in 2022.

    Impairment of goodwill and intangible assets included a $25.0 million charge related to prAna, compared to $35.6 million of charges related to prAna for the comparable period in 2022.

    Operating income decreased 21 percent to $310.3 million, or 8.9 percent of net sales, compared to operating income of $393.1 million, or 11.3 percent of net sales, for the comparable period in 2022.

    Interest income, net was $13.7 million, compared to $2.7 million for the comparable period in 2022.

    Income tax expense of $74.8 million resulted in an effective income tax rate of 22.9 percent, compared to income tax expense of $86.0 million, or an effective income tax rate of 21.6 percent, for the comparable period in 2022.

    Net income decreased 19 percent to $251.4 million, or $4.09 per diluted share, compared to net income of $311.4 million, or $4.95 per diluted share, for the comparable period in 2022.

    Balance Sheet as of December 31, 2023

    Cash, cash equivalents, and short-term investments totaled $764.5 million, compared to $431.0 million as of December 31, 2022.

    The Company had no borrowings as of either December 31, 2023 or December 31, 2022.

    Inventories decreased 27 percent to $746.3 million, compared to $1,028.5 million as of December 31, 2022.

    Cash Flow for the Twelve Months Ended December 31, 2023

    Net cash provided by operating activities was $636.3 million, compared to net cash used in operating activities of $25.2 million for the same period in 2022.

    Capital expenditures totaled $54.6 million, compared to $58.5 million for the same period in 2022.

    Share Repurchases for the Twelve Months Ended December 31, 2023

    The Company repurchased 2,377,962 shares of common stock for an aggregate of $184.0 million, or an average price per share of $77.39.

    At December 31, 2023, $345.3 million remained available under our stock repurchase authorization, which does not obligate the Company to acquire any specific number of shares or to acquire shares over any specified period of time.

    Quarterly Cash Dividend

    The Board of Directors approved a regular quarterly cash dividend of $0.30 per share, payable on March 22, 2024 to shareholders of record on March 8, 2024.

    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 February 1, 2024 and are subject to significant risks and business uncertainties, including those factors described under “Forward-Looking Statements” below. These risks and uncertainties limit our ability to accurately forecast results. The following forward-looking statements include certain aspects of the profit improvement program planned for execution in 2024.

    Net sales are expected to decrease 4.0 to 2.0 percent, resulting in net sales of $3.35 to $3.42 billion, compared to $3.49 billion in 2023.

    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 $256 to $288 million, resulting in operating margin of 7.6 to 8.4 percent, compared to operating margin of 8.9 percent in 2023.

    Interest income, net is expected to be approximately $19 million.

    Effective income tax rate is expected to be 24.0 to 25.0 percent.

    Net income is expected to be $207 to $231 million, resulting in diluted earnings per share of $3.45 to $3.85. This diluted earnings per share range is based on estimated weighted average diluted shares outstanding of 60.1 million.

    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 $300 million.

    Capital expenditures are planned to be in the range of $60 to $80 million.

    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 5:00 p.m. ET today. Dial (888) 506-0062 to participate. The call will also be webcast live on the Investor Relations section of the Company's website at http://investor.columbia.com.

    First Quarter 2024 Reporting Date

    Columbia Sportswear Company plans to report first quarter 2024 financial results on Thursday, April 25, 2024 at approximately 4:00 p.m. ET.

    Supplemental Financial Information

    Since Columbia Sportswear Company is a global company, the comparability of its operating results reported in United States dollars is affected by foreign currency exchange rate fluctuations because the underlying currencies in which it transacts change in value over time compared to the United States dollar. To supplement financial information reported in accordance with GAAP, the Company discloses constant-currency net sales information, which is a non-GAAP financial measure, to provide a framework to assess how the business performed excluding the effects of changes in the exchange rates used to translate net sales generated in foreign currencies into United States dollars. The Company calculates constant-currency net sales by translating net sales in foreign currencies for the current period into United States dollars at the average exchange rates that were in effect during the comparable period of the prior year. Management believes that this non-GAAP financial measure reflects an additional and useful way of viewing an aspect of our operations that, when viewed in conjunction with our GAAP results, provides a more comprehensive understanding of our business and operations. In particular, investors may find the non-GAAP financial measure useful by reviewing our net sales results without the volatility in foreign currency exchange rates. This non-GAAP financial measure also facilitates management's internal comparisons to our historical net sales results and comparisons to competitors' net sales results.

    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 Columbia Sportswear Company

    Columbia Sportswear Company connects active people with their passions and is a global multi-brand leading innovator in outdoor, active and lifestyle products including apparel, footwear, accessories, and equipment. Founded in 1938 in Portland, Oregon, the Company's brands are sold in approximately 110 countries. In addition to the Columbia brand, Columbia Sportswear Company also owns the Mountain Hard Wear, SOREL and prAna brands. To learn more, please visit the Company's websites at www.columbia.com, www.mountainhardwear.com, www.sorel.com, and www.prana.com.

    COLUMBIA SPORTSWEAR COMPANY

    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

    Goodwill

     

     

    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

    COLUMBIA SPORTSWEAR COMPANY

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited)

     

     

     

    Three Months Ended December 31,

     

    Twelve Months Ended December 31,

    (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

     

    COLUMBIA SPORTSWEAR COMPANY

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

     

     

     

    Year Ended December 31,

    (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

     

    COLUMBIA SPORTSWEAR COMPANY

    Reconciliation of GAAP to Non-GAAP Financial Measures

    Net Sales Growth - Constant-currency Basis

    (Unaudited)

     

     

     

    Three Months Ended December 31,

     

     

    Reported

    Net Sales

     

    Adjust for Foreign Currency

     

    Constant-currency

    Net Sales

     

    Reported

    Net Sales

     

    Reported

    Net Sales

     

    Constant-currency

    Net Sales

    (In millions, except percentage changes)

     

     

    2023

     

    Translation

     

     

    2023(1)

     

     

    2022

     

    % Change

     

    % Change(1)

    Geographical Net Sales:

     

     

     

     

     

     

     

     

     

     

     

     

    United States

     

    $

    689.4

     

    $

     

     

    $

    689.4

     

     

    $

    780.8

     

    (12

    )%

     

    (12

    )%

    Latin America and Asia Pacific

     

     

    174.7

     

     

    0.6

     

     

     

    175.3

     

     

     

    164.0

     

    7

    %

     

    7

    %

    Europe, Middle East and Africa

     

     

    130.7

     

     

    (7.2

    )

     

     

    123.5

     

     

     

    132.8

     

    (2

    )%

     

    (7

    )%

    Canada

     

     

    65.2

     

     

     

     

     

    65.2

     

     

     

    92.0

     

    (29

    )%

     

    (29

    )%

    Total

     

    $

    1,060.0

     

    $

    (6.6

    )

     

    $

    1,053.4

     

     

    $

    1,169.6

     

    (9

    )%

     

    (10

    )%

     

     

     

     

     

     

     

     

     

     

     

     

     

    Brand Net Sales:

     

     

     

     

     

     

     

     

     

     

     

     

    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

    )%

    Mountain Hardwear

     

     

    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 Net Sales:

     

     

     

     

     

     

     

     

     

     

     

     

    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 Net Sales:

     

     

     

     

     

     

     

     

     

     

     

     

    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.

    COLUMBIA SPORTSWEAR COMPANY

    Reconciliation of GAAP to Non-GAAP Financial Measures

    Net Sales Growth - Constant-currency Basis

    (Unaudited)

     

     

     

    Twelve Months Ended December 31,

     

     

    Reported

    Net Sales

     

    Adjust for Foreign Currency

     

    Constant-currency

    Net Sales

     

    Reported

    Net Sales

     

    Reported

    Net Sales

     

    Constant-currency

    Net Sales

    (In millions, except percentage changes)

     

     

    2023

     

    Translation

     

     

    2023(1)

     

     

    2022

     

    % Change

     

    % Change(1)

    Geographical Net Sales:

     

     

     

     

     

     

     

     

     

     

     

     

    United States

     

    $

    2,241.4

     

    $

     

     

    $

    2,241.4

     

     

    $

    2,302.2

     

    (3

    )%

     

    (3

    )%

    Latin America and Asia Pacific

     

     

    519.8

     

     

    22.0

     

     

     

    541.8

     

     

     

    473.9

     

    10

    %

     

    14

    %

    Europe, Middle East and Africa

     

     

    469.2

     

     

    (10.7

    )

     

     

    458.5

     

     

     

    438.6

     

    7

    %

     

    5

    %

    Canada

     

     

    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 Net Sales:

     

     

     

     

     

     

     

     

     

     

     

     

    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

    )%

    Mountain Hardwear

     

     

    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 Net Sales:

     

     

     

     

     

     

     

     

     

     

     

     

    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 Net Sales:

     

     

     

     

     

     

     

     

     

     

     

     

    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.

     


    The Columbia Sportswear Stock at the time of publication of the news with a raise of +3,37 % to 81,94USD on Nasdaq stock exchange (01. Februar 2024, 21:55 Uhr).


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    Columbia Sportswear Company Reports Fourth Quarter and Full Year 2023 Financial Results; Provides Full Year 2024 Financial Outlook Columbia Sportswear Company (NASDAQ: COLM, the "Company"), a multi-brand global leading innovator in outdoor, active and lifestyle products including apparel, footwear, accessories, and equipment, today announced fourth quarter 2023 financial …