Columbia Sportswear Company Reports Fourth Quarter and Full Year 2023 Financial Results; Provides Full Year 2024 Financial Outlook
- None.
- Decrease in net sales and operating income in the fourth quarter of 2023
- 23% decrease in diluted earnings per share due to an impairment charge related to prAna
- 21% decrease in operating income for the full year 2023
- 17% decrease in diluted earnings per share for the full year 2023
Insights
The reported decrease in net sales and operating income for the fourth quarter of 2023 suggests a contraction in the company's revenue and profitability during this period. The 9 percent decline in net sales and a more pronounced 27 percent decrease in operating income indicate operational challenges or a possible decrease in demand for the company's products. The inclusion of a $25.0 million impairment charge related to prAna, a lifestyle clothing brand, reflects a downward revision of the brand's value, which could signal strategic missteps or market shifts that have negatively affected the brand's prospects.
From a liquidity perspective, the company's position appears robust with $764.5 million in cash and equivalents and no borrowings, providing financial flexibility. However, the 27 percent reduction in inventories may raise questions about the company's supply chain efficiency or potential adjustments in response to inventory management strategies. It's important to consider these figures in the context of the company's overall performance and market conditions.
For the full year, a modest increase in net sales juxtaposed with a 21 percent decline in operating income could be indicative of rising costs or inefficiencies. The decrease in diluted earnings per share by 17 percent further underscores the pressure on profitability. Share repurchases can be a signal of management's confidence in the long-term value of the company, but they also reduce the equity available to shareholders and can impact the company's financial flexibility.
The apparel industry is highly competitive and subject to rapid changes in consumer preferences, which can have a significant impact on a company's performance. The reported financial results, including the impairment charge for prAna, suggest that the company may be facing headwinds in aligning with current market trends or consumer demands. This could have implications for the company's market share and future growth potential.
Analyzing the decrease in inventory levels from a market perspective, it could be a strategic response to avoid overstocking and to adapt to a potential slowdown in consumer spending. However, it's essential to monitor whether this reduction aligns with industry norms and if it could affect the company's ability to meet consumer demand if it rebounds.
Considering the full-year outlook, investors and stakeholders would benefit from understanding the broader market dynamics that may have influenced the company's performance, such as input cost inflation, shifts in consumer spending patterns, or increased competition. These factors are critical for assessing the company's strategic positioning and potential for recovery or further decline.
The reported financial figures must be contextualized within the broader economic environment. A decrease in net sales and operating income could reflect macroeconomic factors such as a downturn in consumer confidence, inflationary pressures, or a weakening economic cycle. The impairment charge related to prAna may also be symptomatic of broader economic shifts that are affecting discretionary spending on lifestyle brands.
Furthermore, the company's full-year net sales increase of 1 percent, against a backdrop of a 21 percent decline in operating income, suggests that the company may be experiencing margin compression, potentially due to increased costs or pricing pressures. In a period of economic uncertainty, these trends could be indicative of the company's resilience or vulnerability to external economic shocks.
The financial outlook for the next year will likely be influenced by prevailing economic conditions. Factors such as interest rate changes, employment rates and consumer sentiment will play a critical role in shaping the company's performance. It is imperative to analyze these economic indicators to forecast the company's ability to navigate the fiscal year ahead effectively.
Fourth Quarter 2023 Highlights
-
Net sales decreased 9 percent (10 percent constant-currency) to
$1,060.0 million -
Operating income decreased 27 percent to
$113.1 million $155.4 million $25.0 million $35.6 million -
Diluted earnings per share decreased 23 percent to
$1.55 $2.02 $0.31 $0.43 -
Exited the quarter with
$764.5 million -
Exited the quarter with
$746.3 million
Full Year 2023 Highlights
-
Net sales increased 1 percent to
$3,487.2 million -
Operating income decreased 21 percent to
$310.3 million $393.1 million -
Diluted earnings per share decreased 17 percent to
$4.09 $4.95 -
The Company repurchased
$184.0 million
Full Year 2024 Financial Outlook
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. Additional disclosures and financial outlook details can be found in the Full Year 2024 Financial Outlook section below and the CFO Commentary and Financial Review presentation.
-
Net sales of
$3.35 $3.42 billion -
Operating income of
$256 $288 million -
Diluted earnings per share of
$3.45 $3.85
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
“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 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
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 December 31, 2023
Cash, cash equivalents, and short-term investments totaled
The Company had no borrowings as of either December 31, 2023 or December 31, 2022.
Inventories decreased 27 percent to
Cash Flow for the Twelve Months Ended December 31, 2023
Net cash provided by operating activities was
Capital expenditures totaled
Share Repurchases for the Twelve Months Ended December 31, 2023
The Company repurchased 2,377,962 shares of common stock for an aggregate of
At December 31, 2023,
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 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
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
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 $1,352 million $1,442 million -
Operating income is expected to be (
$12 $8 million -
Diluted earnings per share is expected to be
$0.01 $0.26 $0.88
First Quarter 2024 Financial Outlook
-
Net sales are expected to be
$730 $753 million $820.6 million -
Operating income is expected to be
$16 $28 million -
Diluted earnings per share is expected to be
$0.30 $0.45 $0.74
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
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
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 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited) |
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|
|
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 |
|
|
|
|
|
|
|
|
|
|
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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 |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(Unaudited) |
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|
|
Year Ended December 31, |
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(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 |
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Reconciliation of GAAP to Non-GAAP Financial Measures |
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Net Sales Growth - Constant-currency Basis |
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(Unaudited) |
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|
|
Three Months Ended December 31, |
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|
|
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) |
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Geographical Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
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 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: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
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 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. |
||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240201535501/en/
Andrew Burns, CFA
Vice President of Investor Relations and Strategic Planning
Columbia Sportswear Company
(503) 985-4112
aburns@columbia.com
Source: Columbia Sportswear Company
FAQ
What was the percentage decrease in net sales for Columbia Sportswear Company in the fourth quarter of 2023?
What was the percentage decrease in operating income for Columbia Sportswear Company in the fourth quarter of 2023?
What was the percentage decrease in diluted earnings per share for Columbia Sportswear Company in the fourth quarter of 2023?
What was the financial outlook provided for full year 2024 by Columbia Sportswear Company?
