Columbia Sportswear Company Reports Second Quarter 2024 Financial Results; Updates Full Year 2024 Financial Outlook
Columbia Sportswear Company (COLM) reported a challenging second quarter for 2024, with net sales decreasing 8% to $570.2 million compared to Q2 2023. The company experienced a loss from operations of $23.8 million, or -4.2% of net sales, contrasting with an operating income of $6.2 million in the same period last year. Net loss per share was $(0.20), down from earnings per share of $0.14 in Q2 2023.
Despite the downturn, Columbia Sportswear maintains a strong financial position with $711.1 million in cash and no borrowings. The company has also significantly reduced its inventory levels, reporting $823.6 million in inventories, a 29% decrease from June 30, 2023. Columbia Sportswear has updated its full year 2024 financial outlook in light of these results.
Columbia Sportswear Company (COLM) ha registrato un secondo trimestre difficile per il 2024, con un calo delle vendite nette dell'8% a 570,2 milioni di dollari rispetto al Q2 2023. L'azienda ha subito una perdita operativa di 23,8 milioni di dollari, pari al -4,2% delle vendite nette, contrariamente a un utile operativo di 6,2 milioni di dollari nello stesso periodo dell'anno scorso. La perdita netta per azione è stata di $(0,20), in diminuzione rispetto all'utile per azione di $0,14 nel Q2 2023.
Nonostante il calo, Columbia Sportswear mantiene una solida posizione finanziaria con 711,1 milioni di dollari in contante e senza indebitamenti. L'azienda ha anche significativamente ridotto i livelli dell'inventario, registrando 823,6 milioni di dollari in inventari, con una diminuzione del 29% rispetto al 30 giugno 2023. Columbia Sportswear ha aggiornato le sue previsioni finanziarie per l'intero anno 2024 alla luce di questi risultati.
Columbia Sportswear Company (COLM) reportó un segundo trimestre desafiante para 2024, con una disminución del 8% en las ventas netas a 570,2 millones de dólares en comparación con el Q2 2023. La empresa experimentó una pérdida de operaciones de 23,8 millones de dólares, o -4,2% de las ventas netas, en contraste con un ingreso operativo de 6,2 millones de dólares en el mismo periodo del año pasado. La pérdida neta por acción fue de $(0,20), una disminución de las ganancias por acción de $0,14 en el Q2 2023.
A pesar de la caída, Columbia Sportswear mantiene una sólida posición financiera con 711,1 millones de dólares en efectivo y sin préstamos. La empresa también ha reducido significativamente sus niveles de inventario, reportando 823,6 millones de dólares en inventarios, una disminución del 29% desde el 30 de junio de 2023. Columbia Sportswear ha actualizado su perspectiva financiera para todo el año 2024 a la luz de estos resultados.
컬럼비아 스포츠웨어 컴퍼니(COLM)는 2024년 2분기에 어려운 실적을 기록했으며, 순매출이 8% 감소하여 5억 7천 2백만 달러에 달했습니다 (2023년 2분기 대비). 회사는 2380만 달러의 운영 손실을 기록했으며, 이는 순매출의 -4.2%에 해당하며, 작년 같은 기간에는 620만 달러의 운영 수익이 있었습니다. 주당 순손실은 $(0.20)이었고, 이는 2023년 2분기 주당 순익 $0.14에서 감소한 수치입니다.
하락세에도 불구하고 컬럼비아 스포츠웨어는 7억 1천 11만 달러의 현금과 무차입금을 유지하며 탄탄한 재무 상태를 유지하고 있습니다. 이 회사는 재고 수준을 상당히 줄였으며, 재고는 8억 2천 36백만 달러로, 2023년 6월 30일 대비 29% 감소했습니다. 컬럼비아 스포츠웨어는 이러한 결과에 비추어 2024년 전체 연도 재무 전망을 업데이트했습니다.
Columbia Sportswear Company (COLM) a annoncé un deuxième trimestre difficile pour 2024, avec une baisse des ventes nettes de 8% à 570,2 millions de dollars par rapport au Q2 2023. L'entreprise a subi une perte d'exploitation de 23,8 millions de dollars, soit -4,2% des ventes nettes, contrairement à un produit d'exploitation de 6,2 millions de dollars au cours de la même période l'année précédente. La perte nette par action s'est élevée à $(0,20), en baisse par rapport au bénéfice par action de $0,14 au Q2 2023.
Malgré cette baisse, Columbia Sportswear maintient une solide position financière avec 711,1 millions de dollars en liquidités et sans emprunts. La société a également considérablement réduit ses niveaux de stocks, avec 823,6 millions de dollars de stocks, soit une diminution de 29% par rapport au 30 juin 2023. Columbia Sportswear a mis à jour ses prévisions financières pour l'ensemble de l'année 2024 à la lumière de ces résultats.
Die Columbia Sportswear Company (COLM) berichtete für das zweite Quartal 2024 von herausfordernden Ergebnissen, mit einem Rückgang der Nettoumsätze um 8% auf 570,2 Millionen US-Dollar im Vergleich zum Q2 2023. Das Unternehmen verzeichnete einen Betriebsverlust von 23,8 Millionen US-Dollar, was -4,2% des Nettoumsatzes ausmacht, im Gegensatz zu einem Betriebsergebnis von 6,2 Millionen US-Dollar im gleichen Zeitraum des Vorjahres. Der Nettoverlust pro Aktie betrug $(0,20), im Vergleich zu einem Gewinn pro Aktie von $0,14 im Q2 2023.
Trotz des Rückgangs hat Columbia Sportswear eine starke Finanzlage mit 711,1 Millionen US-Dollar in bar und ohne Verbindlichkeiten. Das Unternehmen hat auch seine Lagerbestände erheblich reduziert, mit 823,6 Millionen US-Dollar in Beständen, was einem Rückgang von 29% seit dem 30. Juni 2023 entspricht. Columbia Sportswear hat seine Finanzprognose für das gesamte Jahr 2024 angesichts dieser Ergebnisse aktualisiert.
- Strong cash position with $711.1 million in cash, cash equivalents and short-term investments
- Significant inventory reduction of 29% compared to previous year
- No borrowings, indicating financial stability
- Net sales decreased 8% to $570.2 million
- Loss from operations of $23.8 million, compared to operating income in Q2 2023
- Net loss per share of $(0.20), down from positive earnings in Q2 2023
Insights
Columbia Sportswear's Q2 2024 results paint a challenging picture for the outdoor apparel giant. The
The
The shift from
Investors should closely monitor the full-year outlook update for signs of a turnaround strategy or further deterioration in financial performance. The outdoor apparel market's cyclical nature and sensitivity to economic conditions make Columbia's ability to navigate these headwinds important for its long-term prospects.
Columbia Sportswear's Q2 2024 results reflect broader challenges in the outdoor apparel industry. The
The company's inventory reduction of
The shift to an operating loss margin of
Looking ahead, investors should pay close attention to:
- Consumer sentiment and spending patterns in key markets
- The effectiveness of Columbia's marketing and brand positioning efforts
- Potential market share shifts among major outdoor apparel competitors
- The impact of macroeconomic factors such as inflation and interest rates on discretionary spending
These results underscore the need for Columbia to innovate and adapt to changing market dynamics to regain its footing in the competitive outdoor apparel landscape.
Second Quarter 2024 Highlights
-
Net sales decreased 8 percent (7 percent constant-currency) to
, compared to second quarter 2023.$570.2 million -
Loss from operations of
, or (4.2) percent of net sales, compared to second quarter 2023 operating income of$23.8 million , or 1.0 percent of net sales.$6.2 million -
Net loss per share of
, compared to second quarter 2023 diluted earnings per share of$(0.20) .$0.14 -
Exited the quarter with
of cash, cash equivalents and short-term investments and no borrowings.$711.1 million -
Exited the quarter with
of inventories, a decrease of 29 percent compared to June 30, 2023.$823.6 million
Full Year 2024 Financial Outlook
The following forward-looking statements reflect our expectations as of July 25, 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
to$3.35 (unchanged), representing a net sales decline of 4.0 to 2.0 percent (unchanged) compared to 2023.$3.42 billion -
Operating income of
to$256 (prior$288 million to$259 ), representing operating margin of 7.7 to 8.4 percent (prior 7.7 to 8.5 percent).$291 million -
Diluted earnings per share of
to$3.65 (unchanged).$4.05
Chairman, President and Chief Executive Officer Tim Boyle commented, “Second quarter results were generally in line with expectations. We are working to maximize sales in a challenging
“Our Fall ‘24 order book supports sequential improvement in wholesale sales, with the potential for overall sales to return to growth by the fourth quarter. I’m thrilled with our line-up of innovations for this Fall, including Omni-Heat Infinity, Omni-Max footwear and our newest innovation, Omni-Heat Arctic. As we look toward 2025, I am pleased to report that early indications from our Spring ’25 wholesale orderbook suggest a return to wholesale growth in the first half.
“Our fortress balance sheet remains a strategic advantage, with over
- 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 second quarter 2024 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.
Second Quarter 2024 Financial Results
(All comparisons are between second quarter 2024 and second quarter 2023, unless otherwise noted.)
Net sales decreased 8 percent (7 percent constant-currency) to
Gross margin contracted 270 basis points to 47.9 percent of net sales from 50.6 percent of net sales for the comparable period in 2023. Gross margin contraction primarily reflects the impact of efforts to spur demand and reduce inventory in the
SG&A expenses were
Loss from operations was
Interest income, net of
Income tax benefit of
Net loss of
First Half 2024 Financial Results
(All comparisons are between the first six months 2024 and the first six months 2023, unless otherwise noted.)
Net sales decreased 7 percent (6 percent constant-currency) to
Gross margin of
SG&A expenses were
Operating income decreased 67 percent to
Interest income, net was
Income tax expense of
Net income decreased 44 percent to
Balance Sheet as of June 30, 2024
Cash, cash equivalents, and short-term investments totaled
The Company had no borrowings as of either June 30, 2024 or June 30, 2023.
Inventories decreased 29 percent to
Cash Flow for the Six Months Ended June 30, 2024
Net cash provided by operating activities was
Capital expenditures totaled
Share Repurchases for the Six Months Ended June 30, 2024
The Company repurchased 1,414,437 shares of common stock for an aggregate of
At June 30, 2024,
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 and third quarter 2024 Financial Outlook are each forward-looking in nature, and the following forward-looking statements reflect our expectations as of July 25, 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.
Net sales are expected to decrease 4.0 to 2.0 percent (unchanged), resulting in net sales of
Gross margin is expected to expand 40 to 60 basis points (prior 80 to 120 basis points) to 50.0 to 50.2 percent of net sales (prior 50.4 to 50.8 percent) from 49.6 percent of net sales in 2023.
SG&A expenses, as a percent of net sales, are expected to be 42.4 to 43.0 percent (prior 43.0 to 43.4 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 (unchanged).
Net income is expected to be
Foreign Currency
- Foreign currency translation is anticipated to decrease 2024 net sales growth by approximately 70 basis points (prior 20 basis points).
-
Foreign currency is expected to have an approximately
negative impact on diluted earnings per share (prior$0.07 ) due to negative foreign currency transactional effects from hedging of inventory production, as well as unfavorable foreign currency translation impacts.$0.04
Cash Flows
Operating cash flow is expected to be at least
Capital expenditures are planned to be in the range of
Third Quarter 2024 Financial Outlook
-
Net sales are expected to be
to$927 , representing a decline of 6 to 3 percent from$959 million for the comparable period in 2023.$985.7 million -
Operating income is expected to be
to$94 , resulting in operating margin of 10.1 to 11.2 percent, compared to operating margin of 13.7 percent in the comparable period in 2023.$107 million -
Diluted earnings per share is expected to be
to$1.27 , compared to$1.43 for the comparable period in 2023.$1.70
Conference Call
The Company will hold its second quarter 2024 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.
Third Quarter 2024 Reporting Date
The Company plans to report third quarter 2024 financial results on Wednesday, October 30, 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, operating cash flow, and capital expenditures, as well as third 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," "plan" 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 execute and realize cost savings related to our Profit Improvement Plan; 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 |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(Unaudited) |
||||||
(in thousands) |
|
June 30,
|
|
June 30,
|
||
ASSETS |
|
|
|
|
||
Current Assets: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
341,822 |
|
$ |
231,571 |
Short-term investments |
|
|
369,276 |
|
|
71,225 |
Accounts receivable, net |
|
|
222,628 |
|
|
343,835 |
Inventories |
|
|
823,557 |
|
|
1,162,519 |
Prepaid expenses and other current assets |
|
|
90,527 |
|
|
91,990 |
Total current assets |
|
|
1,847,810 |
|
|
1,901,140 |
Property, plant and equipment, net |
|
|
277,509 |
|
|
280,578 |
Operating lease right-of-use assets |
|
|
360,721 |
|
|
313,698 |
Intangible assets, net |
|
|
79,221 |
|
|
80,733 |
Goodwill |
|
|
26,694 |
|
|
51,694 |
Deferred income taxes |
|
|
97,428 |
|
|
94,671 |
Other non-current assets |
|
|
71,438 |
|
|
67,290 |
Total assets |
|
$ |
2,760,821 |
|
$ |
2,789,804 |
LIABILITIES AND EQUITY |
|
|
|
|
||
Current Liabilities: |
|
|
|
|
||
Accounts payable |
|
$ |
267,853 |
|
|
247,416 |
Accrued liabilities |
|
|
201,700 |
|
|
238,988 |
Operating lease liabilities |
|
|
72,101 |
|
|
69,784 |
Income taxes payable |
|
|
2,787 |
|
|
1,080 |
Total current liabilities |
|
|
544,441 |
|
|
557,268 |
Non-current operating lease liabilities |
|
|
339,327 |
|
|
298,062 |
Income taxes payable |
|
|
13,615 |
|
|
23,452 |
Deferred income taxes |
|
|
64 |
|
|
— |
Other long-term liabilities |
|
|
39,412 |
|
|
36,364 |
Total liabilities |
|
|
936,859 |
|
|
915,146 |
Total shareholders' equity |
|
|
1,823,962 |
|
|
1,874,658 |
Total liabilities and shareholders' equity |
|
$ |
2,760,821 |
|
$ |
2,789,804 |
COLUMBIA SPORTSWEAR COMPANY |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited) |
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|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
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(In thousands, except per share amounts) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net sales |
|
$ |
570,244 |
|
|
$ |
620,933 |
|
|
$ |
1,340,226 |
|
|
$ |
1,441,526 |
|
Cost of sales |
|
|
296,825 |
|
|
|
306,888 |
|
|
|
677,248 |
|
|
|
727,981 |
|
Gross profit |
|
|
273,419 |
|
|
|
314,045 |
|
|
|
662,978 |
|
|
|
713,545 |
|
Gross margin |
|
|
47.9 |
% |
|
|
50.6 |
% |
|
|
49.5 |
% |
|
|
49.5 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses |
|
|
302,749 |
|
|
|
312,529 |
|
|
|
652,019 |
|
|
|
659,927 |
|
Net licensing income |
|
|
5,528 |
|
|
|
4,713 |
|
|
|
9,920 |
|
|
|
9,038 |
|
Operating income |
|
|
(23,802 |
) |
|
|
6,229 |
|
|
|
20,879 |
|
|
|
62,656 |
|
Interest income, net |
|
|
8,344 |
|
|
|
3,506 |
|
|
|
17,541 |
|
|
|
6,789 |
|
Other non-operating income, net |
|
|
476 |
|
|
|
(185 |
) |
|
|
747 |
|
|
|
665 |
|
Income before income tax |
|
|
(14,982 |
) |
|
|
9,550 |
|
|
|
39,167 |
|
|
|
70,110 |
|
Income tax expense |
|
|
(3,241 |
) |
|
|
1,200 |
|
|
|
8,608 |
|
|
|
15,558 |
|
Net income |
|
$ |
(11,741 |
) |
|
$ |
8,350 |
|
|
$ |
30,559 |
|
|
$ |
54,552 |
|
|
|
|
|
|
|
|
|
|
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Earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.20 |
) |
|
$ |
0.14 |
|
|
$ |
0.51 |
|
|
$ |
0.88 |
|
Diluted |
|
$ |
(0.20 |
) |
|
$ |
0.14 |
|
|
$ |
0.51 |
|
|
$ |
0.88 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
59,093 |
|
|
|
61,655 |
|
|
|
59,458 |
|
|
|
61,893 |
|
Diluted |
|
|
59,093 |
|
|
|
61,781 |
|
|
|
59,603 |
|
|
|
62,122 |
|
COLUMBIA SPORTSWEAR COMPANY |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(Unaudited) |
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|
|
Six Months Ended June 30, |
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(in thousands) |
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
30,559 |
|
|
$ |
54,552 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
29,142 |
|
|
|
27,976 |
|
Non-cash lease expense |
|
|
37,419 |
|
|
|
33,564 |
|
Provision for uncollectible accounts receivable |
|
|
1,502 |
|
|
|
145 |
|
Deferred income taxes |
|
|
2,101 |
|
|
|
488 |
|
Stock-based compensation |
|
|
12,008 |
|
|
|
11,208 |
|
Other, net |
|
|
(9,800 |
) |
|
|
491 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
191,737 |
|
|
|
203,846 |
|
Inventories |
|
|
(88,753 |
) |
|
|
(135,251 |
) |
Prepaid expenses and other current assets |
|
|
(2,809 |
) |
|
|
30,396 |
|
Other assets |
|
|
1,159 |
|
|
|
366 |
|
Accounts payable |
|
|
31,105 |
|
|
|
(69,305 |
) |
Accrued liabilities |
|
|
(63,626 |
) |
|
|
(90,759 |
) |
Income taxes payable |
|
|
(26,688 |
) |
|
|
(27,303 |
) |
Operating lease assets and liabilities |
|
|
(37,275 |
) |
|
|
(34,317 |
) |
Other liabilities |
|
|
1,112 |
|
|
|
3,611 |
|
Net cash provided by operating activities |
|
|
108,893 |
|
|
|
9,708 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of short-term investments |
|
|
(388,348 |
) |
|
|
(117,877 |
) |
Sales and maturities of short-term investments |
|
|
446,087 |
|
|
|
50,747 |
|
Capital expenditures |
|
|
(27,788 |
) |
|
|
(22,803 |
) |
Net cash provided by (used in) investing activities |
|
|
29,951 |
|
|
|
(89,933 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from credit facilities | — |
837 |
||||||
Repayments on credit facilities | — |
(837 |
) |
|||||
Proceeds from issuance of common stock related to stock-based compensation |
|
|
3,747 |
|
|
|
4,624 |
|
Tax payments related to stock-based compensation |
|
|
(4,461 |
) |
|
|
(4,400 |
) |
Repurchase of common stock |
|
|
(102,618 |
) |
|
|
(78,319 |
) |
Cash dividends paid |
|
|
(35,628 |
) |
|
|
(37,099 |
) |
Net cash used in financing activities |
|
|
(138,960 |
) |
|
|
(115,194 |
) |
Net effect of exchange rate changes on cash |
|
|
(8,381 |
) |
|
|
(3,251 |
) |
Net decrease in cash and cash equivalents |
|
|
(8,497 |
) |
|
|
(198,670 |
) |
Cash and cash equivalents, beginning of period |
|
|
350,319 |
|
|
|
430,241 |
|
Cash and cash equivalents, end of period |
|
$ |
341,822 |
|
|
$ |
231,571 |
|
Supplemental disclosures of cash flow information: |
|
|
|
|
||||
Cash paid during the year for income taxes |
|
$ |
58,151 |
|
|
$ |
61,131 |
|
Supplemental disclosures of non-cash investing and financing activities: |
|
|
|
|
||||
Property, plant and equipment acquired through increase in liabilities |
|
$ |
6,283 |
|
|
$ |
5,982 |
|
Repurchases of common stock not settled |
|
$ |
8,114 |
|
|
$ |
— |
|
COLUMBIA SPORTSWEAR COMPANY |
|||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures |
|||||||||||||||||||
Net Sales Growth - Constant-currency Basis |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
|
|
Three Months Ended June 30, |
|||||||||||||||||
|
|
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) |
|
|
2024 |
|
Translation |
|
|
2024(1) |
|
|
2023 |
|
% Change |
|
% Change(1) |
||||
Geographical Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
$ |
340.2 |
|
$ |
— |
|
$ |
340.2 |
|
|
$ |
399.1 |
|
(15 |
)% |
|
(15 |
)% |
|
|
|
99.5 |
|
|
5.7 |
|
|
105.2 |
|
|
|
93.3 |
|
7 |
% |
|
13 |
% |
|
|
|
103.9 |
|
|
0.4 |
|
|
104.3 |
|
|
|
100.8 |
|
3 |
% |
|
3 |
% |
|
|
|
26.6 |
|
|
0.1 |
|
|
26.7 |
|
|
|
27.7 |
|
(4 |
)% |
|
(4 |
)% |
Total |
|
$ |
570.2 |
|
$ |
6.2 |
|
$ |
576.4 |
|
|
$ |
620.9 |
|
(8 |
)% |
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brand Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Columbia |
|
$ |
508.6 |
|
$ |
5.9 |
|
$ |
514.5 |
|
|
$ |
537.0 |
|
(5 |
)% |
|
(4 |
)% |
SOREL |
|
|
21.0 |
|
|
0.1 |
|
|
21.1 |
|
|
|
37.8 |
|
(44 |
)% |
|
(44 |
)% |
prAna |
|
|
21.8 |
|
|
— |
|
|
21.8 |
|
|
|
27.6 |
|
(21 |
)% |
|
(21 |
)% |
Mountain Hardwear |
|
|
18.8 |
|
|
0.2 |
|
|
19.0 |
|
|
|
18.5 |
|
2 |
% |
|
3 |
% |
Total |
|
$ |
570.2 |
|
$ |
6.2 |
|
$ |
576.4 |
|
|
$ |
620.9 |
|
(8 |
)% |
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Product Category Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Apparel, Accessories and Equipment |
|
$ |
464.0 |
|
$ |
4.3 |
|
$ |
468.3 |
|
|
$ |
488.9 |
|
(5 |
)% |
|
(4 |
)% |
Footwear |
|
|
106.2 |
|
|
1.9 |
|
|
108.1 |
|
|
|
132.0 |
|
(20 |
)% |
|
(18 |
)% |
Total |
|
$ |
570.2 |
|
$ |
6.2 |
|
$ |
576.4 |
|
|
$ |
620.9 |
|
(8 |
)% |
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Channel Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wholesale |
|
$ |
278.4 |
|
$ |
2.2 |
|
$ |
280.6 |
|
|
$ |
328.3 |
|
(15 |
)% |
|
(15 |
)% |
DTC |
|
|
291.8 |
|
|
4.0 |
|
|
295.8 |
|
|
|
292.6 |
|
— |
% |
|
1 |
% |
Total |
|
$ |
570.2 |
|
$ |
6.2 |
|
$ |
576.4 |
|
|
$ |
620.9 |
|
(8 |
)% |
|
(7 |
)% |
(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) |
||||||||||||||||||||
|
|
Six Months Ended June 30, |
||||||||||||||||||
|
|
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) |
|
|
2024 |
|
Translation |
|
|
2024(1) |
|
|
2023 |
|
% Change |
|
% Change(1) |
|||||
Geographical Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
814.6 |
|
$ |
— |
|
|
$ |
814.6 |
|
|
$ |
916.6 |
|
(11 |
)% |
|
(11 |
)% |
|
|
|
238.2 |
|
|
12.3 |
|
|
|
250.5 |
|
|
|
229.7 |
|
4 |
% |
|
9 |
% |
|
|
|
208.4 |
|
|
(1.8 |
) |
|
|
206.6 |
|
|
|
209.1 |
|
— |
% |
|
(1 |
)% |
|
|
|
79.0 |
|
|
(0.3 |
) |
|
|
78.7 |
|
|
|
86.1 |
|
(8 |
)% |
|
(9 |
)% |
Total |
|
$ |
1,340.2 |
|
$ |
10.2 |
|
|
$ |
1,350.4 |
|
|
$ |
1,441.5 |
|
(7 |
)% |
|
(6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brand Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Columbia |
|
$ |
1,172.5 |
|
$ |
9.9 |
|
|
$ |
1,182.4 |
|
|
$ |
1,239.8 |
|
(5 |
)% |
|
(5 |
)% |
SOREL |
|
|
66.7 |
|
|
— |
|
|
|
66.7 |
|
|
|
98.3 |
|
(32 |
)% |
|
(32 |
)% |
prAna |
|
|
53.1 |
|
|
— |
|
|
|
53.1 |
|
|
|
60.1 |
|
(12 |
)% |
|
(12 |
)% |
Mountain Hardwear |
|
|
47.9 |
|
|
0.3 |
|
|
|
48.2 |
|
|
|
43.3 |
|
11 |
% |
|
11 |
% |
Total |
|
$ |
1,340.2 |
|
$ |
10.2 |
|
|
$ |
1,350.4 |
|
|
$ |
1,441.5 |
|
(7 |
)% |
|
(6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Product Category Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Apparel, Accessories and Equipment |
|
$ |
1,083.0 |
|
$ |
7.6 |
|
|
$ |
1,090.6 |
|
|
$ |
1,121.5 |
|
(3 |
)% |
|
(3 |
)% |
Footwear |
|
|
257.2 |
|
|
2.6 |
|
|
|
259.8 |
|
|
|
320.0 |
|
(20 |
)% |
|
(19 |
)% |
Total |
|
$ |
1,340.2 |
|
$ |
10.2 |
|
|
$ |
1,350.4 |
|
|
$ |
1,441.5 |
|
(7 |
)% |
|
(6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Channel Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Wholesale |
|
$ |
669.3 |
|
$ |
3.3 |
|
|
$ |
672.6 |
|
|
$ |
780.8 |
|
(14 |
)% |
|
(14 |
)% |
DTC |
|
|
670.9 |
|
|
6.9 |
|
|
|
677.8 |
|
|
|
660.7 |
|
2 |
% |
|
3 |
% |
Total |
|
$ |
1,340.2 |
|
$ |
10.2 |
|
|
$ |
1,350.4 |
|
|
$ |
1,441.5 |
|
(7 |
)% |
|
(6 |
)% |
(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/20240725890690/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 were Columbia Sportswear's (COLM) key financial results for Q2 2024?
How did Columbia Sportswear's (COLM) inventory levels change in Q2 2024?
What is Columbia Sportswear's (COLM) cash position as of Q2 2024?