Columbia Sportswear Company Reports Second Quarter and First Half 2023 Financial Results; Updates Full Year 2023 Financial Outlook
Second Quarter 2023 Highlights
-
Net sales increased 7 percent (9 percent constant-currency) to
$620.9 million -
Operating income decreased 29 percent to
$6.2 million $8.8 million -
Diluted earnings per share increased 27 percent to
$0.14 $0.11 -
Exited the quarter with
$302.8 million
Full Year 2023 Financial Outlook
The following forward-looking statements reflect our expectations as of August 1, 2023 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 2023 Financial Outlook section below and the CFO Commentary and Financial Review presentation.
-
Net sales of
$3.53 $3.59 billion $3.57 $3.67 billion -
Operating income of
$348 $368 million $413 $432 million -
Diluted earnings per share of
$4.40 $4.65 $5.15 $5.40
Chairman, President and Chief Executive Officer Tim Boyle commented, “Second quarter financial results reflect a dynamic environment, with varying trends across our global omni-channel business. During the quarter, we experienced continued strength across many international markets, including
“We are continuing to deliver innovation into the marketplace. This Spring, we enhanced the Columbia brand’s collection of sun-protection and cooling technologies with the launch of Omni-Shade Broad Spectrum. Looking to Fall, we are building on the success of Omni-Heat Infinity, which will be prominently featured in our marketing campaigns.
“Based on year-to-date performance, and the trends we are seeing across the business, we are taking a more conservative approach to planning the balance of the year. As we navigate near-term uncertainty, we are focused on taking actions to manage expenses and seeking opportunities to drive growth. In challenging times, our strong financial position is a strategic advantage, and we exited the second quarter with over
“I remain confident in our strategies, and we are focused on achieving 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 second 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 https://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 2023 Financial Results
(All comparisons are between second quarter 2023 and second quarter 2022, unless otherwise noted.)
Net sales increased 7 percent (9 percent constant-currency) to
Gross margin expanded 140 basis points to 50.6 percent of net sales from 49.2 percent of net sales for the comparable period in 2022. Gross margin expansion primarily reflects lower inbound freight costs and, to a lesser degree, changes in inventory provisions, partially offset by increased clearance and promotional activity.
SG&A expenses increased 11 percent to
Operating income decreased 29 percent to
Interest income, net of
Income tax expense was
Net income increased 17 percent to
First Half 2023 Financial Results
(All comparisons are between the first six months 2023 and the first six months 2022, unless otherwise noted.)
Net sales increased 8 percent (10 percent constant-currency) to
Gross margin was flat compared to 49.5 percent of net sales for the comparable period in 2022.
SG&A expenses increased 14 percent to
Operating income decreased 32 percent to
Interest income, net was
Income tax expense of
Net income decreased 26 percent to
Balance Sheet as of June 30, 2023
Cash, cash equivalents and short-term investments totaled
The Company had no borrowings as of June 30, 2023 or 2022.
Inventories increased 21 percent to
Cash Flow for the Six Months Ended June 30, 2023
Net cash provided by operating activities was
Capital expenditures totaled
Share Repurchases for the Six Months Ended June 30, 2023
The Company repurchased 953,269 shares of common stock for an aggregate of
At June 30, 2023,
Quarterly Cash Dividend
The Board of Directors approved a regular quarterly cash dividend of
Full Year 2023 Financial Outlook
(Additional financial outlook details can be found in the CFO Commentary and Financial Review presentation.)
The Company's third quarter and full year 2023 Financial Outlook is forward-looking in nature, and the following forward-looking statements reflect our expectations as of August 1, 2023 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. This outlook reflects our estimates as of August 1, 2023 regarding the impact of economic conditions, including inflationary pressures; supply chain expenses; marketplace inventories; changes in consumer behavior and confidence; as well as geopolitical tensions. This outlook and commentary assume macro-economic conditions do not materially deteriorate. Projections are predicated on normal seasonal weather globally.
Net sales are expected to increase 2.0 to 3.5 percent (prior 3 to 6 percent) to
Gross margin is expected to expand approximately 40 basis points (prior 60 basis points) to approximately 49.8 percent of net sales (prior 50 percent) from 49.4 percent of net sales in 2022.
SG&A expenses, as a percent of net sales, are expected to be 40.1 to 40.5 percent (prior 39.0 to 39.2 percent), compared to SG&A expense as a percent of net sales of 37.7 percent in 2022.
Operating income is expected to be
Interest income, net is expected to be approximately
Effective income tax rate is expected to be approximately 24.5 percent (unchanged).
Net income is expected to be
Foreign Currency
- Foreign currency translation is anticipated to reduce 2023 net sales growth by approximately 30 basis points (prior 20 basis points) reflecting unfavorable foreign currency translation impacts through the first half of the year, largely offset by expected favorable impacts in the latter part of the year.
-
Foreign currency is expected to have an approximately
$0.03
Balance Sheet and Cash Flows
Operating cash flow is expected to be approximately
Capital expenditures are planned to be in the range of
Third Quarter 2023 Financial Outlook
-
Net sales are expected to be
$995 $1,010 million $955.1 million -
Operating income is expected to be
$132 $138 million -
Diluted earnings per share is expected to be
$1.60 $1.70 $1.80
Conference Call
The Company will hold its second 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.
Third Quarter 2023 Reporting Date
Columbia Sportswear Company plans to report third quarter 2023 financial results on Thursday, October 26, 2023 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 2023 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, and third quarter 2023 net sales 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 include those relating to economic conditions, including inflationary pressures; supply chain expenses; marketplace inventories; changes in consumer behavior and confidence; as well as geopolitical tensions. 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) |
|
June 30,
|
|
June 30,
|
||
ASSETS |
|
|
|
|
||
Current Assets: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
231,571 |
|
$ |
413,110 |
Short-term investments |
|
|
71,225 |
|
|
1,108 |
Accounts receivable, net |
|
|
343,835 |
|
|
296,636 |
Inventories |
|
|
1,162,519 |
|
|
962,875 |
Prepaid expenses and other current assets |
|
|
91,990 |
|
|
121,404 |
Total current assets |
|
|
1,901,140 |
|
|
1,795,133 |
Property, plant and equipment, net |
|
|
280,578 |
|
|
288,199 |
Operating lease right-of-use assets |
|
|
313,698 |
|
|
325,871 |
Intangible assets, net |
|
|
80,733 |
|
|
101,083 |
Goodwill |
|
|
51,694 |
|
|
68,594 |
Deferred income taxes |
|
|
94,671 |
|
|
81,263 |
Other non-current assets |
|
|
67,290 |
|
|
66,645 |
Total assets |
|
$ |
2,789,804 |
|
$ |
2,726,788 |
LIABILITIES AND EQUITY |
|
|
|
|
||
Current Liabilities: |
|
|
|
|
||
Accounts payable |
|
$ |
247,416 |
|
$ |
312,353 |
Accrued liabilities |
|
|
238,988 |
|
|
239,181 |
Operating lease liabilities |
|
|
69,784 |
|
|
65,668 |
Income taxes payable |
|
|
1,080 |
|
|
1,242 |
Total current liabilities |
|
|
557,268 |
|
|
618,444 |
Non-current operating lease liabilities |
|
|
298,062 |
|
|
312,043 |
Income taxes payable |
|
|
23,452 |
|
|
32,504 |
Other long-term liabilities |
|
|
36,364 |
|
|
32,080 |
Total liabilities |
|
|
915,146 |
|
|
995,071 |
Total shareholders' equity |
|
|
1,874,658 |
|
|
1,731,717 |
Total liabilities and shareholders' equity |
|
$ |
2,789,804 |
|
$ |
2,726,788 |
COLUMBIA SPORTSWEAR COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(In thousands, except per share amounts) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net sales |
|
$ |
620,933 |
|
|
$ |
578,063 |
|
|
$ |
1,441,526 |
|
|
$ |
1,339,573 |
|
Cost of sales |
|
|
306,888 |
|
|
|
293,903 |
|
|
|
727,981 |
|
|
|
676,966 |
|
Gross profit |
|
|
314,045 |
|
|
|
284,160 |
|
|
|
713,545 |
|
|
|
662,607 |
|
Gross margin |
|
|
50.6 |
% |
|
|
49.2 |
% |
|
|
49.5 |
% |
|
|
49.5 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses |
|
|
312,529 |
|
|
|
281,258 |
|
|
|
659,927 |
|
|
|
580,344 |
|
Net licensing income |
|
|
4,713 |
|
|
|
5,871 |
|
|
|
9,038 |
|
|
|
10,176 |
|
Operating income |
|
|
6,229 |
|
|
|
8,773 |
|
|
|
62,656 |
|
|
|
92,439 |
|
Interest income, net |
|
|
3,506 |
|
|
|
499 |
|
|
|
6,789 |
|
|
|
894 |
|
Other non-operating income (expense), net |
|
|
(185 |
) |
|
|
(1,435 |
) |
|
|
665 |
|
|
|
(1,391 |
) |
Income before income tax |
|
|
9,550 |
|
|
|
7,837 |
|
|
|
70,110 |
|
|
|
91,942 |
|
Income tax expense |
|
|
1,200 |
|
|
|
674 |
|
|
|
15,558 |
|
|
|
17,942 |
|
Net income |
|
$ |
8,350 |
|
|
$ |
7,163 |
|
|
$ |
54,552 |
|
|
$ |
74,000 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.14 |
|
|
$ |
0.11 |
|
|
$ |
0.88 |
|
|
$ |
1.17 |
|
Diluted |
|
$ |
0.14 |
|
|
$ |
0.11 |
|
|
$ |
0.88 |
|
|
$ |
1.16 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
61,655 |
|
|
|
62,554 |
|
|
|
61,893 |
|
|
|
63,409 |
|
Diluted |
|
|
61,781 |
|
|
|
62,695 |
|
|
|
62,122 |
|
|
|
63,654 |
|
COLUMBIA SPORTSWEAR COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||||
|
Six Months Ended June 30, |
||||||
(in thousands) |
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
54,552 |
|
|
$ |
74,000 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation, amortization, and non-cash lease expense |
|
61,540 |
|
|
|
58,537 |
|
Provision for uncollectible accounts receivable |
|
145 |
|
|
|
(4,047 |
) |
Loss on disposal or impairment of property, plant and equipment, and right-of-use assets |
|
491 |
|
|
|
2,418 |
|
Deferred income taxes |
|
488 |
|
|
|
3,750 |
|
Stock-based compensation |
|
11,208 |
|
|
|
10,636 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
203,846 |
|
|
|
186,364 |
|
Inventories |
|
(135,251 |
) |
|
|
(332,225 |
) |
Prepaid expenses and other current assets |
|
30,396 |
|
|
|
(23,226 |
) |
Other assets |
|
366 |
|
|
|
3,018 |
|
Accounts payable |
|
(69,305 |
) |
|
|
35,754 |
|
Accrued liabilities |
|
(90,759 |
) |
|
|
(67,199 |
) |
Income taxes payable |
|
(27,303 |
) |
|
|
(23,807 |
) |
Operating lease assets and liabilities |
|
(34,317 |
) |
|
|
(34,478 |
) |
Other liabilities |
|
3,611 |
|
|
|
(2,163 |
) |
Net cash provided by (used in) operating activities |
|
9,708 |
|
|
|
(112,668 |
) |
Cash flows from investing activities: |
|
|
|
||||
Purchases of short-term investments |
|
(117,877 |
) |
|
|
(44,877 |
) |
Sales and maturities of short-term investments |
|
50,747 |
|
|
|
175,725 |
|
Capital expenditures |
|
(22,803 |
) |
|
|
(28,983 |
) |
Net cash provided by (used in) investing activities |
|
(89,933 |
) |
|
|
101,865 |
|
Cash flows from financing activities: |
|
|
|
||||
Proceeds from issuance of common stock related to stock-based compensation |
|
4,624 |
|
|
|
4,076 |
|
Tax payments related to stock-based compensation |
|
(4,400 |
) |
|
|
(4,024 |
) |
Repurchase of common stock |
|
(78,319 |
) |
|
|
(287,443 |
) |
Cash dividends paid |
|
(37,099 |
) |
|
|
(37,926 |
) |
Net cash used in financing activities |
|
(115,194 |
) |
|
|
(325,317 |
) |
Net effect of exchange rate changes on cash |
|
(3,251 |
) |
|
|
(14,174 |
) |
Net decrease in cash and cash equivalents |
|
(198,670 |
) |
|
|
(350,294 |
) |
Cash and cash equivalents, beginning of period |
|
430,241 |
|
|
|
763,404 |
|
Cash and cash equivalents, end of period |
$ |
231,571 |
|
|
$ |
413,110 |
|
Supplemental disclosures of cash flow information: |
|
|
|
||||
Cash paid during the year for income taxes |
$ |
61,131 |
|
|
$ |
47,846 |
|
Supplemental disclosures of non-cash investing and financing activities: |
|
|
|
||||
Property, plant and equipment acquired through increase in liabilities |
$ |
5,982 |
|
|
$ |
5,334 |
|
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) |
|
2023 |
|
Translation |
|
|
2023(1) |
|
2022 |
|
% Change |
|
% Change(1) |
||||||
Geographical Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
$ |
399.1 |
|
$ |
— |
|
$ |
399.1 |
|
|
$ |
412.5 |
|
(3 |
)% |
|
(3 |
)% |
|
|
|
93.3 |
|
|
4.9 |
|
|
98.2 |
|
|
|
72.8 |
|
28 |
% |
|
35 |
% |
|
|
|
100.8 |
|
|
— |
|
|
100.8 |
|
|
|
57.6 |
|
75 |
% |
|
75 |
% |
|
|
|
27.7 |
|
|
1.9 |
|
|
29.6 |
|
|
|
35.2 |
|
(21 |
)% |
|
(16 |
)% |
Total |
|
$ |
620.9 |
|
$ |
6.8 |
|
$ |
627.7 |
|
|
$ |
578.1 |
|
7 |
% |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brand Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Columbia |
|
$ |
537.0 |
|
$ |
6.6 |
|
$ |
543.6 |
|
|
$ |
485.9 |
|
11 |
% |
|
12 |
% |
SOREL |
|
|
37.8 |
|
|
0.1 |
|
|
37.9 |
|
|
|
28.7 |
|
32 |
% |
|
32 |
% |
prAna |
|
|
27.6 |
|
|
— |
|
|
27.6 |
|
|
|
40.7 |
|
(32 |
)% |
|
(32 |
)% |
Mountain Hardwear |
|
|
18.5 |
|
|
0.1 |
|
|
18.6 |
|
|
|
22.8 |
|
(19 |
)% |
|
(18 |
)% |
Total |
|
$ |
620.9 |
|
$ |
6.8 |
|
$ |
627.7 |
|
|
$ |
578.1 |
|
7 |
% |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Product Category Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Apparel, Accessories and Equipment |
|
$ |
488.9 |
|
$ |
5.3 |
|
$ |
494.2 |
|
|
$ |
468.4 |
|
4 |
% |
|
6 |
% |
Footwear |
|
|
132.0 |
|
|
1.5 |
|
|
133.5 |
|
|
|
109.7 |
|
20 |
% |
|
22 |
% |
Total |
|
$ |
620.9 |
|
$ |
6.8 |
|
$ |
627.7 |
|
|
$ |
578.1 |
|
7 |
% |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Channel Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wholesale |
|
$ |
328.3 |
|
$ |
2.5 |
|
$ |
330.8 |
|
|
$ |
299.9 |
|
9 |
% |
|
10 |
% |
DTC |
|
|
292.6 |
|
|
4.3 |
|
|
296.9 |
|
|
|
278.2 |
|
5 |
% |
|
7 |
% |
Total |
|
$ |
620.9 |
|
$ |
6.8 |
|
$ |
627.7 |
|
|
$ |
578.1 |
|
7 |
% |
|
9 |
% |
(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) |
|
2023 |
|
Translation |
|
|
2023(1) |
|
|
2022 |
|
% Change |
|
% Change(1) |
|||||
Geographical Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
$ |
916.6 |
|
$ |
— |
|
$ |
916.6 |
|
|
$ |
914.4 |
|
— |
% |
|
— |
% |
|
|
|
229.7 |
|
|
16.8 |
|
|
246.5 |
|
|
|
194.5 |
|
18 |
% |
|
27 |
% |
|
|
|
209.1 |
|
|
5.3 |
|
|
214.4 |
|
|
|
152.3 |
|
37 |
% |
|
41 |
% |
|
|
|
86.1 |
|
|
5.3 |
|
|
91.4 |
|
|
|
78.4 |
|
10 |
% |
|
17 |
% |
Total |
|
$ |
1,441.5 |
|
$ |
27.4 |
|
$ |
1,468.9 |
|
|
$ |
1,339.6 |
|
8 |
% |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brand Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Columbia |
|
$ |
1,239.8 |
|
$ |
25.8 |
|
$ |
1,265.6 |
|
|
$ |
1,129.7 |
|
10 |
% |
|
12 |
% |
SOREL |
|
|
98.3 |
|
|
1.0 |
|
|
99.3 |
|
|
|
92.3 |
|
7 |
% |
|
8 |
% |
prAna |
|
|
60.1 |
|
|
— |
|
|
60.1 |
|
|
|
73.4 |
|
(18 |
)% |
|
(18 |
)% |
Mountain Hardwear |
|
|
43.3 |
|
|
0.6 |
|
|
43.9 |
|
|
|
44.2 |
|
(2 |
)% |
|
(1 |
)% |
Total |
|
$ |
1,441.5 |
|
$ |
27.4 |
|
$ |
1,468.9 |
|
|
$ |
1,339.6 |
|
8 |
% |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Product Category Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Apparel, Accessories and Equipment |
|
$ |
1,121.5 |
|
$ |
20.2 |
|
$ |
1,141.7 |
|
|
$ |
1,034.3 |
|
8 |
% |
|
10 |
% |
Footwear |
|
|
320.0 |
|
|
7.2 |
|
|
327.2 |
|
|
|
305.3 |
|
5 |
% |
|
7 |
% |
Total |
|
$ |
1,441.5 |
|
$ |
27.4 |
|
$ |
1,468.9 |
|
|
$ |
1,339.6 |
|
8 |
% |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Channel Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wholesale |
|
$ |
780.8 |
|
$ |
13.6 |
|
$ |
794.4 |
|
|
$ |
708.1 |
|
10 |
% |
|
12 |
% |
DTC |
|
|
660.7 |
|
|
13.8 |
|
|
674.5 |
|
|
|
631.5 |
|
5 |
% |
|
7 |
% |
Total |
|
$ |
1,441.5 |
|
$ |
27.4 |
|
$ |
1,468.9 |
|
|
$ |
1,339.6 |
|
8 |
% |
|
10 |
% |
(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/20230801011325/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
