Columbia Sportswear Company Reports Third Quarter and First Nine Months 2021 Financial Results; Updates Full Year 2021 Financial Outlook and Provides Preliminary 2022 Commentary
Columbia Sportswear reported a 15% increase in net sales for Q3 2021, totaling $804.7 million, compared to Q3 2020. Operating income rose 56% to $133.5 million, representing 16.6% of net sales, while diluted earnings per share jumped 62% to $1.52. The company exited the quarter with $600.6 million in cash and short-term investments, with no debt. In 2021, $127.2 million of common stock was repurchased. A quarterly dividend of $0.26 per share was approved on October 22, 2021.
- 15% increase in net sales to $804.7 million.
- Operating income up 56% to $133.5 million, 16.6% of net sales.
- Diluted EPS rose 62% to $1.52.
- Exited Q3 with $600.6 million in cash and no debt.
- $127.2 million common stock repurchased in 2021.
- None.
Financial Highlights
-
Third quarter 2021 net sales increased 15 percent to
$804.7 million -
Third quarter 2021 operating income increased 56 percent to
$133.5 million $85.6 million -
Third quarter 2021 diluted earnings per share increased 62 percent to
$1.52 $0.94 -
Exited the quarter with
$600.6 million -
The Company repurchased
$127.2 million -
On
October 22, 2021 , the Board of Directors approved a regular quarterly dividend of$0.26
Full Year 2021 Financial Outlook
The following forward-looking statements reflect our expectations as of
-
Net sales of
$3.04 $3.08 billion $3.13 $3.16 billion -
Operating income of
$384 $405 million $365 $386 million -
Diluted earnings per share of
$4.55 $4.80 $4.30 $4.55
Chairman, President and Chief Executive Officer
"As we finish the year and look forward to 2022, I’m excited about our innovative product pipeline and the momentum we see across the brand portfolio. Based on this strength, we believe we can achieve mid-teens or better net sales growth in 2022, on top of the low-twenties percent growth we anticipate in 2021.
“Our profitable growth trajectory and fortress balance sheet, with cash and short-term investments of over
- drive brand awareness and sales growth through increased, focused demand creation investments;
- enhance consumer experience and digital capabilities in all our channels and geographies;
- expand and improve global direct-to-consumer operations with supporting processes and systems; and
- invest in our people and optimize our organization across our portfolio of brands."
CFO's Commentary and Financial Review Presentation Available Online
For a detailed review of the Company's third quarter 2021 financial results and additional updates relating to the COVID-19 pandemic, please refer to the CFO Commentary and Financial Review presentation furnished to the
COVID-19 and Supply Chain Updates
The Company's top priority throughout this pandemic remains to protect the health and safety of our employees, their families, our customers and our communities. While there were isolated temporary store closures resulting from local regulations or safety concerns, the majority of the Company's owned stores remained open throughout third quarter 2021. Overall brick & mortar store traffic trends improved significantly compared to third quarter 2020, but still remain below pre-pandemic levels.
During the quarter, government mandated factory closures in
Third Quarter 2021 Financial Results
(All comparisons are between third quarter 2021 and third quarter 2020, unless otherwise noted.)
Net sales increased 15 percent to
Gross margin expanded 180 basis points to 50.7 percent of net sales from 48.9 percent of net sales for the comparable period in 2020. Gross margin expansion was primarily driven by lower DTC promotional levels and favorable wholesale product margins, partially offset by higher inbound freight costs, the non-recurrence of inventory provision activity that benefited third quarter 2020 and unfavorable channel sales mix.
SG&A expenses increased 7 percent to
Operating income increased 56 percent to
Income tax expense of
Net income increased 60 percent to
First Nine Months 2021 Financial Results
(All comparisons are between first nine months 2021 and first nine months 2020, unless otherwise noted.)
Net sales increased 26 percent to
Gross margin expanded 320 basis points to 51.2 percent of net sales from 48.0 percent of net sales for the comparable period in 2020.
SG&A expenses increased 5 percent to
Operating income of
Income tax expense of
Net income of
Balance Sheet as of
Cash, cash equivalents and short-term investments totaled
The Company had no borrowings as of
Inventories decreased 7 percent to
Cash Flow for the Nine Months Ended
Net cash flow used in operating activities was
Capital expenditures totaled
Share Repurchases for the Nine Months Ended
The Company repurchased 1,254,081 shares of common stock for an aggregate of
At
Quarterly Cash Dividend
The Board of Directors approved a regular quarterly cash dividend of
Full Year 2021 Financial Outlook and Preliminary 2022 Commentary
(Additional financial outlook details can be found in the CFO Commentary and Financial Review presentation.)
The Company's 2021 Financial Outlook and Preliminary 2022 Commentary is forward-looking in nature, and the following forward-looking statements reflect our expectations as of
Net sales are expected to increase 21.5 to 23.0 percent (prior 25.0 to 26.5 percent) to
Gross margin is expected to improve 190 to 210 basis points (prior 95 to 115 basis points) to 50.8 to 51.0 percent of net sales (prior approximately 49.9 to 50.1 percent) from 48.9 percent of net sales in 2020.
SG&A expenses are expected to increase at a slower rate than net sales growth. SG&A expenses as a percent of net sales is expected to be 38.5 to 38.8 percent (prior 38.4 to 38.7 percent), compared to SG&A expenses as a percent of net sales of 43.9 percent in 2020. Demand creation as a percent of net sales is anticipated to be 6.0 percent in 2021, compared to 5.7 percent in 2020.
Operating income is expected to be
Effective income tax rate is expected to be approximately 21.5 percent. The effective income tax rate may be affected by unanticipated impacts from changes in international, federal or state tax policies, changes in the Company's geographic mix of pre-tax income, other discrete events, as well as differences from our estimate of the tax benefits associated with employee equity awards and our estimate of the tax impact of various tax initiatives.
Net income is expected to be
Foreign Currency
Foreign currency is expected to have essentially no impact on earnings as favorable net sales growth of 120 basis points due to foreign currency translation impacts are anticipated to be offset by SG&A translation and negative foreign currency transactional effects from hedging of production.
Balance Sheet and Cash Flows
Operating cash flow is expected to be
Capital expenditures are planned to be
Fourth Quarter 2021 Financial Outlook
Net sales of
Diluted earnings per share is expected to be
Preliminary Full Year 2022 Commentary
The Company is providing limited commentary regarding early planning efforts for 2022.
Our Spring 2022 wholesale sales forecast reflects over 30-percent growth. We anticipate ongoing supply chain disruptions will continue to impact the timing of receipts and shipments of Spring 2022 inventory and may result in higher than planned cancellations that would impact net sales performance. We recently commenced our Fall 2022 order taking process. It is important to note that Fall 2021 sell-through performance can have a material impact on our Fall 2022 orders and resulting Fall 2022 wholesale sales forecast.
Based on momentum we see across the business, we believe mid-teens percent or better net sales growth for the full year is attainable.
Given our current view of product and freight costs as well as the likelihood of a more normalized promotional environment, we anticipate gross margin pressure in 2022. We do not expect planned price increases will be able to fully offset these headwinds. We are also planning to make investments across the business, including demand creation, supply chain and digital capabilities that will add to our overall spending levels.
With these factors in mind, our preliminary planning for 2022 contemplates an operating margin similar to the range provided in our 2021 financial outlook.
Assuming no changes to current tax rates or discrete tax items, we currently anticipate our 2022 effective tax rate to be in the mid-twenties percent range.
Conference Call
The Company will hold its third quarter 2021 conference call at
Fourth Quarter 2021 Reporting Date
Supplemental Financial Information
Since
The non-GAAP financial measures should be viewed in addition to, and not in lieu of or superior to, our financial measures calculated in accordance with GAAP. The Company provides a reconciliation of non-GAAP measures to the most directly comparable financial measure calculated in accordance with GAAP. See the "Reconciliation of GAAP to Non-GAAP Financial Measures" table included herein. The non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the Company’s expectations, anticipations or beliefs about full year 2021 net sales, gross margin, SG&A expense, demand creation spend, operating income, effective income tax rate, employee equity awards, the tax impact of various tax initiatives, net income, diluted earnings per share, foreign currency translation, cash flows, and capital expenditures, fourth quarter 2021 net sales and diluted earnings per share, Spring 2022 wholesale orders, and full year 2022 net sales growth, gross margin, investments, operating margin and effective tax rate. 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 the impact of the COVID-19 pandemic on our operations, which is highly dependent on numerous factors that we may not be able to predict or control, including: the duration and scope of the COVID-19 pandemic, including any recurrence due to variants; actions that may be taken to contain the pandemic or to treat its impact, including lockdowns the speed of the vaccination roll-out and vaccine mandates; economic slowdowns that have and may continue to result from the pandemic; workforce staffing and productivity; our ability to continue operations in affected areas; supply chain disruptions, constraints and expenses; and consumer demand and spending patterns, as well as the effects on suppliers, creditors, and wholesale customers, all of which are uncertain. The Company cautions that forward-looking statements are inherently less reliable than historical information. The Company does not undertake any duty to update any of the forward-looking statements after the date of this document to conform them to actual results or to reflect changes in events, circumstances or its expectations. New factors emerge from time to time and it is not possible for the Company to predict or assess the effects of all such factors or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
About
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Unaudited) |
||||||||
|
|
|
||||||
|
|
|
||||||
(in thousands) |
|
2021 |
|
2020 |
||||
ASSETS |
|
|
|
|
||||
Current Assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
599,479 |
|
|
$ |
313,429 |
|
Short-term investments |
|
1,132 |
|
|
1,095 |
|
||
Accounts receivable, net |
|
500,451 |
|
|
479,376 |
|
||
Inventories, net |
|
720,865 |
|
|
771,724 |
|
||
Prepaid expenses and other current assets |
|
98,146 |
|
|
82,175 |
|
||
Total current assets |
|
1,920,073 |
|
|
1,647,799 |
|
||
Property, plant, and equipment, net |
|
293,725 |
|
|
322,167 |
|
||
Operating lease right-of-use assets |
|
344,876 |
|
|
351,277 |
|
||
Intangible assets, net |
|
102,321 |
|
|
121,471 |
|
||
|
|
68,594 |
|
|
68,594 |
|
||
Deferred income taxes |
|
92,493 |
|
|
77,055 |
|
||
Other non-current assets |
|
67,277 |
|
|
63,951 |
|
||
Total assets |
|
$ |
2,889,359 |
|
|
$ |
2,652,314 |
|
LIABILITIES AND EQUITY |
|
|
|
|
||||
Current Liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
241,119 |
|
|
$ |
164,332 |
|
Accrued liabilities |
|
273,590 |
|
|
257,040 |
|
||
Operating lease liabilities |
|
67,055 |
|
|
73,409 |
|
||
Income taxes payable |
|
8,955 |
|
|
4,813 |
|
||
Total current liabilities |
|
590,719 |
|
|
499,594 |
|
||
Non-current operating lease liabilities |
|
330,765 |
|
|
337,108 |
|
||
Income taxes payable |
|
49,392 |
|
|
49,195 |
|
||
Deferred income taxes |
|
1 |
|
|
7,149 |
|
||
Other long-term liabilities |
|
38,165 |
|
|
36,452 |
|
||
Total liabilities |
|
1,009,042 |
|
|
929,498 |
|
||
Shareholders' equity |
|
1,880,317 |
|
|
1,722,816 |
|
||
Total liabilities and shareholders' equity |
|
$ |
2,889,359 |
|
|
$ |
2,652,314 |
|
|
||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
|
|
|
|
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
(In thousands, except per share amounts) |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||||||
Net sales |
|
$ |
804,706 |
|
|
|
$ |
701,092 |
|
|
|
$ |
1,996,682 |
|
|
|
$ |
1,585,931 |
|
|
Cost of sales |
|
396,346 |
|
|
|
358,184 |
|
|
|
974,403 |
|
|
|
825,079 |
|
|
||||
Gross profit |
|
408,360 |
|
|
|
342,908 |
|
|
|
1,022,279 |
|
|
|
760,852 |
|
|
||||
Gross margin |
|
50.7 |
% |
|
48.9 |
% |
|
51.2 |
% |
|
48.0 |
% |
||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
Selling, general and administrative expenses |
|
280,121 |
|
|
|
261,192 |
|
|
|
796,276 |
|
|
|
755,664 |
|
|
||||
Net licensing income |
|
5,222 |
|
|
|
3,927 |
|
|
|
12,933 |
|
|
|
8,168 |
|
|
||||
Operating income |
|
133,461 |
|
|
|
85,643 |
|
|
|
238,936 |
|
|
|
13,356 |
|
|
||||
Interest income (expense), net |
|
196 |
|
|
|
(280 |
) |
|
|
1,072 |
|
|
|
728 |
|
|
||||
Other non-operating income (expense), net |
|
201 |
|
|
|
(465 |
) |
|
|
(397 |
) |
|
|
2,208 |
|
|
||||
Income before income tax |
|
133,858 |
|
|
|
84,898 |
|
|
|
239,611 |
|
|
|
16,292 |
|
|
||||
Income tax expense |
|
(33,295 |
) |
|
|
(22,147 |
) |
|
|
(42,464 |
) |
|
|
(4,035 |
) |
|
||||
Net income |
|
$ |
100,563 |
|
|
|
$ |
62,751 |
|
|
|
$ |
197,147 |
|
|
|
$ |
12,257 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earnings per share: |
|
|
|
|
|
|
|
|
||||||||||||
Basic |
|
$ |
1.53 |
|
|
|
$ |
0.95 |
|
|
|
$ |
2.98 |
|
|
|
$ |
0.18 |
|
|
Diluted |
|
$ |
1.52 |
|
|
|
$ |
0.94 |
|
|
|
$ |
2.96 |
|
|
|
$ |
0.18 |
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
||||||||||||
Basic |
|
65,862 |
|
|
|
66,179 |
|
|
66,182 |
|
|
|
66,427 |
|
||||||
Diluted |
|
66,266 |
|
|
|
66,537 |
|
|
66,673 |
|
|
|
66,807 |
|
||||||
|
||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||
(Unaudited) |
||||||||||
|
|
|
||||||||
|
|
Nine Months Ended |
||||||||
(In thousands) |
|
2021 |
|
|
2020 |
|
||||
Cash flows from operating activities: |
|
|
|
|
||||||
Net income |
|
$ |
197,147 |
|
|
|
$ |
12,257 |
|
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
|
||||||
Depreciation, amortization and non-cash lease expense |
|
84,509 |
|
|
|
102,283 |
|
|
||
Provision for uncollectible accounts receivable |
|
(9,088 |
) |
|
|
24,684 |
|
|
||
Loss on disposal or impairment of property, plant and equipment, and right-of-use assets |
|
366 |
|
|
|
8,981 |
|
|
||
Deferred income taxes |
|
(8,731 |
) |
|
|
4,306 |
|
|
||
Stock-based compensation |
|
14,487 |
|
|
|
12,802 |
|
|
||
Changes in operating assets and liabilities: |
|
|
|
|
||||||
Accounts receivable |
|
(44,500 |
) |
|
|
(17,130 |
) |
|
||
Inventories |
|
(173,761 |
) |
|
|
(160,090 |
) |
|
||
Prepaid expenses and other current assets |
|
(40,957 |
) |
|
|
9,098 |
|
|
||
Other assets |
|
148 |
|
|
|
(20,786 |
) |
|
||
Accounts payable |
|
22,014 |
|
|
|
(89,790 |
) |
|
||
Accrued liabilities |
|
24,813 |
|
|
|
(41,182 |
) |
|
||
Income taxes payable |
|
(14,621 |
) |
|
|
(10,011 |
) |
|
||
Operating lease assets and liabilities |
|
(68,823 |
) |
|
|
(41,459 |
) |
|
||
Other liabilities |
|
1,359 |
|
|
|
8,077 |
|
|
||
Net cash used in operating activities |
|
(15,638 |
) |
|
|
(197,960 |
) |
|
||
Cash flows from investing activities: |
|
|
|
|
||||||
Purchases of short-term investments |
|
— |
|
|
|
(35,044 |
) |
|
||
Sales and maturities of short-term investments |
|
1,184 |
|
|
|
36,630 |
|
|
||
Capital expenditures |
|
(20,413 |
) |
|
|
(25,164 |
) |
|
||
Net cash used in investing activities |
|
(19,229 |
) |
|
|
(23,578 |
) |
|
||
Cash flows from financing activities: |
|
|
|
|
||||||
Proceeds from credit facilities |
|
29,508 |
|
|
|
387,992 |
|
|
||
Repayments on credit facilities |
|
(29,313 |
) |
|
|
(388,465 |
) |
|
||
Payment of line of credit issuance fees |
|
— |
|
|
|
(2,096 |
) |
|
||
Proceeds from issuance of common stock related to stock-based compensation |
|
24,329 |
|
|
|
4,793 |
|
|
||
Tax payments related to stock-based compensation |
|
(5,715 |
) |
|
|
(4,454 |
) |
|
||
Repurchase of common stock |
|
(118,580 |
) |
|
|
(132,889 |
) |
|
||
Cash dividends paid |
|
(51,662 |
) |
|
|
(17,195 |
) |
|
||
Net cash used in financing activities |
|
(151,433 |
) |
|
|
(152,314 |
) |
|
||
Net effect of exchange rate changes on cash |
|
(4,946 |
) |
|
|
1,272 |
|
|
||
Net decrease in cash and cash equivalents |
|
(191,246 |
) |
|
|
(372,580 |
) |
|
||
Cash and cash equivalents, beginning of period |
|
790,725 |
|
|
|
686,009 |
|
|
||
Cash and cash equivalents, end of period |
|
$ |
599,479 |
|
|
|
$ |
313,429 |
|
|
Supplemental disclosures of non-cash investing and financing activities: |
|
|
|
|
||||||
Property, plant and equipment acquired through increase in liabilities |
|
$ |
8,277 |
|
|
|
$ |
4,774 |
|
|
Repurchases of common stock not settled |
|
$ |
8,628 |
|
|
|
$ |
— |
|
|
|
||||||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||||||||||||||||||
Net Sales Growth - Constant-currency Basis |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
Reported
|
|
Adjust for Foreign Currency |
|
Constant-currency
|
|
Reported
|
|
Reported
|
|
Constant-currency
|
||||||||||||
(In millions, except percentage changes) |
|
2021 |
|
Translation |
|
2021(1) |
|
2020 |
|
% Change |
|
% Change(1) |
||||||||||||
Geographical |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
$ |
510.5 |
|
|
$ |
— |
|
|
|
$ |
510.5 |
|
|
$ |
445.6 |
|
|
15 |
% |
|
15 |
% |
|
|
|
102.7 |
|
|
(2.3 |
) |
|
|
100.4 |
|
|
90.9 |
|
|
13 |
% |
|
10 |
% |
|||||
|
|
109.2 |
|
|
(1.3 |
) |
|
|
107.9 |
|
|
99.2 |
|
|
10 |
% |
|
9 |
% |
|||||
|
|
82.3 |
|
|
(5.0 |
) |
|
|
77.3 |
|
|
65.4 |
|
|
26 |
% |
|
18 |
% |
|||||
Total |
|
$ |
804.7 |
|
|
$ |
(8.6 |
) |
|
|
$ |
796.1 |
|
|
$ |
701.1 |
|
|
15 |
% |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Brand |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Columbia |
|
$ |
651.5 |
|
|
$ |
(7.6 |
) |
|
|
$ |
643.9 |
|
|
$ |
559.7 |
|
|
16 |
% |
|
15 |
% |
|
SOREL |
|
88.1 |
|
|
(0.9 |
) |
|
|
87.2 |
|
|
91.5 |
|
|
(4 |
)% |
|
(5 |
)% |
|||||
prAna |
|
36.4 |
|
|
— |
|
|
|
36.4 |
|
|
30.5 |
|
|
19 |
% |
|
19 |
% |
|||||
|
|
28.7 |
|
|
(0.1 |
) |
|
|
28.6 |
|
|
19.4 |
|
|
48 |
% |
|
47 |
% |
|||||
Total |
|
$ |
804.7 |
|
|
$ |
(8.6 |
) |
|
|
$ |
796.1 |
|
|
$ |
701.1 |
|
|
15 |
% |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Product Category |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Apparel, Accessories and Equipment |
|
$ |
621.1 |
|
|
$ |
(6.3 |
) |
|
|
$ |
614.8 |
|
|
$ |
510.2 |
|
|
22 |
% |
|
21 |
% |
|
Footwear |
|
183.6 |
|
|
(2.3 |
) |
|
|
181.3 |
|
|
190.9 |
|
|
(4 |
)% |
|
(5 |
)% |
|||||
Total |
|
$ |
804.7 |
|
|
$ |
(8.6 |
) |
|
|
$ |
796.1 |
|
|
$ |
701.1 |
|
|
15 |
% |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Channel |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Wholesale |
|
$ |
518.2 |
|
|
$ |
(6.7 |
) |
|
|
$ |
511.5 |
|
|
$ |
471.5 |
|
|
10 |
% |
|
8 |
% |
|
DTC |
|
286.5 |
|
|
(1.9 |
) |
|
|
284.6 |
|
|
229.6 |
|
|
25 |
% |
|
24 |
% |
|||||
Total |
|
$ |
804.7 |
|
|
$ |
(8.6 |
) |
|
|
$ |
796.1 |
|
|
$ |
701.1 |
|
|
15 |
% |
|
14 |
% |
|
(1) Constant-currency net sales information is a non-GAAP financial measure that excludes the effect of changes in foreign currency exchange rates against
|
||||||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||||||||||||||||||
Net Sales Growth - Constant-currency Basis |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
|
|
Nine Months Ended |
||||||||||||||||||||||
|
|
Reported
|
|
Adjust for Foreign Currency |
|
Constant-currency
|
|
Reported
|
|
Reported
|
|
Constant-currency
|
||||||||||||
(In millions, except percentage changes) |
|
2021 |
|
Translation |
|
2021(1) |
|
2020 |
|
% Change |
|
% Change(1) |
||||||||||||
Geographical |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
$ |
1,298.2 |
|
|
$ |
— |
|
|
|
$ |
1,298.2 |
|
|
$ |
1,004.7 |
|
|
29 |
% |
|
29 |
% |
|
|
|
292.7 |
|
|
(11.9 |
) |
|
|
280.8 |
|
|
260.9 |
|
|
12 |
% |
|
8 |
% |
|||||
|
|
268.5 |
|
|
(9.6 |
) |
|
|
258.9 |
|
|
213.3 |
|
|
26 |
% |
|
21 |
% |
|||||
|
|
137.3 |
|
|
(8.7 |
) |
|
|
128.6 |
|
|
107.0 |
|
|
28 |
% |
|
20 |
% |
|||||
Total |
|
$ |
1,996.7 |
|
|
$ |
(30.2 |
) |
|
|
$ |
1,966.5 |
|
|
$ |
1,585.9 |
|
|
26 |
% |
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Brand |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Columbia |
|
$ |
1,663.2 |
|
|
$ |
(27.8 |
) |
|
|
$ |
1,635.4 |
|
|
$ |
1,297.2 |
|
|
28 |
% |
|
26 |
% |
|
SOREL |
|
157.5 |
|
|
(1.8 |
) |
|
|
155.7 |
|
|
143.5 |
|
|
10 |
% |
|
9 |
% |
|||||
prAna |
|
107.6 |
|
|
— |
|
|
|
107.6 |
|
|
94.7 |
|
|
14 |
% |
|
14 |
% |
|||||
|
|
68.4 |
|
|
(0.6 |
) |
|
|
67.8 |
|
|
50.5 |
|
|
35 |
% |
|
34 |
% |
|||||
Total |
|
$ |
1,996.7 |
|
|
$ |
(30.2 |
) |
|
|
$ |
1,966.5 |
|
|
$ |
1,585.9 |
|
|
26 |
% |
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Product Category |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Apparel, Accessories and Equipment |
|
$ |
1,543.1 |
|
|
$ |
(21.0 |
) |
|
|
$ |
1,522.1 |
|
|
$ |
1,206.2 |
|
|
28 |
% |
|
26 |
% |
|
Footwear |
|
453.6 |
|
|
(9.2 |
) |
|
|
444.4 |
|
|
379.7 |
|
|
19 |
% |
|
17 |
% |
|||||
Total |
|
$ |
1,996.7 |
|
|
$ |
(30.2 |
) |
|
|
$ |
1,966.5 |
|
|
$ |
1,585.9 |
|
|
26 |
% |
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Channel |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Wholesale |
|
$ |
1,155.9 |
|
|
$ |
(19.2 |
) |
|
|
$ |
1,136.7 |
|
|
$ |
957.3 |
|
|
21 |
% |
|
19 |
% |
|
DTC |
|
840.8 |
|
|
(11.0 |
) |
|
|
829.8 |
|
|
628.6 |
|
|
34 |
% |
|
32 |
% |
|||||
Total |
|
$ |
1,996.7 |
|
|
$ |
(30.2 |
) |
|
|
$ |
1,966.5 |
|
|
$ |
1,585.9 |
|
|
26 |
% |
|
24 |
% |
|
(1) Constant-currency net sales information is a non-GAAP financial measure that excludes the effect of changes in foreign currency exchange rates against
View source version on businesswire.com: https://www.businesswire.com/news/home/20211028006024/en/
Vice President of Investor Relations and Strategic Planning
(503) 985-4112
aburns@columbia.com
Source:
FAQ
What were Columbia Sportswear's Q3 2021 earnings results?
What is the full year 2021 financial outlook for Columbia Sportswear?
What was the operating income for Columbia Sportswear in Q3 2021?
Did Columbia Sportswear approve any dividends in 2021?
