Business
Columbia Sportswear Company Reports First Quarter 2023 Financial Results; Updates Full Year 2023 Financial Outlook
First Quarter 2023 Highlights Net sales increased 8 percent to $820.6 million, compared to first quarter 2022. Operating income decreased 33 percent to $56.4
About this update from Columbia Sportswear Company
[{"type":"text","content":"\nFirst Quarter 2023 Highlights\n\n\n\nNet sales increased 8 percent to $820.6 million, compared to first quarter 2022.\n\n\n\nOperating income decreased 33 percent to $56.4 million, or 6.9 percent of net sales, compared to first quarter 2022 operating income of $83.7 million, or 11.0 percent of net sales.\n\n\n\nDiluted earnings per share decreased 28 percent to $0.74, compared to first quarter 2022 diluted earnings per share of $1.03.\n\n\n\nExited the quarter with $461.0 million of cash and short-term investments and no borrowings.\n\n\n\nFull Year 2023 Financial Outlook\n\n\nThe following forward-looking statements reflect our expectations as of April 27, 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.\n\n\n\nNet sales of $3.57 to $3.67 billion (unchanged) representing net sales growth of 3 to 6 percent (unchanged) compared to 2022.\n\n\n\nOperating income of $413 to $431 million (prior $413 to $448 million), representing operating margin of 11.6 to 11.8 percent (prior 11.6 to 12.2 percent).\n\n\n\nDiluted earnings per share of $5.15 to $5.40 (prior $5.15 to $5.55).\n\n\n\n \n\n\n PORTLAND, Ore.--(BUSINESS WIRE)--\nColumbia Sportswear Company (NASDAQ: COLM, the \"Company\"), a multi-brand global leading innovator in outdoor, active and lifestyle products including apparel, footwear, accessories, and equipment, today announced first quarter 2023 financial results for the period ended March 31, 2023.\n\n\nChairman, President and Chief Executive Officer Tim Boyle commented, “First quarter results highlight the importance and value of our diversified global business model. We were able to generate healthy net sales growth, up 8 percent year-over-year, as consumer demand remained strong in many areas of our business. After three years of pandemic related supply chain constraints, it’s gratifying to see that our wholesale on-time delivery rates have returned to pre-pandemic service levels. As we look towards the summer, Columbia’s differentiated portfolio of sun protection and cooling technologies has never been stronger, including our latest innovation, Omni-...