Business
Columbia Sportswear Company Reports First Quarter 2024 Financial Results; Updates Full Year 2024 Financial Outlook
First Quarter 2024 Highlights Net sales decreased 6 percent to $770.0 million, compared to first quarter 2023. Operating income decreased 21 percent to $44.7
About this update from Columbia Sportswear Company
[{"type":"text","content":"\nFirst Quarter 2024 Highlights\n\n\n\nNet sales decreased 6 percent to $770.0 million, compared to first quarter 2023.\n\n\n\nOperating income decreased 21 percent to $44.7 million, or 5.8 percent of net sales, compared to first quarter 2023 operating income of $56.4 million, or 6.9 percent of net sales.\n\n\n\nDiluted earnings per share decreased 4 percent to $0.71, compared to first quarter 2023 diluted earnings per share of $0.74.\n\n\n\nExited the quarter with $787.7 million of cash, cash equivalents and short-term investments, and no borrowings.\n\n\n\nExited the quarter with $607.4 million of inventories, a decrease of 37 percent compared to March 31, 2023.\n\n\n\nThe Company repurchased $50.2 million of common stock during the quarter.\n\n\n\nFull Year 2024 Financial Outlook\n\n\nThe following forward-looking statements reflect our expectations as of April 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.\n\n\n\nNet sales of $3.35 to $3.42 billion (unchanged), representing a net sales decline of 4.0 to 2.0 percent (unchanged) compared to 2023.\n\n\n\nOperating income of $259 to $291 million (prior $256 to $288 million), representing operating margin of 7.7 to 8.5 percent (prior 7.6 to 8.4 percent).\n\n\n\nDiluted earnings per share of $3.65 to $4.05 (prior $3.45 to $3.85).\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 2024 financial results for the period ended March 31, 2024.\n\n\nChairman, President and Chief Executive Officer Tim Boyle commented, “2024 has started out broadly in line with our expectations. We are making good progress against our top priorities. Inventory exiting the quarter was down 37 percent year-over-year, and our Profit Improvement Plan is on track to achieve our savings targets. Based on year-to-date results, we are reiterating our net sales outlook while modestly increasing our diluted EPS rang...