Business
Columbia Sportswear Company Reports Fourth Quarter and Full Year 2022 Financial Results; Provides Full Year 2023 Financial Outlook
Fourth Quarter 2022 Highlights Net sales increased 4 percent (8 percent constant-currency) to a record $1,169.6 million, compared to fourth quarter 2021.
About this update from Columbia Sportswear Company
[{"type":"text","content":"\nFourth Quarter 2022 Highlights\n\n\nNet sales increased 4 percent (8 percent constant-currency) to a record $1,169.6 million, compared to fourth quarter 2021.\n\n\nOperating income decreased 27 percent to $155.4 million, or 13.3 percent of net sales, compared to fourth quarter 2021 operating income of $211.6 million, or 18.7 percent of net sales. Fourth quarter 2022 operating income includes $35.6 million of impairment charges related to prAna.\n\n\nDiluted earnings per share decreased 15 percent to $2.02, compared to $2.39 in fourth quarter 2021. The prAna impairment charges negatively impacted diluted earnings per share by $0.43.\n\n\nExited the quarter with $431.0 million of cash and short-term investments and no borrowings.\n\n\nFull Year 2022 Highlights\n\n\nNet sales increased 11 percent (14 percent constant-currency) to a record $3,464.2 million, compared to 2021.\n\n\nOperating income decreased 13 percent to $393.1 million, or 11.3 percent of net sales, compared to 2021 operating income of $450.5 million, or 14.4 percent of net sales. 2022 operating income includes $35.6 million in prAna impairment charges.\n\n\nDiluted earnings per share decreased 7 percent to $4.95, compared to 2021 diluted earnings per share of $5.33.\n\n\nThe Company repurchased $286.9 million of common stock during the year.\n\n\nFull Year 2023 Financial Outlook\n\nThe following forward-looking statements reflect our expectations as of February 2, 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\nNet sales of $3.57 to $3.67 billion representing net sales growth of 3 to 6 percent compared to 2022.\n\n\nOperating income of $413 to $448 million, representing operating margin of 11.6 to 12.2 percent.\n\n\nDiluted earnings per share of $5.15 to $5.55.\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 fourth quarter 2022 financial results for the period ended December 31, 2022...