Business
Columbia Sportswear Company Reports Fourth Quarter and Full Year 2023 Financial Results; Provides Full Year 2024 Financial Outlook
Fourth Quarter 2023 Highlights Net sales decreased 9 percent (10 percent constant-currency) to $1,060.0 million, compared to fourth quarter 2022. Operating
About this update from Columbia Sportswear Company
[{"type":"text","content":"\nFourth Quarter 2023 Highlights\n\n\n\nNet sales decreased 9 percent (10 percent constant-currency) to $1,060.0 million, compared to fourth quarter 2022.\n\n\n\nOperating income decreased 27 percent to $113.1 million, or 10.7 percent of net sales, compared to fourth quarter 2022 operating income of $155.4 million, or 13.3 percent of net sales. Fourth quarter 2023 operating income includes a $25.0 million impairment charge related to prAna, compared to $35.6 million in the comparable period in 2022.\n\n\n\nDiluted earnings per share decreased 23 percent to $1.55, compared to fourth quarter 2022 diluted earnings per share of $2.02. The impairment charge related to prAna negatively impacted diluted earnings per share by $0.31, compared to a negative impact of $0.43 in the comparable period in 2022.\n\n\n\nExited the quarter with $764.5 million of cash, cash equivalents and short-term investments and no borrowings.\n\n\n\nExited the quarter with $746.3 million of inventories, a decrease of 27 percent compared to December 31, 2022.\n\n\n\nFull Year 2023 Highlights\n\n\n\nNet sales increased 1 percent to $3,487.2 million, compared to 2022.\n\n\n\nOperating income decreased 21 percent to $310.3 million, or 8.9 percent of net sales, compared to 2022 operating income of $393.1 million, or 11.3 percent of net sales.\n\n\n\nDiluted earnings per share decreased 17 percent to $4.09, compared to 2022 diluted earnings per share of $4.95.\n\n\n\nThe Company repurchased $184.0 million of common stock during the year.\n\n\n\nFull Year 2024 Financial Outlook\n\n\nThe following forward-looking statements reflect our expectations as of February 1, 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, representing a net sales decline of 4.0 to 2.0 percent compared to 2023.\n\n\n\nOperating income of $256 to $288 million, representing operating margin of 7.6 to 8.4 percent.\n\n\n\nDiluted earnings per share of $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...