Business
Columbia Sportswear Company Reports Second Quarter 2024 Financial Results; Updates Full Year 2024 Financial Outlook
Second Quarter 2024 Highlights Net sales decreased 8 percent (7 percent constant-currency) to $570.2 million, compared to second quarter 2023. Loss from
About this update from Columbia Sportswear Company
[{"type":"text","content":"\nSecond Quarter 2024 Highlights\n\n\n\nNet sales decreased 8 percent (7 percent constant-currency) to $570.2 million, compared to second quarter 2023.\n\n\n\nLoss from operations of $23.8 million, or (4.2) percent of net sales, compared to second quarter 2023 operating income of $6.2 million, or 1.0 percent of net sales.\n\n\n\nNet loss per share of $(0.20), compared to second quarter 2023 diluted earnings per share of $0.14.\n\n\n\nExited the quarter with $711.1 million of cash, cash equivalents and short-term investments and no borrowings.\n\n\n\nExited the quarter with $823.6 million of inventories, a decrease of 29 percent compared to June 30, 2023.\n\n\n\nFull Year 2024 Financial Outlook\n\n\nThe following forward-looking statements reflect our expectations as of July 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 $256 to $288 million (prior $259 to $291 million), representing operating margin of 7.7 to 8.4 percent (prior 7.7 to 8.5 percent).\n\n\n\nDiluted earnings per share of $3.65 to $4.05 (unchanged).\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 second quarter 2024 financial results for the period ended June 30, 2024.\n\n\nChairman, President and Chief Executive Officer Tim Boyle commented, “Second quarter results were generally in line with expectations. We are working to maximize sales in a challenging U.S. marketplace. Most international markets, including China and Europe-direct, continue to see strong demand. We have made meaningful progress on our top priorities, including inventory reduction, rationalizing expenses through our Profit Improvement Program, and developing actionable strategies to reinvigorate long-term profitable growth. We are reiterating our net ...