Business
Columbia Sportswear Company Reports Second Quarter and First Half 2023 Financial Results; Updates Full Year 2023 Financial Outlook
Second Quarter 2023 Highlights Net sales increased 7 percent (9 percent constant-currency) to $620.9 million, compared to second quarter 2022. Operating
About this update from Columbia Sportswear Company
[{"type":"text","content":"\nSecond Quarter 2023 Highlights\n\n\n\nNet sales increased 7 percent (9 percent constant-currency) to $620.9 million, compared to second quarter 2022.\n\n\n\nOperating income decreased 29 percent to $6.2 million, or 1.0 percent of net sales, compared to second quarter 2022 operating income of $8.8 million, or 1.5 percent of net sales.\n\n\n\nDiluted earnings per share increased 27 percent to $0.14, compared to second quarter 2022 diluted earnings per share of $0.11.\n\n\n\nExited the quarter with $302.8 million of cash, cash equivalents 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 August 1, 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 $3.53 to $3.59 billion (prior $3.57 to $3.67 billion) representing net sales growth of 2.0 to 3.5 percent (prior 3 to 6 percent) compared to 2022.\n\n\n\nOperating income of $348 to $368 million (prior $413 to $432 million), representing operating margin of 9.8 to 10.3 percent (prior 11.6 to 11.8 percent).\n\n\n\nDiluted earnings per share of $4.40 to $4.65 (prior $5.15 to $5.40).\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 2023 financial results for the period ended June 30, 2023.\n\n\nChairman, President and Chief Executive Officer Tim Boyle commented, “Second quarter financial results reflect a dynamic environment, with varying trends across our global omni-channel business. During the quarter, we experienced continued strength across many international markets, including China, while the U.S. environment proved more challenging. Our inventory reduction plan is on track, and we are positioned to reduce year-end inventory by over $200 million, compared to last year.\n\n\n“We are continuing to deliver innovation into the marketplace. This Spring, we enhanced the ...