Business
Columbia Sportswear Company Reports Third Quarter 2020 Financial Results, Provides Fourth Quarter 2020 Financial Outlook
Third Quarter 2020 Financial Results Lower net sales and profitability in third quarter 2020 compared to third quarter 2019 primarily reflect the ongoing
About this update from Columbia Sportswear Company
[{"type":"text","content":"\nThird Quarter 2020 Financial Results\n\nLower net sales and profitability in third quarter 2020 compared to third quarter 2019 primarily reflect the ongoing negative effects of the COVID-19 pandemic.\n\n\nNet sales decreased 23 percent to $701.1 million, compared to third quarter 2019. Excluding approximately $45 million of Fall 2020 shipments shifting into fourth quarter 2020, third quarter 2020 net sales would have decreased 18 percent. \n\n\nIn the direct-to-consumer channel, e-commerce net sales increased 55 percent year-over-year while brick & mortar store traffic and sales trends remained well below prior year levels. \n\n\nOperating income decreased 44 percent to $85.6 million, or 12.2 percent of net sales, compared to third quarter 2019 operating income of $152.0 million, or 16.8 percent of net sales. \n\n\nDiluted earnings per share decreased 46 percent to $0.94, compared to third quarter 2019 diluted earnings per share of $1.75. \n\n\nExited the quarter with $314.5 million in cash and short-term investments, no bank debt and nearly $1 billion in total liquidity.\n\n\nFourth Quarter 2020 Financial Outlook\n\n(Financial outlook details can be found in the \"Supplemental Financial Information\" section below and the CFO Commentary document)\n\nThere are significant business uncertainties and risks surrounding the ongoing pandemic, economic conditions, logistics capacity constraints, global geopolitical tensions, and changes in consumer behavior and confidence, these risks and uncertainties are not captured in the outlook, which assumes no material deterioration or disruption to the Company's current business operations, consumer demand, or services performed by third-party logistics providers. Recent pandemic containment actions in Europe are also not captured in the outlook.\n\n\nNet sales of $850 to $880 million, representing a net sales decline of 8 to 11 percent. \n\n\nOperating income of $91 to $112 million, representing operating margin of 10.7 to 12.7 percent.\n\n\nDiluted earnings per share of $1.07 to $1.32. \n\n\n \n\n PORTLAND, Ore.--(BUSINESS WIRE)--\nColumbia Sportswear Company (NASDAQ: COLM, the \"Company\"), a leading innovator in active outdoor lifestyle apparel, footwear, accessories and equipment, today announced third quarter 2020 financial results for the period ended September 30, 2020.\n\nChairman,...