Business
Columbia Sportswear Company Reports Third Quarter 2024 Financial Results; Updates Full Year 2024 Financial Outlook
Third Quarter 2024 Highlights Net sales decreased 5 percent (5 percent constant-currency) to $931.8 million, compared to third quarter 2023. Operating income
About this update from Columbia Sportswear Company
[{"type":"text","content":"\nThird Quarter 2024 Highlights\n\n\nNet sales decreased 5 percent (5 percent constant-currency) to $931.8 million, compared to third quarter 2023.\n\n\nOperating income was $112.5 million, or 12.1 percent of net sales, compared to third quarter 2023 operating income of $134.6 million, or 13.7 percent of net sales.\n\n\nDiluted earnings per share of $1.56, compared to third quarter 2023 diluted earnings per share of $1.70.\n\n\nExited the quarter with $373.9 million of cash, cash equivalents and short-term investments and no borrowings.\n\n\nRepurchased $230.9 million of common stock during the first nine months of 2024. On October 24, 2024, the Board of Directors approved a $600 million increase to the Company's share repurchase authorization.\n\n\nAnnounces the ACCELERATE Growth Strategy, intended to elevate the Columbia brand.\n\n\nFull Year 2024 Financial Outlook\n\nThe following forward-looking statements reflect our expectations as of October 30, 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\nNet sales of $3.31 to $3.38 billion (prior $3.35 to $3.42 billion), representing a net sales decline of 5.0 to 3.0 percent (prior 4.0 to 2.0 percent) compared to 2023.\n\n\nOperating income of $257 to $284 million (prior $256 to $288 million), representing operating margin of 7.7 to 8.4 percent (unchanged).\n\n\nDiluted earnings per share of $3.70 to $4.05 (prior $3.65 to $4.05).\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 third quarter 2024 financial results for the period ended September 30, 2024.\n\nChairman, President and Chief Executive Officer Tim Boyle commented, “Third quarter results reflect ongoing strength in most international markets, offset by continued softness in North America. While warm weather has curbed early season demand for Fall 2024 cold weather product, I’m excited about the differentiated innovations we are offering consumer...