Business
Columbia Sportswear Company Reports Third Quarter and First Nine Months 2023 Financial Results; Updates Full Year 2023 Financial Outlook
Third Quarter 2023 Highlights Net sales increased 3 percent (3 percent constant-currency) to $985.7 million, compared to third quarter 2022. Operating income
About this update from Columbia Sportswear Company
[{"type":"text","content":"\nThird Quarter 2023 Highlights\n\n\n\nNet sales increased 3 percent (3 percent constant-currency) to $985.7 million, compared to third quarter 2022.\n\n\n\nOperating income decreased 7 percent to $134.6 million, or 13.7 percent of net sales, compared to third quarter 2022 operating income of $145.3 million, or 15.2 percent of net sales.\n\n\n\nDiluted earnings per share decreased 6 percent to $1.70, compared to third quarter 2022 diluted earnings per share of $1.80.\n\n\n\nExited the quarter with $214.8 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 October 26, 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 $3.48 to $3.53 billion (prior $3.53 to $3.59 billion) representing net sales growth of 0.5 to 2.0 percent (prior 2.0 to 3.5 percent) compared to 2022.\n\n\n\nOperating income of $343 to $363 million (prior $348 to $368 million), representing operating margin of 9.8 to 10.3 percent (unchanged).\n\n\n\nDiluted earnings per share of $4.45 to $4.70 (prior $4.40 to $4.65).\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 third quarter 2023 financial results for the period ended September 30, 2023.\n\n\nChairman, President and Chief Executive Officer Tim Boyle commented, “Third quarter performance was led by international-direct markets, with Canada, Europe-direct and China all delivering over 20 percent year-over-year growth in constant currency. In the U.S., the marketplace remains challenging, but we are making meaningful progress on our inventory reduction plan, with inventory exiting the quarter down 16 percent year-over-year. As we enter our peak selling season, we have numerous activations across our brand portfolio to engage consumers and drive sales, including product collaborat...