Second Quarter 2024
Highlights
- Net sales decreased 8 percent (7 percent constant-currency)
to $570.2 million, compared to second quarter 2023.
- Loss 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.
- Net loss per share of $(0.20), compared to second quarter
2023 diluted earnings per share of $0.14.
- Exited the quarter with $711.1 million of cash, cash
equivalents and short-term investments and no borrowings.
- Exited the quarter with $823.6 million of inventories, a
decrease of 29 percent compared to June 30, 2023.
Full Year 2024 Financial
Outlook
The 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.
- Net 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.
- Operating 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).
- Diluted earnings per share of $3.65 to $4.05
(unchanged).
Columbia 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.
Chairman, 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 sales and
diluted earnings per share outlook and remain on track to generate
over $350 million in operating cash flow.
“Our Fall ‘24 order book supports sequential improvement in
wholesale sales, with the potential for overall sales to return to
growth by the fourth quarter. I’m thrilled with our line-up of
innovations for this Fall, including Omni-Heat Infinity, Omni-Max
footwear and our newest innovation, Omni-Heat Arctic. As we look
toward 2025, I am pleased to report that early indications from our
Spring ’25 wholesale orderbook suggest a return to wholesale growth
in the first half.
“Our fortress balance sheet remains a strategic advantage, with
over $710 million in cash and short-term investments, and no debt,
at quarter end. I’m confident our team and our strategies position
us to re-accelerate growth and capture market share over time. We
are committed to investing in our strategic priorities to:
- accelerate profitable growth;
- create iconic products that are differentiated, functional and
innovative;
- drive brand engagement through increased, focused demand
creation investments;
- enhance consumer experiences by investing in capabilities to
delight and retain consumers;
- amplify marketplace excellence, with digitally-led,
omni-channel, global distribution; and
- empower talent that is driven by our core values, through a
diverse and inclusive workforce."
CFO's Commentary and Financial Review
Presentation Available Online
For a detailed review of the Company's second quarter 2024
financial results, please refer to the CFO Commentary and Financial
Review presentation furnished to the Securities and Exchange
Commission (the "SEC") on a Current Report on Form 8-K and
published on the Investor Relations section of the Company's
website at http://investor.columbia.com/financial-results at
approximately 4:15 p.m. ET today. Analysts and investors are
encouraged to review this commentary prior to participating in our
conference call.
Second Quarter 2024 Financial
Results (All comparisons are between second quarter 2024
and second quarter 2023, unless otherwise noted.)
Net sales decreased 8 percent (7 percent
constant-currency) to $570.2 million from $620.9 million for the
comparable period in 2023. The decline in net sales primarily
reflects lower wholesale net sales in the United States ("U.S.")
due to retailer cautiousness, a difficult competitive environment,
and generally soft consumer demand.
Gross margin contracted 270 basis points to 47.9 percent
of net sales from 50.6 percent of net sales for the comparable
period in 2023. Gross margin contraction primarily reflects the
impact of efforts to spur demand and reduce inventory in the U.S.,
as well as changes in sales provisions, partially offset by lower
inbound freight costs.
SG&A expenses were $302.7 million, or 53.1 percent of
net sales, compared to $312.5 million, or 50.3 percent of net
sales, for the comparable period in 2023. The largest changes in
SG&A expenses primarily reflect lower supply chain and variable
demand creation expenses, partially offset by higher
direct-to-consumer ("DTC") expenses.
Loss from operations was $23.8 million, or (4.2) percent
of net sales, compared to operating income of $6.2 million, or 1.0
percent of net sales, for the comparable period in 2023.
Interest income, net of $8.3 million, compared to $3.5
million for the comparable period in 2023, reflects higher yields
on increased levels of cash, cash equivalents, and investments.
Income tax benefit of $3.2 million resulted in an
effective income tax rate of 21.6 percent, compared to income tax
expense of $1.2 million, or an effective income tax rate of 12.6
percent, for the comparable period in 2023.
Net loss of $11.8 million, or $(0.20) per diluted share,
compared to net income of $8.4 million, or $0.14 per diluted share,
for the comparable period in 2023.
First Half 2024 Financial
Results (All comparisons are between the first six
months 2024 and the first six months 2023, unless otherwise
noted.)
Net sales decreased 7 percent (6 percent
constant-currency) to $1,340.2 million from $1,441.5 million for
the comparable period in 2023.
Gross margin of 49.5% percent of net sales was flat
compared to the comparable period in 2023.
SG&A expenses were $652.0 million, or 48.6 percent of
net sales, compared to $659.9 million, or 45.8 percent of net
sales, for the comparable period in 2023.
Operating income decreased 67 percent to $20.9 million,
or 1.6 percent of net sales, compared to operating income of $62.7
million, or 4.3 percent of net sales, for the comparable period in
2023.
Interest income, net was $17.5 million, compared to $6.7
million for the comparable period in 2023.
Income tax expense of $8.6 million resulted in an
effective income tax rate of 22.0 percent, compared to income tax
expense of $15.5 million, or an effective income tax rate of 22.2
percent, for the comparable period in 2023.
Net income decreased 44 percent to $30.6 million, or
$0.51 per diluted share, compared to net income of $54.6 million,
or $0.88 per diluted share, for the comparable period in 2023.
Balance Sheet as of June 30,
2024
Cash, cash equivalents, and short-term investments totaled
$711.1 million, compared to $302.8 million as of June 30, 2023.
The Company had no borrowings as of either June 30, 2024 or June
30, 2023.
Inventories decreased 29 percent to $823.6 million, compared to
$1,162.5 million as of June 30, 2023.
Cash Flow for the Six Months Ended June
30, 2024
Net cash provided by operating activities was $108.9 million,
compared to $9.7 million for the same period in 2023.
Capital expenditures totaled $27.8 million, compared to $22.8
million for the same period in 2023.
Share Repurchases for the Six Months
Ended June 30, 2024
The Company repurchased 1,414,437 shares of common stock for an
aggregate of $110.7 million, or an average price per share of
$78.29.
At June 30, 2024, $234.6 million remained available under our
stock repurchase authorization, which does not obligate the Company
to acquire any specific number of shares or to acquire shares over
any specified period of time.
Quarterly Cash Dividend
The Board of Directors approved a regular quarterly cash
dividend of $0.30 per share, payable on August 29, 2024 to
shareholders of record on August 15, 2024.
Full Year 2024 Financial
Outlook (Additional financial outlook details can be
found in the CFO Commentary and Financial Review presentation.)
The Company's full year 2024 and third quarter 2024 Financial
Outlook are each forward-looking in nature, and the 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. These risks and uncertainties
limit our ability to accurately forecast results.
Net sales are expected to decrease 4.0 to 2.0 percent
(unchanged), resulting in net sales of $3.35 to $3.42 billion
(unchanged), compared to $3.49 billion in 2023.
Gross margin is expected to expand 40 to 60 basis points
(prior 80 to 120 basis points) to 50.0 to 50.2 percent of net sales
(prior 50.4 to 50.8 percent) from 49.6 percent of net sales in
2023.
SG&A expenses, as a percent of net sales, are
expected to be 42.4 to 43.0 percent (prior 43.0 to 43.4 percent),
compared to SG&A expense as a percent of net sales of 40.6
percent in 2023.
Operating income is expected to be $256 to $288 million
(prior $259 to $291 million), resulting in operating margin of 7.7
to 8.4 percent (prior 7.7 to 8.5 percent), compared to operating
margin of 8.9 percent in 2023.
Interest income, net is expected to be approximately $28
million.
Effective income tax rate is expected to be 24.0 to 25.0
percent (unchanged).
Net income is expected to be $215 to $239 million (prior
$217 to $240 million), resulting in diluted earnings per share of
$3.65 to $4.05 (unchanged). This diluted earnings per share range
is based on estimated weighted average diluted shares outstanding
of 59.3 million (unchanged).
Foreign Currency
- Foreign currency translation is anticipated to decrease 2024
net sales growth by approximately 70 basis points (prior 20 basis
points).
- Foreign currency is expected to have an approximately $0.07
negative impact on diluted earnings per share (prior $0.04) due to
negative foreign currency transactional effects from hedging of
inventory production, as well as unfavorable foreign currency
translation impacts.
Cash Flows
Operating cash flow is expected to be at least $350
million (unchanged).
Capital expenditures are planned to be in the range of
$60 to $80 million (unchanged).
Third Quarter 2024 Financial Outlook
- Net sales are expected to be $927 to $959 million,
representing a decline of 6 to 3 percent from $985.7 million for
the comparable period in 2023.
- Operating income is expected to be $94 to $107 million,
resulting in operating margin of 10.1 to 11.2 percent, compared to
operating margin of 13.7 percent in the comparable period in
2023.
- Diluted earnings per share is expected to be $1.27 to
$1.43, compared to $1.70 for the comparable period in 2023.
Conference Call
The Company will hold its second quarter 2024 conference call at
5:00 p.m. ET today. Dial (888) 506-0062 to participate. The call
will also be webcast live on the Investor Relations section of the
Company's website at http://investor.columbia.com.
Third Quarter 2024 Reporting
Date
The Company plans to report third quarter 2024 financial results
on Wednesday, October 30, 2024 at approximately 4:00 p.m. ET.
Supplemental Financial
Information
Since Columbia Sportswear Company is a global company, the
comparability of its operating results reported in United States
dollars is affected by foreign currency exchange rate fluctuations
because the underlying currencies in which it transacts change in
value over time compared to the United States dollar. To supplement
financial information reported in accordance with GAAP, the Company
discloses constant-currency net sales information, which is a
non-GAAP financial measure, to provide a framework to assess how
the business performed excluding the effects of changes in the
exchange rates used to translate net sales generated in foreign
currencies into United States dollars. The Company calculates
constant-currency net sales by translating net sales in foreign
currencies for the current period into United States dollars at the
average exchange rates that were in effect during the comparable
period of the prior year. Management believes that this non-GAAP
financial measure reflects an additional and useful way of viewing
an aspect of our operations that, when viewed in conjunction with
our GAAP results, provides a more comprehensive understanding of
our business and operations. In particular, investors may find the
non-GAAP financial measure useful by reviewing our net sales
results without the volatility in foreign currency exchange rates.
This non-GAAP financial measure also facilitates management's
internal comparisons to our historical net sales results and
comparisons to competitors' net sales results.
The non-GAAP financial measures should be viewed in addition to,
and not in lieu of or superior to, our financial measures
calculated in accordance with GAAP. The Company provides a
reconciliation of non-GAAP measures to the most directly comparable
financial measure calculated in accordance with GAAP. See the
"Reconciliation of GAAP to Non-GAAP Financial Measures" table
included herein. The non-GAAP financial measures presented may not
be comparable to similarly titled measures reported by other
companies.
Forward-Looking
Statements
This document contains forward-looking statements within the
meaning of the federal securities laws, including statements
regarding the Company’s expectations, anticipations or beliefs
about the Company's ability to realize growth opportunities and
manage expenses, financial position, marketing strategies,
inventory, full year 2024 net sales, gross margin, SG&A
expenses, operating income, net interest income, effective income
tax rate, net income, diluted earnings per share, weighted average
diluted shares outstanding, foreign currency translation, operating
cash flow, and capital expenditures, as well as third quarter 2024
net sales, operating income, and diluted earnings per share.
Forward-looking statements often use words such as "will,"
"anticipate," "estimate," "expect," "should," "may," "plan" and
other words and terms of similar meaning or reference future dates.
The Company's expectations, beliefs and projections are expressed
in good faith and are believed to have a reasonable basis; however,
each forward-looking statement involves a number of risks and
uncertainties, including those set forth in this document, those
described in the Company's Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q under the heading "Risk Factors," and those
that have been or may be described in other reports filed by the
Company, including reports on Form 8-K. Potential risks and
uncertainties that may affect our future revenues, earnings and
performance and could cause the actual results of operations or
financial condition of the Company to differ materially from the
anticipated results expressed or implied by forward-looking
statements in this document include: loss of key customer accounts;
our ability to execute and realize cost savings related to our
Profit Improvement Plan; our ability to effectively execute our
business strategies, including initiatives to upgrade our business
processes and information technology (“IT”) systems and investments
in our DTC businesses; our ability to maintain the strength and
security of our IT systems; the effects of unseasonable weather,
including global climate change; the seasonality of our business
and timing of orders; trends affecting consumer spending, including
changes in the level of consumer spending, and retail traffic
patterns; unfavorable economic conditions generally, the financial
health of our customers and retailer consolidation; higher than
expected rates of order cancellations; changes affecting consumer
demand and preferences and fashion trends; changes in
international, federal or state tax, labor and other laws and
regulations that affect our business, including changes in
corporate tax rates, tariffs, international trade policy and
geopolitical tensions, or increasing wage rates; our ability to
attract and retain key personnel; risks inherent in doing business
in foreign markets, including fluctuations in currency exchange
rates, global credit market conditions, changes in global
regulation and economic and political conditions and disease
outbreaks; volatility in global production and transportation costs
and capacity and timing; our ability to effectively manage our
inventory and our wholesale customer’s to manage their inventories;
our dependence on third-party manufacturers and suppliers and our
ability to source at competitive prices from them or at all; the
effectiveness of our sales and marketing efforts; business
disruptions and acts of terrorism, cyber-attacks or military
activities around the globe; intense competition in the industry;
our ability to establish and protect our intellectual property; and
our ability to develop innovative products. The Company cautions
that forward-looking statements are inherently less reliable than
historical information. The Company does not undertake any duty to
update any of the forward-looking statements after the date of this
document to conform them to actual results or to reflect changes in
events, circumstances or its expectations. New factors emerge from
time to time and it is not possible for the Company to predict or
assess the effects of all such factors or the extent to which any
factor, or combination of factors, may cause results to differ
materially from those contained in any forward-looking
statement.
About Columbia Sportswear
Company
Columbia Sportswear Company connects active people with their
passions and is a global multi-brand leading innovator in outdoor,
active and lifestyle products including apparel, footwear,
accessories, and equipment. Founded in 1938 in Portland, Oregon,
the Company's brands are sold in more than 100 countries. In
addition to the Columbia® brand, Columbia Sportswear Company also
owns the Mountain Hard Wear®, SOREL® and prAna® brands. To learn
more, please visit the Company's websites at www.columbia.com, www.mountainhardwear.com, www.sorel.com, and www.prana.com.
COLUMBIA SPORTSWEAR
COMPANY
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(in thousands)
June 30, 2024
June 30, 2023
ASSETS
Current Assets:
Cash and cash equivalents
$
341,822
$
231,571
Short-term investments
369,276
71,225
Accounts receivable, net
222,628
343,835
Inventories
823,557
1,162,519
Prepaid expenses and other current
assets
90,527
91,990
Total current assets
1,847,810
1,901,140
Property, plant and equipment, net
277,509
280,578
Operating lease right-of-use assets
360,721
313,698
Intangible assets, net
79,221
80,733
Goodwill
26,694
51,694
Deferred income taxes
97,428
94,671
Other non-current assets
71,438
67,290
Total assets
$
2,760,821
$
2,789,804
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable
$
267,853
247,416
Accrued liabilities
201,700
238,988
Operating lease liabilities
72,101
69,784
Income taxes payable
2,787
1,080
Total current liabilities
544,441
557,268
Non-current operating lease
liabilities
339,327
298,062
Income taxes payable
13,615
23,452
Deferred income taxes
64
—
Other long-term liabilities
39,412
36,364
Total liabilities
936,859
915,146
Total shareholders' equity
1,823,962
1,874,658
Total liabilities and shareholders'
equity
$
2,760,821
$
2,789,804
COLUMBIA SPORTSWEAR
COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
(In thousands, except per share
amounts)
2024
2023
2024
2023
Net sales
$
570,244
$
620,933
$
1,340,226
$
1,441,526
Cost of sales
296,825
306,888
677,248
727,981
Gross profit
273,419
314,045
662,978
713,545
Gross margin
47.9
%
50.6
%
49.5
%
49.5
%
Selling, general and administrative
expenses
302,749
312,529
652,019
659,927
Net licensing income
5,528
4,713
9,920
9,038
Operating income
(23,802
)
6,229
20,879
62,656
Interest income, net
8,344
3,506
17,541
6,789
Other non-operating income, net
476
(185
)
747
665
Income before income tax
(14,982
)
9,550
39,167
70,110
Income tax expense
(3,241
)
1,200
8,608
15,558
Net income
$
(11,741
)
$
8,350
$
30,559
$
54,552
Earnings per share:
Basic
$
(0.20
)
$
0.14
$
0.51
$
0.88
Diluted
$
(0.20
)
$
0.14
$
0.51
$
0.88
Weighted average shares outstanding:
Basic
59,093
61,655
59,458
61,893
Diluted
59,093
61,781
59,603
62,122
COLUMBIA SPORTSWEAR
COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June
30,
(in thousands)
2024
2023
Cash flows from operating
activities:
Net income
$
30,559
$
54,552
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
29,142
27,976
Non-cash lease expense
37,419
33,564
Provision for uncollectible accounts
receivable
1,502
145
Deferred income taxes
2,101
488
Stock-based compensation
12,008
11,208
Other, net
(9,800
)
491
Changes in operating assets and
liabilities:
Accounts receivable
191,737
203,846
Inventories
(88,753
)
(135,251
)
Prepaid expenses and other current
assets
(2,809
)
30,396
Other assets
1,159
366
Accounts payable
31,105
(69,305
)
Accrued liabilities
(63,626
)
(90,759
)
Income taxes payable
(26,688
)
(27,303
)
Operating lease assets and liabilities
(37,275
)
(34,317
)
Other liabilities
1,112
3,611
Net cash provided by operating
activities
108,893
9,708
Cash flows from investing
activities:
Purchases of short-term investments
(388,348
)
(117,877
)
Sales and maturities of short-term
investments
446,087
50,747
Capital expenditures
(27,788
)
(22,803
)
Net cash provided by (used in) investing
activities
29,951
(89,933
)
Cash flows from financing
activities:
Proceeds from credit facilities
—
837
Repayments on credit facilities
—
(837
)
Proceeds from issuance of common stock
related to stock-based compensation
3,747
4,624
Tax payments related to stock-based
compensation
(4,461
)
(4,400
)
Repurchase of common stock
(102,618
)
(78,319
)
Cash dividends paid
(35,628
)
(37,099
)
Net cash used in financing activities
(138,960
)
(115,194
)
Net effect of exchange rate changes on
cash
(8,381
)
(3,251
)
Net decrease in cash and cash
equivalents
(8,497
)
(198,670
)
Cash and cash equivalents, beginning of
period
350,319
430,241
Cash and cash equivalents, end of
period
$
341,822
$
231,571
Supplemental disclosures of cash flow
information:
Cash paid during the year for income
taxes
$
58,151
$
61,131
Supplemental disclosures of non-cash
investing and financing activities:
Property, plant and equipment acquired
through increase in liabilities
$
6,283
$
5,982
Repurchases of common stock not
settled
$
8,114
$
—
COLUMBIA SPORTSWEAR
COMPANY
Reconciliation of GAAP to
Non-GAAP Financial Measures
Net Sales Growth -
Constant-currency Basis
(Unaudited)
Three Months Ended June
30,
Reported
Net Sales
Adjust for Foreign
Currency
Constant-currency
Net Sales
Reported
Net Sales
Reported
Net Sales
Constant-currency
Net Sales
(In millions, except percentage
changes)
2024
Translation
2024(1)
2023
% Change
% Change(1)
Geographical Net Sales:
United States
$
340.2
$
—
$
340.2
$
399.1
(15
)%
(15
)%
Latin America and Asia Pacific
99.5
5.7
105.2
93.3
7
%
13
%
Europe, Middle East and Africa
103.9
0.4
104.3
100.8
3
%
3
%
Canada
26.6
0.1
26.7
27.7
(4
)%
(4
)%
Total
$
570.2
$
6.2
$
576.4
$
620.9
(8
)%
(7
)%
Brand Net Sales:
Columbia
$
508.6
$
5.9
$
514.5
$
537.0
(5
)%
(4
)%
SOREL
21.0
0.1
21.1
37.8
(44
)%
(44
)%
prAna
21.8
—
21.8
27.6
(21
)%
(21
)%
Mountain Hardwear
18.8
0.2
19.0
18.5
2
%
3
%
Total
$
570.2
$
6.2
$
576.4
$
620.9
(8
)%
(7
)%
Product Category Net Sales:
Apparel, Accessories and Equipment
$
464.0
$
4.3
$
468.3
$
488.9
(5
)%
(4
)%
Footwear
106.2
1.9
108.1
132.0
(20
)%
(18
)%
Total
$
570.2
$
6.2
$
576.4
$
620.9
(8
)%
(7
)%
Channel Net Sales:
Wholesale
$
278.4
$
2.2
$
280.6
$
328.3
(15
)%
(15
)%
DTC
291.8
4.0
295.8
292.6
—
%
1
%
Total
$
570.2
$
6.2
$
576.4
$
620.9
(8
)%
(7
)%
(1) Constant-currency net sales is a
non-GAAP financial measure. See “Supplemental Financial
Information” above for further information.
COLUMBIA SPORTSWEAR
COMPANY
Reconciliation of GAAP to
Non-GAAP Financial Measures
Net Sales Growth -
Constant-currency Basis
(Unaudited)
Six Months Ended June
30,
Reported
Net Sales
Adjust for Foreign
Currency
Constant-currency
Net Sales
Reported
Net Sales
Reported
Net Sales
Constant-currency
Net Sales
(In millions, except percentage
changes)
2024
Translation
2024(1)
2023
% Change
% Change(1)
Geographical Net Sales:
United States
$
814.6
$
—
$
814.6
$
916.6
(11
)%
(11
)%
Latin America and Asia Pacific
238.2
12.3
250.5
229.7
4
%
9
%
Europe, Middle East and Africa
208.4
(1.8
)
206.6
209.1
—
%
(1
)%
Canada
79.0
(0.3
)
78.7
86.1
(8
)%
(9
)%
Total
$
1,340.2
$
10.2
$
1,350.4
$
1,441.5
(7
)%
(6
)%
Brand Net Sales:
Columbia
$
1,172.5
$
9.9
$
1,182.4
$
1,239.8
(5
)%
(5
)%
SOREL
66.7
—
66.7
98.3
(32
)%
(32
)%
prAna
53.1
—
53.1
60.1
(12
)%
(12
)%
Mountain Hardwear
47.9
0.3
48.2
43.3
11
%
11
%
Total
$
1,340.2
$
10.2
$
1,350.4
$
1,441.5
(7
)%
(6
)%
Product Category Net Sales:
Apparel, Accessories and Equipment
$
1,083.0
$
7.6
$
1,090.6
$
1,121.5
(3
)%
(3
)%
Footwear
257.2
2.6
259.8
320.0
(20
)%
(19
)%
Total
$
1,340.2
$
10.2
$
1,350.4
$
1,441.5
(7
)%
(6
)%
Channel Net Sales:
Wholesale
$
669.3
$
3.3
$
672.6
$
780.8
(14
)%
(14
)%
DTC
670.9
6.9
677.8
660.7
2
%
3
%
Total
$
1,340.2
$
10.2
$
1,350.4
$
1,441.5
(7
)%
(6
)%
(1) Constant-currency net sales is a
non-GAAP financial measure. See “Supplemental Financial
Information” above for further information.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240725890690/en/
Andrew Burns, CFA Vice President of Investor Relations and
Strategic Planning Columbia Sportswear Company (503) 985-4112
aburns@columbia.com
Columbia Sportswear (NASDAQ:COLM)
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