Financial Highlights
- Third quarter 2021 net sales increased 15 percent to $804.7
million, compared to third quarter 2020.
- Third quarter 2021 operating income increased 56 percent to
$133.5 million, or 16.6 percent of net sales, compared to third
quarter 2020 operating income of $85.6 million, or 12.2 percent of
net sales.
- Third quarter 2021 diluted earnings per share increased 62
percent to $1.52, compared to $0.94 in third quarter 2020.
- Exited the quarter with $600.6 million in cash and
short-term investments and no borrowings.
- The Company repurchased $127.2 million of common stock in
the first nine months of 2021.
- On October 22, 2021, the Board of Directors approved a
regular quarterly dividend of $0.26 per share.
Full Year 2021 Financial
Outlook
The following forward-looking statements reflect our
expectations as of October 28, 2021 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 2021
Financial Outlook section below and the CFO Commentary and
Financial Review presentation.
- Net sales of $3.04 to $3.08 billion (prior $3.13 to $3.16
billion), representing net sales growth of 21.5 to 23.0 percent
(prior 25.0 to 26.5 percent) compared to 2020.
- Operating income of $384 to $405 million (prior $365 to $386
million), representing operating margin of 12.6 to 13.2 percent
(prior 11.7 to 12.2 percent).
- Diluted earnings per share of $4.55 to $4.80 (prior $4.30 to
$4.55).
Columbia Sportswear Company (NASDAQ: COLM, the "Company"), a
leading innovator in outdoor, active and everyday lifestyle
apparel, footwear, accessories and equipment products, today
announced third quarter 2021 financial results for the period ended
September 30, 2021.
Chairman, President and Chief Executive Officer Tim Boyle
commented, "Our third quarter results reflect high consumer demand
for our products and strong operating performance amidst
unprecedented supply chain challenges. Despite delayed inventory
receipts which impacted U.S. wholesale shipments, favorable gross
margin performance and expense management fueled above plan
earnings. Early-season Fall 2021 sell-through has been encouraging
and our global marketing campaign to support the largest innovation
launch in our Company's history, Omni-Heat Infinity, is off to a
great start.
"As we finish the year and look forward to 2022, I’m excited
about our innovative product pipeline and the momentum we see
across the brand portfolio. Based on this strength, we believe we
can achieve mid-teens or better net sales growth in 2022, on top of
the low-twenties percent growth we anticipate in 2021.
“Our profitable growth trajectory and fortress balance sheet,
with cash and short-term investments of over $600 million and no
borrowings, provide a foundation of strength and from which we will
continue to invest in our strategic priorities to:
- drive brand awareness and sales growth through increased,
focused demand creation investments;
- enhance consumer experience and digital capabilities in all our
channels and geographies;
- expand and improve global direct-to-consumer operations with
supporting processes and systems; and
- invest in our people and optimize our organization across our
portfolio of brands."
CFO's Commentary and Financial Review
Presentation Available Online
For a detailed review of the Company's third quarter 2021
financial results and additional updates relating to the COVID-19
pandemic, 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/results.cfm at
approximately 4:15 p.m. ET today. Analysts and investors are
encouraged to review this commentary prior to participating in our
conference call.
COVID-19 and Supply Chain
Updates
The Company's top priority throughout this pandemic remains to
protect the health and safety of our employees, their families, our
customers and our communities. While there were isolated temporary
store closures resulting from local regulations or safety concerns,
the majority of the Company's owned stores remained open throughout
third quarter 2021. Overall brick & mortar store traffic trends
improved significantly compared to third quarter 2020, but still
remain below pre-pandemic levels.
During the quarter, government mandated factory closures in
Vietnam disrupted our manufacturing partners operations and
impacted production of Fall 2021 and Spring 2022 product. Supply
chain constraints continue to impact operations, resulting in
delayed receipt and delivery of products for our Fall 2021 and
Spring 2022 seasons. Demand for ocean vessels and containers
continues to far outstrip available capacity, resulting in
significant year-over-year increases in ocean freight costs. Please
refer to the CFO Commentary and Financial Review presentation for a
detailed review of COVID-19 pandemic and Supply Chain related
issues and our responses.
Third Quarter 2021 Financial
Results (All comparisons are between third quarter 2021
and third quarter 2020, unless otherwise noted.)
Net sales increased 15 percent to $804.7 million from
$701.1 million for the comparable period in 2020. The increase in
net sales primarily reflects direct-to-consumer ("DTC") growth and
higher Fall 2021 wholesale orders, as we anniversary prior year
pandemic disruptions. Net sales growth was constrained by supply
chain disruptions that resulted in later inventory receipts and
reduced wholesale shipments during the quarter.
Gross margin expanded 180 basis points to 50.7 percent of
net sales from 48.9 percent of net sales for the comparable period
in 2020. Gross margin expansion was primarily driven by lower DTC
promotional levels and favorable wholesale product margins,
partially offset by higher inbound freight costs, the
non-recurrence of inventory provision activity that benefited third
quarter 2020 and unfavorable channel sales mix.
SG&A expenses increased 7 percent to $280.1 million,
or 34.8 percent of net sales, from $261.2 million, or 37.3 percent
of net sales, for the comparable period in 2020. The increase in
SG&A expenses primarily reflects higher global retail,
incentive compensation, demand creation and personnel expenses,
partially offset by a lease termination liability settlement
benefit and the non-recurrence of prior year COVID-19 related
expenses.
Operating income increased 56 percent to $133.5 million,
or 16.6 percent of net sales, compared to operating income of $85.6
million, or 12.2 percent of net sales, for the comparable period in
2020.
Income tax expense of $33.3 million resulted in an
effective income tax rate of 24.9 percent, compared to a $22.1
million expense, or an effective tax rate of 26.1 percent, for the
comparable period in 2020.
Net income increased 60 percent to $100.6 million, or
$1.52 per diluted share, compared to net income of $62.8 million,
or $0.94 per diluted share, for the comparable period in 2020.
First Nine Months 2021 Financial
Results (All comparisons are between first nine months
2021 and first nine months 2020, unless otherwise noted.)
Net sales increased 26 percent to $1,996.7 million from
$1,585.9 million for the comparable period in 2020.
Gross margin expanded 320 basis points to 51.2 percent of
net sales from 48.0 percent of net sales for the comparable period
in 2020.
SG&A expenses increased 5 percent to $796.3 million,
or 39.9 percent of net sales, compared to $755.7 million, or 47.6
percent of net sales, for the same period in 2020.
Operating income of $238.9 million, or 12.0 percent of
net sales, compared to operating income of $13.4 million, or 0.8
percent of net sales, for the same period in 2020.
Income tax expense of $42.5 million resulted in an
effective income tax rate of 17.7 percent, compared to a $4.0
million income tax expense, or an effective tax rate of 24.8
percent, for the same period in 2020.
Net income of $197.1 million, or $2.96 per diluted share,
compared to net income of $12.3 million, or $0.18 per diluted
share, for the same period in 2020.
Balance Sheet as of September 30,
2021
Cash, cash equivalents and short-term investments totaled $600.6
million, compared to $314.5 million at September 30, 2020.
The Company had no borrowings as of September 30, 2021 or
2020.
Inventories decreased 7 percent to $720.9 million, compared to
$771.7 million at September 30, 2020. The reduction in inventory
was driven by increased sales and to a lesser extent, delayed Fall
2021 inventory production resulting from the cumulative effects of
supply chain disruptions. Exiting the quarter, finished goods
inventory in our distribution centers was down 35 percent,
year-over-year, while in-transit inventory increased 127 percent,
year-over-year. Inventory at quarter-end primarily consisted of
current and future season product. Aged inventories represent a
manageable portion of our total inventory mix.
Cash Flow for the Nine Months Ended
September 30, 2021
Net cash flow used in operating activities was $15.6 million,
compared to net cash flow used in operating activities of $198.0
million for the same period in 2020.
Capital expenditures totaled $20.4 million, compared to $25.2
million for the same period in 2020.
Share Repurchases for the Nine Months
Ended September 30, 2021
The Company repurchased 1,254,081 shares of common stock for an
aggregate of $127.2 million, at an average price per share of
$101.44.
At September 30, 2021, $355.0 million remained available under
our current 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 $0.26 per share, payable on December 2, 2021 to
shareholders of record on November 18, 2021.
Full Year 2021 Financial Outlook and
Preliminary 2022 Commentary (Additional financial
outlook details can be found in the CFO Commentary and Financial
Review presentation.)
The Company's 2021 Financial Outlook and Preliminary 2022
Commentary is forward-looking in nature, and the following
forward-looking statements reflect our expectations as of October
28, 2021 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. This outlook
reflects our estimates as of October 28, 2021 regarding the impact
on our operations of the COVID-19 pandemic; economic conditions;
supply chain disruptions, constraints and expenses; labor
shortages; changes in consumer behavior and confidence; as well as
geopolitical tensions. However, it is not possible to determine the
ultimate impact on future operations, or whether other currently
unanticipated direct or indirect consequences of the pandemic or
the supply chain are reasonably likely to materially affect our
operations. This outlook and commentary assumes no meaningful
deterioration of current supply chain conditions, market conditions
or the ongoing pandemic. Projections are predicated on normal
seasonal weather globally.
Net sales are expected to increase 21.5 to 23.0 percent
(prior 25.0 to 26.5 percent) to $3.04 to $3.08 billion (prior $3.13
to $3.16 billion) from $2.50 billion in 2020.
Gross margin is expected to improve 190 to 210 basis
points (prior 95 to 115 basis points) to 50.8 to 51.0 percent of
net sales (prior approximately 49.9 to 50.1 percent) from 48.9
percent of net sales in 2020.
SG&A expenses are expected to increase at a slower
rate than net sales growth. SG&A expenses as a percent of net
sales is expected to be 38.5 to 38.8 percent (prior 38.4 to 38.7
percent), compared to SG&A expenses as a percent of net sales
of 43.9 percent in 2020. Demand creation as a percent of net sales
is anticipated to be 6.0 percent in 2021, compared to 5.7 percent
in 2020.
Operating income is expected to be $384 to $405 million
(prior $365 to $386 million), resulting in operating margin of 12.6
to 13.2 percent (prior 11.7 to 12.2 percent) compared to operating
margin of 5.5 percent in 2020.
Effective income tax rate is expected to be approximately
21.5 percent. The effective income tax rate may be affected by
unanticipated impacts from changes in international, federal or
state tax policies, changes in the Company's geographic mix of
pre-tax income, other discrete events, as well as differences from
our estimate of the tax benefits associated with employee equity
awards and our estimate of the tax impact of various tax
initiatives.
Net income is expected to be $302 to $319 million (prior
$287 to $304 million), resulting in diluted earnings per share of
$4.55 to $4.80 (prior $4.30 to $4.55).
Foreign Currency
Foreign currency is expected to have essentially no impact on
earnings as favorable net sales growth of 120 basis points due to
foreign currency translation impacts are anticipated to be offset
by SG&A translation and negative foreign currency transactional
effects from hedging of production.
Balance Sheet and Cash Flows
Operating cash flow is expected to be $250 to $270
million (prior $260 to $280 million).
Capital expenditures are planned to be $45 to $50 million
(prior $45 to $60 million).
Fourth Quarter 2021 Financial Outlook
Net sales of $1.04B to $1.08, representing net sales
growth of 14 to 18 percent.
Diluted earnings per share is expected to be $1.60 to
$1.85.
Preliminary Full Year 2022 Commentary
The Company is providing limited commentary regarding early
planning efforts for 2022.
Our Spring 2022 wholesale sales forecast reflects over
30-percent growth. We anticipate ongoing supply chain disruptions
will continue to impact the timing of receipts and shipments of
Spring 2022 inventory and may result in higher than planned
cancellations that would impact net sales performance. We recently
commenced our Fall 2022 order taking process. It is important to
note that Fall 2021 sell-through performance can have a material
impact on our Fall 2022 orders and resulting Fall 2022 wholesale
sales forecast.
Based on momentum we see across the business, we believe
mid-teens percent or better net sales growth for the full year is
attainable.
Given our current view of product and freight costs as well as
the likelihood of a more normalized promotional environment, we
anticipate gross margin pressure in 2022. We do not expect planned
price increases will be able to fully offset these headwinds. We
are also planning to make investments across the business,
including demand creation, supply chain and digital capabilities
that will add to our overall spending levels.
With these factors in mind, our preliminary planning for 2022
contemplates an operating margin similar to the range provided in
our 2021 financial outlook.
Assuming no changes to current tax rates or discrete tax items,
we currently anticipate our 2022 effective tax rate to be in the
mid-twenties percent range.
Conference Call
The Company will hold its third quarter 2021 conference call at
5:00 p.m. ET today. Dial (877) 407-9205 to participate. The call
will also be webcast live on the Investor Relations section of the
Company's website at http://investor.columbia.com.
Fourth Quarter 2021 Reporting
Date
Columbia Sportswear Company plans to report fourth quarter 2021
financial results on Thursday, February 3, 2022 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 full year 2021 net sales, gross margin, SG&A expense,
demand creation spend, operating income, effective income tax rate,
employee equity awards, the tax impact of various tax initiatives,
net income, diluted earnings per share, foreign currency
translation, cash flows, and capital expenditures, fourth quarter
2021 net sales and diluted earnings per share, Spring 2022
wholesale orders, and full year 2022 net sales growth, gross
margin, investments, operating margin and effective tax rate.
Forward-looking statements often use words such as "will,"
"anticipate," "estimate," "expect," "should," "may" 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 include those relating to the impact of the COVID-19
pandemic on our operations, which is highly dependent on numerous
factors that we may not be able to predict or control, including:
the duration and scope of the COVID-19 pandemic, including any
recurrence due to variants; actions that may be taken to contain
the pandemic or to treat its impact, including lockdowns the speed
of the vaccination roll-out and vaccine mandates; economic
slowdowns that have and may continue to result from the pandemic;
workforce staffing and productivity; our ability to continue
operations in affected areas; supply chain disruptions, constraints
and expenses; and consumer demand and spending patterns, as well as
the effects on suppliers, creditors, and wholesale customers, all
of which are uncertain. 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 through its portfolio of well-known brands, making it a
global leader in outdoor, active and everyday lifestyle apparel,
footwear, accessories, and equipment products. Founded in 1938 in
Portland, Oregon, the Company's brands are sold in approximately 90
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)
September 30,
(in thousands)
2021
2020
ASSETS
Current Assets:
Cash and cash equivalents
$
599,479
$
313,429
Short-term investments
1,132
1,095
Accounts receivable, net
500,451
479,376
Inventories, net
720,865
771,724
Prepaid expenses and other current
assets
98,146
82,175
Total current assets
1,920,073
1,647,799
Property, plant, and equipment, net
293,725
322,167
Operating lease right-of-use assets
344,876
351,277
Intangible assets, net
102,321
121,471
Goodwill
68,594
68,594
Deferred income taxes
92,493
77,055
Other non-current assets
67,277
63,951
Total assets
$
2,889,359
$
2,652,314
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable
$
241,119
$
164,332
Accrued liabilities
273,590
257,040
Operating lease liabilities
67,055
73,409
Income taxes payable
8,955
4,813
Total current liabilities
590,719
499,594
Non-current operating lease
liabilities
330,765
337,108
Income taxes payable
49,392
49,195
Deferred income taxes
1
7,149
Other long-term liabilities
38,165
36,452
Total liabilities
1,009,042
929,498
Shareholders' equity
1,880,317
1,722,816
Total liabilities and shareholders'
equity
$
2,889,359
$
2,652,314
COLUMBIA SPORTSWEAR
COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
(In thousands, except per share
amounts)
2021
2020
2021
2020
Net sales
$
804,706
$
701,092
$
1,996,682
$
1,585,931
Cost of sales
396,346
358,184
974,403
825,079
Gross profit
408,360
342,908
1,022,279
760,852
Gross margin
50.7
%
48.9
%
51.2
%
48.0
%
Selling, general and administrative
expenses
280,121
261,192
796,276
755,664
Net licensing income
5,222
3,927
12,933
8,168
Operating income
133,461
85,643
238,936
13,356
Interest income (expense), net
196
(280
)
1,072
728
Other non-operating income (expense),
net
201
(465
)
(397
)
2,208
Income before income tax
133,858
84,898
239,611
16,292
Income tax expense
(33,295
)
(22,147
)
(42,464
)
(4,035
)
Net income
$
100,563
$
62,751
$
197,147
$
12,257
Earnings per share:
Basic
$
1.53
$
0.95
$
2.98
$
0.18
Diluted
$
1.52
$
0.94
$
2.96
$
0.18
Weighted average shares outstanding:
Basic
65,862
66,179
66,182
66,427
Diluted
66,266
66,537
66,673
66,807
COLUMBIA SPORTSWEAR
COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September
30,
(In thousands)
2021
2020
Cash flows from operating
activities:
Net income
$
197,147
$
12,257
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation, amortization and non-cash
lease expense
84,509
102,283
Provision for uncollectible accounts
receivable
(9,088
)
24,684
Loss on disposal or impairment of
property, plant and equipment, and right-of-use assets
366
8,981
Deferred income taxes
(8,731
)
4,306
Stock-based compensation
14,487
12,802
Changes in operating assets and
liabilities:
Accounts receivable
(44,500
)
(17,130
)
Inventories
(173,761
)
(160,090
)
Prepaid expenses and other current
assets
(40,957
)
9,098
Other assets
148
(20,786
)
Accounts payable
22,014
(89,790
)
Accrued liabilities
24,813
(41,182
)
Income taxes payable
(14,621
)
(10,011
)
Operating lease assets and liabilities
(68,823
)
(41,459
)
Other liabilities
1,359
8,077
Net cash used in operating activities
(15,638
)
(197,960
)
Cash flows from investing
activities:
Purchases of short-term investments
—
(35,044
)
Sales and maturities of short-term
investments
1,184
36,630
Capital expenditures
(20,413
)
(25,164
)
Net cash used in investing activities
(19,229
)
(23,578
)
Cash flows from financing
activities:
Proceeds from credit facilities
29,508
387,992
Repayments on credit facilities
(29,313
)
(388,465
)
Payment of line of credit issuance
fees
—
(2,096
)
Proceeds from issuance of common stock
related to stock-based compensation
24,329
4,793
Tax payments related to stock-based
compensation
(5,715
)
(4,454
)
Repurchase of common stock
(118,580
)
(132,889
)
Cash dividends paid
(51,662
)
(17,195
)
Net cash used in financing activities
(151,433
)
(152,314
)
Net effect of exchange rate changes on
cash
(4,946
)
1,272
Net decrease in cash and cash
equivalents
(191,246
)
(372,580
)
Cash and cash equivalents, beginning of
period
790,725
686,009
Cash and cash equivalents, end of
period
$
599,479
$
313,429
Supplemental disclosures of non-cash
investing and financing activities:
Property, plant and equipment acquired
through increase in liabilities
$
8,277
$
4,774
Repurchases of common stock not
settled
$
8,628
$
—
COLUMBIA SPORTSWEAR
COMPANY
Reconciliation of GAAP to
Non-GAAP Financial Measures
Net Sales Growth -
Constant-currency Basis
(Unaudited)
Three Months Ended September
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)
2021
Translation
2021(1)
2020
% Change
% Change(1)
Geographical Net Sales:
United States
$
510.5
$
—
$
510.5
$
445.6
15
%
15
%
Latin America and Asia Pacific
102.7
(2.3
)
100.4
90.9
13
%
10
%
Europe, Middle East and Africa
109.2
(1.3
)
107.9
99.2
10
%
9
%
Canada
82.3
(5.0
)
77.3
65.4
26
%
18
%
Total
$
804.7
$
(8.6
)
$
796.1
$
701.1
15
%
14
%
Brand Net Sales:
Columbia
$
651.5
$
(7.6
)
$
643.9
$
559.7
16
%
15
%
SOREL
88.1
(0.9
)
87.2
91.5
(4
)%
(5
)%
prAna
36.4
—
36.4
30.5
19
%
19
%
Mountain Hardwear
28.7
(0.1
)
28.6
19.4
48
%
47
%
Total
$
804.7
$
(8.6
)
$
796.1
$
701.1
15
%
14
%
Product Category Net Sales:
Apparel, Accessories and Equipment
$
621.1
$
(6.3
)
$
614.8
$
510.2
22
%
21
%
Footwear
183.6
(2.3
)
181.3
190.9
(4
)%
(5
)%
Total
$
804.7
$
(8.6
)
$
796.1
$
701.1
15
%
14
%
Channel Net Sales:
Wholesale
$
518.2
$
(6.7
)
$
511.5
$
471.5
10
%
8
%
DTC
286.5
(1.9
)
284.6
229.6
25
%
24
%
Total
$
804.7
$
(8.6
)
$
796.1
$
701.1
15
%
14
%
(1) Constant-currency net sales information is a non-GAAP
financial measure that excludes the effect of changes in foreign
currency exchange rates against the United States dollar between
comparable reporting periods. 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.
COLUMBIA SPORTSWEAR
COMPANY
Reconciliation of GAAP to
Non-GAAP Financial Measures
Net Sales Growth -
Constant-currency Basis
(Unaudited)
Nine Months Ended September
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)
2021
Translation
2021(1)
2020
% Change
% Change(1)
Geographical Net Sales:
United States
$
1,298.2
$
—
$
1,298.2
$
1,004.7
29
%
29
%
Latin America and Asia Pacific
292.7
(11.9
)
280.8
260.9
12
%
8
%
Europe, Middle East and Africa
268.5
(9.6
)
258.9
213.3
26
%
21
%
Canada
137.3
(8.7
)
128.6
107.0
28
%
20
%
Total
$
1,996.7
$
(30.2
)
$
1,966.5
$
1,585.9
26
%
24
%
Brand Net Sales:
Columbia
$
1,663.2
$
(27.8
)
$
1,635.4
$
1,297.2
28
%
26
%
SOREL
157.5
(1.8
)
155.7
143.5
10
%
9
%
prAna
107.6
—
107.6
94.7
14
%
14
%
Mountain Hardwear
68.4
(0.6
)
67.8
50.5
35
%
34
%
Total
$
1,996.7
$
(30.2
)
$
1,966.5
$
1,585.9
26
%
24
%
Product Category Net Sales:
Apparel, Accessories and Equipment
$
1,543.1
$
(21.0
)
$
1,522.1
$
1,206.2
28
%
26
%
Footwear
453.6
(9.2
)
444.4
379.7
19
%
17
%
Total
$
1,996.7
$
(30.2
)
$
1,966.5
$
1,585.9
26
%
24
%
Channel Net Sales:
Wholesale
$
1,155.9
$
(19.2
)
$
1,136.7
$
957.3
21
%
19
%
DTC
840.8
(11.0
)
829.8
628.6
34
%
32
%
Total
$
1,996.7
$
(30.2
)
$
1,966.5
$
1,585.9
26
%
24
%
(1) Constant-currency net sales information is a non-GAAP
financial measure that excludes the effect of changes in foreign
currency exchange rates against the United States dollar between
comparable reporting periods. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211028006024/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)
Historical Stock Chart
From Jun 2024 to Jul 2024
Columbia Sportswear (NASDAQ:COLM)
Historical Stock Chart
From Jul 2023 to Jul 2024