Fourth Quarter 2021
Highlights
- Net sales increased 23 percent to a record $1,129.7 million,
compared to fourth quarter 2020.
- Operating income increased 71 percent to a record $211.6
million, or 18.7 percent of net sales, compared to fourth quarter
2020 operating income of $123.7 million, or 13.5 percent of net
sales.
- Diluted earnings per share increased 66 percent to a record
$2.39, compared to $1.44 in fourth quarter 2020.
- Exited the quarter with $894.5 million in cash and
short-term investments and no borrowings.
- On January 28, 2022, the Board of Directors approved a 15
percent increase to the quarterly dividend to $0.30 per
share.
Full Year 2021
Highlights
- Net sales increased 25 percent to a record $3,126.4 million,
compared to 2020.
- Operating income increased 229 percent to a record $450.5
million, or 14.4 percent of net sales, compared to 2020 operating
income of $137.0 million, or 5.5 percent of net sales.
- Diluted earnings per share increased 229 percent to a record
$5.33, compared to 2020 diluted earnings per share of
$1.62.
- Net sales increased 3 percent and diluted earnings per share
increased 10 percent, compared to pre-pandemic 2019
levels.
- The Company repurchased $165.9 million of common stock
during the year.
Full Year 2022 Financial
Outlook
The following forward-looking statements reflect our
expectations as of February 3, 2022 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 2022
Financial Outlook section below and the CFO Commentary and
Financial Review presentation.
- Net sales of $3.63 to $3.69 billion representing net sales
growth of 16 to 18 percent compared to 2021.
- Operating income of $472 to $498 million, representing
operating margin of 13.0 to 13.5 percent.
- Diluted earnings per share of $5.50 to $5.80.
Columbia Sportswear Company (NASDAQ: COLM, the "Company"), a
leading innovator in outdoor, active and everyday lifestyle
apparel, footwear, accessories and equipment products, today
announced fourth quarter 2021 financial results for the period
ended December 31, 2021.
Chairman, President and Chief Executive Officer Tim Boyle
commented, "Fourth quarter and full year financial results were
exceptional. Record financial performance reflects the strength of
our brands and the tremendous efforts and resilience of our
employees globally. In the quarter, robust consumer demand led to
results that far exceeded our financial outlook driven by DTC
outperformance and a highly favorable full price selling
environment, which benefited gross margin. Throughout the season,
our Fall 2021 sell-through rates have been outstanding, including
the successful global launch of Omni-Heat Infinity.
"As we begin 2022, we are acutely focused on unlocking the
growth opportunities we see across the business while mitigating
supply chain and inflationary pressures. Our powerful brand
portfolio is well positioned to connect active people with their
passions and capitalize on the popularity of outdoor activities.
Our 2022 outlook calls for 16 to 18 percent net sales growth, on
top of 25 percent growth in 2021.
“I am confident we have the right strategies in place to drive
profitable growth, and we are committed to investing 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 fourth quarter 2021
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/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
fourth quarter 2021. Overall brick & mortar store traffic
trends remain below pre-pandemic levels.
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.
Fourth Quarter 2021 Financial
Results
(All comparisons are between fourth quarter 2021 and fourth
quarter 2020, unless otherwise noted.)
Net sales increased 23 percent to $1,129.7 million from
$915.6 million for the comparable period in 2020. The increase in
net sales primarily reflects strong consumer demand, which fueled
direct-to-consumer ("DTC") growth and higher Fall 2021 wholesale
shipments, as we anniversary prior year pandemic disruptions.
Gross margin expanded 160 basis points to 52.2 percent of
net sales from 50.6 percent of net sales for the comparable period
in 2020. Gross margin expansion was primarily driven by lower DTC
promotional levels, strong retail sell-through performance
resulting in higher wholesale product margins, and favorable
channel sales mix, partially offset by higher inbound freight costs
and year-over-year changes in inventory provision activity.
SG&A expenses increased 12 percent to $384.0 million,
or 34.0 percent of net sales, from $343.3 million, or 37.5 percent
of net sales, for the comparable period in 2020. The increase in
SG&A expenses primarily reflects expenses to support the growth
of the business including higher global retail, demand creation,
incentive compensation and personnel expenses, partially offset by
lower retail impairments and store closure charges compared to
fourth quarter 2020, and the non-recurrence of a prAna trademark
impairment.
Operating income increased 71 percent to $211.6 million,
or 18.7 percent of net sales, compared to operating income of
$123.7 million, or 13.5 percent of net sales, for the comparable
period in 2020.
Income tax expense of $54.9 million resulted in an
effective income tax rate of 25.9 percent, compared to a $27.5
million expense, or an effective tax rate of 22.3 percent, for the
comparable period in 2020.
Net income increased 64 percent to $157.0 million, or
$2.39 per diluted share, compared to net income of $95.8 million,
or $1.44 per diluted share, for the comparable period in 2020.
Full Year 2021 Financial
Results
(All comparisons are between full year 2021 and full year 2020,
unless otherwise noted.)
Net sales increased 25 percent to $3,126.4 million from
$2,501.6 million for the comparable period in 2020.
Gross margin expanded 270 basis points to 51.6 percent of
net sales from 48.9 percent of net sales for the comparable period
in 2020.
SG&A expenses increased 7 percent to $1,180.3
million, or 37.8 percent of net sales, compared to $1,098.9
million, or 43.9 percent of net sales, for the same period in
2020.
Operating income increased 229 percent to $450.5 million,
or 14.4 percent of net sales, compared to operating income of
$137.0 million, or 5.5 percent of net sales, for the comparable
period in 2020.
Income tax expense of $97.4 million resulted in an
effective income tax rate of 21.6 percent, compared to a $31.5
million expense, or an effective tax rate of 22.6 percent, for the
comparable period in 2020.
Net income increased 228 percent to $354.1 million, or
$5.33 per diluted share, compared to net income of $108.0 million,
or $1.62 per diluted share, for the comparable period in 2020.
Balance Sheet as of December 31,
2021
Cash, cash equivalents and short-term investments totaled $894.5
million, compared to $791.9 million as of December 31, 2020.
The Company had no borrowings as of December 31, 2021 or
2020.
Inventories increased 16 percent to $645.4 million, compared to
$556.5 million as of December 31, 2020. 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 Twelve Months Ended
December 31, 2021
Net cash flow provided by operating activities was $354.4
million, compared to $276.1 million for the same period in
2020.
Capital expenditures totaled $34.7 million, compared to $28.8
million for the same period in 2020.
Share Repurchases for the Twelve Months
Ended December 31, 2021
The Company repurchased 1,655,407 shares of common stock for an
aggregate of $165.9 million, at an average price per share of
$100.23.
At December 31, 2021, $316.3 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
At its board meeting on January 28, 2022, the Board of Directors
approved a 15 percent increase to the quarterly cash dividend to
$0.30 per share, payable on March 21, 2022 to shareholders of
record on March 11, 2022.
Full Year 2022 Financial
Outlook
(Additional financial outlook details can be found in the CFO
Commentary and Financial Review presentation.)
The Company's 2022 Financial Outlook is forward-looking in
nature, and the following forward-looking statements reflect our
expectations as of February 3, 2022 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 February 3, 2022
regarding the impact on our operations of the COVID-19 pandemic;
economic conditions, including inflationary pressures; 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 16 to 18 percent to
$3.63 to $3.69 billion from $3.13 billion in 2021.
Gross margin is expected to contract approximately 160
basis points to approximately 50 percent of net sales from 51.6
percent of net sales in 2021.
SG&A expenses are expected to increase at a slightly
slower rate than net sales growth. SG&A expense as a percent of
net sales is expected to be 37.2 to 37.5 percent, compared to
SG&A expenses as a percent of net sales of 37.8 percent in
2021. Demand creation as a percent of net sales is anticipated to
be 6.0 percent in 2022, compared to 5.9 percent in 2021.
Operating income is expected to be $472 to $498 million,
resulting in operating margin of 13.0 to 13.5 percent, compared to
operating margin of 14.4 percent in 2021.
Effective income tax rate is expected to be approximately
24.0 to 24.5 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 $359 to $379 million,
resulting in diluted earnings per share of $5.50 to $5.80.
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 translation of cost of goods sold and SG&A expenses as well
as negative foreign currency transactional effects from hedging of
production.
Balance Sheet and Cash Flows
Operating cash flow is expected to be at least $170
million.
Capital expenditures are planned to be between $80 to
$100 million.
First Half 2022 Financial Commentary
- Net sales growth of high-teens to low-20 percent,
compared to first half 2021.
- Gross margin is anticipated to contract over 300 basis
points compared to first half 2021.
- SG&A expenses are anticipated to grow slower than
net sales growth, resulting in modest SG&A leverage.
- Diluted earnings per share of $0.90 to $1.10.
Conference Call
The Company will hold its fourth 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.
First Quarter 2021 Reporting
Date
Columbia Sportswear Company plans to report first quarter 2022
financial results on Thursday, April 28, 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 2022 net sales, gross margin, SG&A expense,
demand creation spend, operating income, effective income tax rate,
net income, diluted earnings per share, foreign currency
translation, cash flows, and capital expenditures, and first half
2022 net sales, gross margin, SG&A expense and diluted earnings
per share. 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; economic conditions, including
inflationary pressures; supply chain disruptions, constraints and
expenses; labor shortages; changes in consumer behavior and
confidence; as well as geopolitical tensions. 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)
December 31,
(in thousands)
2021
2020
ASSETS
Current Assets:
Cash and cash equivalents
$
763,404
$
790,725
Short-term investments
131,145
1,224
Accounts receivable, net
487,803
452,945
Inventories, net
645,379
556,530
Prepaid expenses and other current
assets
86,306
54,197
Total current assets
2,114,037
1,855,621
Property, plant, and equipment, net
291,088
309,792
Operating lease right-of-use assets
330,928
339,244
Intangible assets, net
101,908
103,558
Goodwill
68,594
68,594
Deferred income taxes
92,121
96,126
Other non-current assets
68,452
63,636
Total assets
$
3,067,128
$
2,836,571
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable
$
283,349
$
206,697
Accrued liabilities
316,485
257,278
Operating lease liabilities
67,429
65,466
Income taxes payable
13,127
23,181
Total current liabilities
680,390
552,622
Non-current operating lease
liabilities
317,666
353,181
Income taxes payable
44,541
49,922
Deferred income taxes
—
5,205
Other long-term liabilities
35,279
42,870
Total liabilities
1,077,876
1,003,800
Shareholders' equity
1,989,252
1,832,771
Total liabilities and shareholders'
equity
$
3,067,128
$
2,836,571
COLUMBIA SPORTSWEAR
COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
(In thousands, except per share
amounts)
2021
2020
2021
2020
Net sales
$
1,129,720
$
915,623
$
3,126,402
$
2,501,554
Cost of sales
539,544
452,586
1,513,947
1,277,665
Gross profit
590,176
463,037
1,612,455
1,223,889
Gross margin
52.2
%
50.6
%
51.6
%
48.9
%
Selling, general and administrative
expenses
384,047
343,284
1,180,323
1,098,948
Net licensing income
5,439
3,940
18,372
12,108
Operating income
211,568
123,693
450,504
137,049
Interest income (expense), net
308
(293
)
1,380
435
Other non-operating income (expense),
net
24
(169
)
(373
)
2,039
Income before income tax
211,900
123,231
451,511
139,523
Income tax expense
(54,939
)
(27,475
)
(97,403
)
(31,510
)
Net income
$
156,961
$
95,756
$
354,108
$
108,013
Earnings per share:
Basic
$
2.41
$
1.45
$
5.37
$
1.63
Diluted
$
2.39
$
1.44
$
5.33
$
1.62
Weighted average shares outstanding:
Basic
65,229
66,225
65,942
66,376
Diluted
65,617
66,642
66,415
66,772
COLUMBIA SPORTSWEAR
COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Year Ended December
31,
(in thousands)
2021
2020
Cash flows from operating
activities:
Net income
$
354,108
$
108,013
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, amortization, and non-cash
lease expense
115,571
146,601
Provision for uncollectible accounts
receivable
(10,758
)
19,156
Loss on disposal or impairment of
intangible assets, property, plant and equipment, and right-of-use
assets
1,233
31,342
Deferred income taxes
(9,798
)
(11,263
)
Stock-based compensation
19,126
17,778
Changes in operating assets and
liabilities:
Accounts receivable
(31,622
)
22,885
Inventories, net
(100,261
)
64,884
Prepaid expenses and other current
assets
(24,858
)
33,712
Other assets
1,231
(21,224
)
Accounts payable
75,513
(49,275
)
Accrued liabilities
66,457
(52,115
)
Income taxes payable
(15,248
)
9,082
Operating lease assets and liabilities
(85,176
)
(52,112
)
Other liabilities
(1,112
)
8,613
Net cash provided by operating
activities
354,406
276,077
Cash flows from investing
activities:
Purchases of short-term investments
(130,191
)
(35,044
)
Sales and maturities of short-term
investments
1,184
36,631
Capital expenditures
(34,744
)
(28,758
)
Net cash used in investing activities
(163,751
)
(27,171
)
Cash flows from financing
activities:
Proceeds from credit facilities
38,334
402,422
Repayments on credit facilities
(38,156
)
(403,146
)
Payment of line of credit issuance
fees
—
(3,278
)
Proceeds from issuance of common stock
related to stock-based compensation
28,783
6,919
Tax payments related to stock-based
compensation
(5,812
)
(4,533
)
Repurchase of common stock
(165,415
)
(132,889
)
Cash dividends paid
(68,623
)
(17,195
)
Net cash used in financing activities
(210,889
)
(151,700
)
Net effect of exchange rate changes on
cash
(7,087
)
7,510
Net increase (decrease) in cash and
cash equivalents
(27,321
)
104,716
Cash and cash equivalents, beginning of
period
790,725
686,009
Cash and cash equivalents, end of
period
$
763,404
$
790,725
Supplemental disclosures of cash flow
information:
Cash paid during the year for income
taxes
$
129,483
$
14,687
Supplemental disclosures of non-cash
investing and financing activities:
Property, plant and equipment acquired
through increase in liabilities
$
5,853
$
3,831
COLUMBIA SPORTSWEAR
COMPANY
Reconciliation of GAAP to
Non-GAAP Financial Measures
Net Sales Growth -
Constant-currency Basis
(Unaudited)
Three Months Ended December
31,
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
$
762.1
$
—
$
762.1
$
599.1
27
%
27
%
Latin America and Asia Pacific
172.8
4.4
177.2
163.6
6
%
8
%
Europe, Middle East and Africa
113.6
0.6
114.2
85.6
33
%
33
%
Canada
81.2
(4.1
)
77.1
67.4
20
%
14
%
Total
$
1,129.7
$
0.9
$
1,130.6
$
915.7
23
%
23
%
Brand Net Sales:
Columbia
$
894.2
$
1.4
$
895.6
$
699.7
28
%
28
%
SOREL
163.4
(0.6
)
162.8
150.0
9
%
9
%
prAna
34.3
—
34.3
36.9
(7
)%
(7
)%
Mountain Hardwear
37.8
0.1
37.9
29.1
30
%
30
%
Total
$
1,129.7
$
0.9
$
1,130.6
$
915.7
23
%
23
%
Product Category Net Sales:
Apparel, Accessories and Equipment
$
846.1
$
0.7
$
846.8
$
661.4
28
%
28
%
Footwear
283.6
0.2
283.8
254.3
12
%
12
%
Total
$
1,129.7
$
0.9
$
1,130.6
$
915.7
23
%
23
%
Channel Net Sales:
Wholesale
$
504.5
$
(0.3
)
$
504.2
$
446.0
13
%
13
%
DTC
625.2
1.2
626.4
469.7
33
%
33
%
Total
$
1,129.7
$
0.9
$
1,130.6
$
915.7
23
%
23
%
(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)
Twelve Months Ended December
31,
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
$
2,060.3
$
—
$
2,060.3
$
1,603.8
28
%
28
%
Latin America and Asia Pacific
465.5
(7.5
)
458.0
424.5
10
%
8
%
Europe, Middle East and Africa
382.1
(9.0
)
373.1
298.9
28
%
25
%
Canada
218.5
(12.8
)
205.7
174.4
25
%
18
%
Total
$
3,126.4
$
(29.3
)
$
3,097.1
$
2,501.6
25
%
24
%
Brand Net Sales:
Columbia
$
2,557.4
$
(26.4
)
$
2,531.0
$
1,996.9
28
%
27
%
SOREL
320.9
(2.4
)
318.5
293.5
9
%
9
%
prAna
141.9
—
141.9
131.6
8
%
8
%
Mountain Hardwear
106.2
(0.5
)
105.7
79.6
33
%
33
%
Total
$
3,126.4
$
(29.3
)
$
3,097.1
$
2,501.6
25
%
24
%
Product Category Net Sales:
Apparel, Accessories and Equipment
$
2,389.2
$
(20.3
)
$
2,368.9
$
1,867.6
28
%
27
%
Footwear
737.2
(9.0
)
728.2
634.0
16
%
15
%
Total
$
3,126.4
$
(29.3
)
$
3,097.1
$
2,501.6
25
%
24
%
Channel Net Sales:
Wholesale
$
1,660.4
$
(19.5
)
$
1,640.9
$
1,403.3
18
%
17
%
DTC
1,466.0
(9.8
)
1,456.2
1,098.3
33
%
33
%
Total
$
3,126.4
$
(29.3
)
$
3,097.1
$
2,501.6
25
%
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/20220203005693/en/
Andrew Burns, CFA Vice President of Investor Relations and
Strategic Planning Columbia Sportswear Company (503) 985-4112
aburns@columbia.com
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