Columbia Sportswear Company, global leader in active lifestyle apparel, footwear and accessories, has announced its financial results for the first quarter ended March 31. During the period under review, net sales increased 4 per cent to US $ 543.8 million against US $ 525.1 million for the first quarter of 2016. Operating income in the said period increased 8 per cent to a first-quarter record US $ 48.0 million while inventory decreased 3 per cent to US $ 398.8 million.
The retailer noted approximately 3 per cent net sales growth compared with 2016 net sales of US $ 2.38 billion, including approximately 1 percentage point negative effect from changes in currency exchange rates.
Approximately 3 per cent growth in operating income to between approximately US $ 256 million and US $ 265 million, representing operating margin of approximately 10.8 per cent.
Global Columbia brand net sales increased 3 per cent to US $ 449.1 million. Global SOREL brand net sales increased 50 per cent to US $ 27.2 million. Global Mountain Hardwear brand net sales increased 10 per cent to US $ 27.7 million, and global prAna brand net sales decreased 7 per cent to US $ 38.7 million.
Global Apparel, Accessories and Equipment net sales increased 1 per cent, to US $ 440.0 million. Global Footwear net sales increased 14 per cent (15 per cent constant-currency), to US $ 103.8 million.
Commenting on the results, Chief Executive Officer Tim Boyle said, “Our first quarter results provide a good start to a year that presents many challenges, especially in the US, which has been impacted by customer bankruptcies, liquidations and ongoing efforts by US retailers to rationalize their store fleets and square footage. We were encouraged by the Columbia brand’s continued growth in Europe-direct markets during the first quarter and by the SOREL brand’s successful launch of an expanded Spring assortment. In addition, our direct-to-consumer businesses were a source of growth in every region.”
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The updated 2017 outlook anticipates up to 4 per cent earnings growth on approximately 3 per cent net sales growth, driven by contributions from three of the company’s four brands and all four of our geographic regions. In the midst of changing consumer shopping patterns, its portfolio of powerful brands and strong balance sheet give the ability to continue to drive sustainable, profitable growth.
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