Columbia Sportswear third quarter profit tops mkt, ups dividend
Oct 22 (Reuters) - Columbia Sportswear Co (COLM.O) posted quarterly profit above market expectations as demand and shipments of fall products rose, and raised its quarterly dividend, sending its shares up 7 percent to a year high.
Collection Columbia Sportswear
The company behind the Columbia Sportswear, Montrail and Pacific Trail brands also raised its full-year revenue outlook. It now sees full-year revenue to fall 8 to 9 percent, compared with its prior expectations of a "low-double-digit" percentage fall.
The Portland, Oregon-based company, however, expects 2009 gross margins to decline by about 100 basis points, partly due to a higher volume of closeout product sales.
Columbia, a supplier to department stores and other big retail chains, earned 46.9 million, $1.38 per share, compared with net income of $58.3 million, or $1.69 per share, a year ago.
Revenue for the period fell 4 percent to $434.5 million.
Analysts on average had expected a profit of $1.0 a share, before items, on revenue of $400.3 million, according to Thomson Reuters I/B/E/S.
Shares of the company rose 7 percent at $47.75 in trading after the bell. They closed at $44.81 Thursday 22 October on Nasdaq. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Gopakumar Warrier)