Columbia Sportswear posts record sales quarter, profit up double digits
Columbia Sportswear announced on Thursday record-breaking sales for the third quarter ending September 30, coinciding with a double-digit increase in profits during the three months.
The Portland, Oregon-based company said net sales increased 19% to a record $955 million, compared to the third quarter of 2021. The increase in sales reflected earlier shipment of higher fall 2022 wholesale orders and direct-to-consumer growth, said the U.S. owner of its namesake Columbia brand, as well as PrAna, Sorel, and Mountain Hardwear brands.
Quarterly net income increased 11% to $111.8 million, or $1.80 per diluted share, compared to net income of $100.6 million, or $1.52 per diluted share.
Likewise, revenues increased 15% to $2.294 billion for the first nine months of the year, from $2 billion, last year. However, net income decreased 6% to $185.8 million, or $2.94 per diluted share, for the year-to-date period.
"Third quarter net sales and earnings growth reflect broad momentum across our business and the power of our collective brand portfolio. Net sales growth was led by the Sorel and Columbia brands, which increased 28% and 19%, respectively," said chairman, president and chief executive officer, Tim Boyle.
"I’m excited about the iconic and innovative products we are delivering to consumers this fall, including Columbia’s expanded Omni-Heat Infinity collection and our new disruptive polyfleece innovation, Omni-Heat Helix.
"Based on strong third quarter performance, we are reiterating our full year net sales and diluted earnings per share financial outlook," added Boyle.
Looking ahead, the company expects fiscal 2023 net sales to sit between $3.44 to $3.50 billion, representing net sales growth of 10 to 12%, compared to 2021. Diluted earnings per share are expected to be between $5.00 and $5.40, the company added.
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