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Columbia reports record sales

May 6, 2015 United States
Columbia reports record sales
Record first quarter results raise the company's optimism for the rest of the year. Notwithstanding, currency exchange rates fluctuation impacts sales negatively
Columbia Sportswear Company raised its full year outlook after reporting sales growing by 13% in the first quarter reaching a record 479.0 million US dollars. Excluding the negative impact of currency exchange rates sales would have grown by 17%.

“2015 is off to a strong start, building on the momentum we created in 2014 behind the Columbia, Sorel and Prana brands”, commented Columbia CEO Tim Boyle, adding: “We are experiencing exceptional sell-through in North America through the first half of the spring season and our European business has returned to growth. Sorel is poised for a very strong second half and full year net sales of more than 200 million US dollars, while Prana remains on pace to deliver annualized growth of more than 20%.”

First quarter US net sales increased by 18 %, including 30.8 million US dollars of incremental Prana net sales. Net sales in Canada grew by 28%, including 4.0 million US dollars of incremental Prana net sales. Latin America/Asia Pacific (LAAP) region net sales decreased by 3% and Europe/Middle East/Africa (EMEA) region net sales increased by 22%, including 2.0 million US dollars of incremental Prana net sales.All regions were impacted by negative impact of currency exchange rates.

Columbia brand net sales increased by 7% totaling 401.0 million US dollars. Sorel brand net sales went up by 4%, to reach 13.4 million US dollars. Mountain Hardwear net sales decreased 23% (now totaling 25.1 million US dollars).

Net sales for both segments, Apparel, Accessories & Equipment and Footwear increased by 13%, reaching respectively 399.3 million US dollars and 79.7 million US dollars.

First quarter operating income increased 24% to 44.1 million US dollars, equating to 9.2% operating margin, and net income totaled 26.5 million US dollars, or 0.37 US dollars per diluted share, an increase of 19% compared with first quarter 2014 net income of 22.3 million US dollars, or 0.32 US dollars per diluted share.

The company continues to expect high single-digit 2015 net sales growth (low teen growth on a constant-dollar basis) compared to 2014 net sales of 2.1 billion US dollars.

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