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Columbia Sportswear announces full year results

Feb 7, 2023 United States
Columbia Sportswear announces full year results
The US-based company reported a net sales increase of 11% in 2022 over the prior year. But, amid supply chain constraints, net income in the same period declined by 12% year-over-year
"I'm incredibly proud of the financial performance and accomplishments that our global workforce achieved in 2022. I'd like to thank our dedicated employees whose tremendous efforts fuelled these results and position us for continued success. For the year, net sales grew 11% to a record 3.5 billion US dollars, and were up 14% on a constant-currency basis. I believe this financial performance could have been even higher, absent supply chain constraints which severely delayed inventory availability throughout the year", commented Tim Boyle, Chairman, President and Chief Executive Officer. "We are entering 2023 in a position of strength, with strong consumer demand for our innovative products", he added.

Fiscal 2022

Columbia Sportswear's net sales increased by 11% (by 14% in constant currency) last year, reaching 3.46 billion US dollars, on a comparable basis to fiscal 2021.

In 2022, Columbia brand net sales amounted to 2.86 billion US dollars, up by 12% (by 16% in constant currency), Sorel net sales grew by 8% (by 11% on constant currency), totalling 347.3 million US dollars, prAna net sales added 143.5 million US dollars to the group's total sales, up by 1% as reported and on constant currency basis, and Mountain Hardwear net sales rose by 3% (by 5% on constant currency), reaching 109.5 million US dollars, as compared to the prior fiscal year.

The company also reported that the gross margin contracted by 220 basis points over fiscal 2022 to 49.4%, as compared to the gross margin of 51.6% recorded in the previous year.

Columbia's fiscal 2022 net income totalled 311.4 million US dollars, or 4.95 US dollars per diluted share, on a comparable basis to net income of 354.1 million US dollars, or 5.33 US dollars per diluted share, registered in 2021.


Fourth Quarter Results

In the last quarter of fiscal 2022, the company's net sales grew by 4% (by 8% in constant currency), amounting to 1.17 billion US dollars, as compared to the same period of the prior year.

Columbia's fourth quarter gross margin decreased by 180 basis points to 50.4% from 52.2% in the same quarter of fiscal 2021, mainly due to the increased promotional activity.

In the three months to the 31st of December, the group's net income totalled 125.7 million US dollars, or 2.02 US dollars per diluted share, on a comparable basis to the net income of 157.0 million US dollars, or 2.39 US dollars per diluted share, recorded in the similar period of the previous year.

Fiscal 2023 Outlook

For fiscal 2023, Columbia Sportswear is expecting net sales to increase by 3% to 6%, reaching between 3.57 billion US dollars to 3.57 billion US dollars, year-over-year. Furthermore, net income should come in the range of 322 million US dollars to 347 million US dollars in 2023, resulting in diluted earnings per share of 5.15 US dollars to 5.55 US dollars.  


Image Credits: claytonherrmann.com

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