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Columbia Sportswear announces sales increase

May 4, 2022 United States
Columbia Sportswear announces sales increase
The US-based sportswear company reported growth across all brands in the first quarter of fiscal 2022. Revenue for the period totalled 761.5 million US dollars
"Our strong financial performance in the first quarter, including 22% net sales and 23% diluted earnings per share growth, validates our strategies and demonstrates that our brands are resonating with consumers. Business momentum was broad-based, with growth across all brands, channels and geographies. SOREL led the charge with 37% year-over-year growth, despite supply challenges, highlighting phenomenal demand for the brand’s year-round styles. We are confident in our ability to realize the tangible growth opportunities that we have ahead, and this confidence is reflected in our repurchase of over 200 million US dollars in common stock during the quarter", commented Chairman, President and Chief Executive Officer Tim Boyle.

First Quarter Results

In the first quarter of 2022, Columbia Sportswear’s net sales increased by 22%, reaching 761.5 million US dollars, on a comparable basis to net sales of 625.6 million US dollars in the first quarter of 2021. The company noted that the result reflects "strong consumer demand and shipments of higher Spring 2022 orders, with growth across all brands, channels and geographies".

During this quarter, Columbia’s brand net sales totalled 643.8 million US dollars (up by 22%), Sorel net sales amounted to 63.6 million US dollars (up by 37%), prANa brand net sales reached 32.7 million US dollars (up by 4%), and Mountain Hardwear net sales reached 21.4 million US dollars (up by 5%).

Net income in the first quarter of the current fiscal year was up by 20%, totalling 66.8 million US dollars, or 1.03 US dollars per diluted share, as compared to net income of 55.9 million US dollars, or 0.84 US dollars per diluted share, on a comparable basis to the same period last year.

Fiscal 2022 Outlook

"Based on an encouraging start to 2022 and lower share count, we are increasing our full year earnings and diluted earnings per share outlook and reiterating our net sales outlook despite removing future sales to our Russian-based distributor for the balance of the year".

For 2022, Columbia’s net sales are expected to reach 3.63 billion US dollars to 3.69 billion US dollars (unchanged), as compared to net sales of 3.13 billion US dollars in 2021. The company is also anticipating net income in the range of 363 million US dollars to 382 million US dollars, resulting in diluted earnings per share of 5.70 US dollars to 6.00 US dollars.


Image Credits: teahub.io

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