Columbia Sportswear Company Reports Fourth Quarter and Full Year 2022 Financial Results; Provides Full Year 2023 Financial Outlook

Fourth Quarter 2022 Highlights

  • Net sales increased 4 percent (8 percent constant-currency) to a record $1,169.6 million, compared to fourth quarter 2021.
  • Operating income decreased 27 percent to $155.4 million, or 13.3 percent of net sales, compared to fourth quarter 2021 operating income of $211.6 million, or 18.7 percent of net sales. Fourth quarter 2022 operating income includes $35.6 million of impairment charges related to prAna.
  • Diluted earnings per share decreased 15 percent to $2.02, compared to $2.39 in fourth quarter 2021. The prAna impairment charges negatively impacted diluted earnings per share by $0.43.
  • Exited the quarter with $431.0 million of cash and short-term investments and no borrowings.

Full Year 2022 Highlights

  • Net sales increased 11 percent (14 percent constant-currency) to a record $3,464.2 million, compared to 2021.
  • Operating income decreased 13 percent to $393.1 million, or 11.3 percent of net sales, compared to 2021 operating income of $450.5 million, or 14.4 percent of net sales. 2022 operating income includes $35.6 million in prAna impairment charges.
  • Diluted earnings per share decreased 7 percent to $4.95, compared to 2021 diluted earnings per share of $5.33.
  • The Company repurchased $286.9 million of common stock during the year.

Full Year 2023 Financial Outlook

The following forward-looking statements reflect our expectations as of February 2, 2023 and are subject to significant risks and business uncertainties, including those factors described under “Forward-Looking Statements” below. Additional disclosures and financial outlook details can be found in the Full Year 2023 Financial Outlook section below and the CFO Commentary and Financial Review presentation.

  • Net sales of $3.57 to $3.67 billion representing net sales growth of 3 to 6 percent compared to 2022.
  • Operating income of $413 to $448 million, representing operating margin of 11.6 to 12.2 percent.
  • Diluted earnings per share of $5.15 to $5.55.

PORTLAND, Ore.--(BUSINESS WIRE)-- Columbia Sportswear Company (NASDAQ: COLM) (the "Company"), a multi-brand global leading innovator in outdoor, active and lifestyle products including apparel, footwear, accessories, and equipment, today announced fourth quarter 2022 financial results for the period ended December 31, 2022.

Chairman, President and Chief Executive Officer Tim Boyle commented, “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 fueled these results and position us for continued success. For the year, net sales grew 11 percent to a record $3.5 billion, and were up 14 percent 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.

“We are entering 2023 in a position of strength, with strong consumer demand for our innovative products. With the early receipt of Spring merchandise, we are well positioned for timely deliveries, and have strategies in place to profitably and efficiently reduce inventory levels. Our financial strength, with over $400 million in cash and no debt, and our operating discipline will enable us to navigate near-term headwinds and position us to emerge in a stronger position.

“I’m confident we have the right strategies in place to unlock the significant growth opportunities we see across the business. We are investing in our strategic priorities to:

  • accelerate profitable growth;
  • create iconic products that are differentiated, functional and innovative;
  • drive brand engagement through increased, focused demand creation investments;
  • enhance consumer experiences by investing in capabilities to delight and retain consumers;
  • amplify marketplace excellence, with digitally-led, omni-channel, global distribution; and
  • empower talent that is driven by our core values, through a diverse and inclusive workforce.”

CFO's Commentary and Financial Review Presentation Available Online

For a detailed review of the Company's fourth quarter 2022 financial results, please refer to the CFO Commentary and Financial Review presentation furnished to the Securities and Exchange Commission (the "SEC") on a Current Report on Form 8-K and published on the Investor Relations section of the Company's website at https://investor.columbia.com/financial-results at approximately 4:15 p.m. ET today. Analysts and investors are encouraged to review this commentary prior to participating in our conference call.

Fourth Quarter 2022 Financial Results

(All comparisons are between fourth quarter 2022 and fourth quarter 2021, unless otherwise noted.)

Net sales increased 4 percent (8 percent constant-currency) to $1,169.6 million from $1,129.7 million for the comparable period in 2021. The increase in net sales was driven by Columbia brand growth, partially offset by declines in net sales in the emerging brands.

Gross margin contracted 180 basis points to 50.4 percent of net sales from 52.2 percent of net sales for the comparable period in 2021. The primary driver of gross margin contraction was increased promotional activity, compared to exceptionally low promotions in the comparable period in 2021.

SG&A expenses increased 5 percent to $405.1 million, or 34.6 percent of net sales, from $384.0 million, or 34.0 percent of net sales, for the comparable period in 2021. SG&A expense growth primarily reflects expenses to support the growth of the business, inflationary pressures, and investments to drive our brand-led consumer-focused strategies.

Impairment of goodwill and intangible assets related to prAna of $35.6 million.

Operating income decreased 27 percent to $155.4 million, or 13.3 percent of net sales, compared to operating income of $211.6 million, or 18.7 percent of net sales, for the comparable period in 2021.

Income tax expense of $34.0 million resulted in an effective income tax rate of 21.3 percent, compared to income tax expense of $54.9 million, or an effective income tax rate of 25.9 percent, for the comparable period in 2021.

Net income decreased 20 percent to $125.7 million, or $2.02 per diluted share, compared to net income of $157.0 million, or $2.39 per diluted share, for the comparable period in 2021.

Full Year 2022 Financial Results

(All comparisons are between full year 2022 and full year 2021, unless otherwise noted.)

Net sales increased 11 percent (14 percent constant-currency) to $3,464.2 million from $3,126.4 million in 2021.

Gross margin contracted 220 basis points to 49.4 percent of net sales from 51.6 percent of net sales in 2021.

SG&A expenses increased 11 percent to $1,304.4 million, or 37.7 percent of net sales, compared to $1,180.3 million, or 37.8 percent of net sales, in 2021.

Impairment of goodwill and intangible assets related to prAna of $35.6 million.

Operating income decreased 13 percent to $393.1 million, or 11.3 percent of net sales, compared to operating income of $450.5 million, or 14.4 percent of net sales, in 2021.

Income tax expense of $86.0 million resulted in an effective income tax rate of 21.6 percent, compared to income tax expense of $97.4 million, or an effective tax rate of 21.6 percent, in 2021.

Net income decreased 12 percent to $311.4 million, or $4.95 per diluted share, compared to net income of $354.1 million, or $5.33 per diluted share, in 2021.

Balance Sheet as of December 31, 2022

Cash, cash equivalents and short-term investments totaled $431.0 million, compared to $894.5 million as of December 31, 2021.

The Company had no borrowings as of December 31, 2022 or 2021.

Inventories increased 59 percent to $1,028.5 million, compared to $645.4 million as of December 31, 2021. Unrealized projected sales growth for Fall 2022 and earlier receipt of Spring 2023 product has resulted in higher inventory levels. Older season inventories represent a manageable portion of our total inventory mix.

Cash Flow for the Twelve Months Ended December 31, 2022

Net cash used in operating activities was $25.2 million, compared to net cash provided by operating activities of $354.4 million in 2021.

Capital expenditures totaled $58.5 million, compared to $34.7 million in 2021.

Share Repurchases for the Twelve Months Ended December 31, 2022

The Company repurchased 3,235,327 shares of common stock for an aggregate of $286.9 million, or an average price per share of $88.69.

At December 31, 2022, $529.4 million remained available under our stock repurchase authorization, which does not obligate the Company to acquire any specific number of shares or to acquire shares over any specified period of time.

Quarterly Cash Dividend

The Board of Directors approved a regular quarterly cash dividend of $0.30 per share, payable on March 21, 2023 to shareholders of record on March 10, 2023.

Full Year 2023 Financial Outlook

(Additional financial outlook details can be found in the CFO Commentary and Financial Review presentation.)

The Company's first half and full year 2023 Financial Outlook is forward-looking in nature, and the following forward-looking statements reflect our expectations as of February 2, 2023 and are subject to significant risks and business uncertainties, including those factors described under “Forward-Looking Statements” below. These risks and uncertainties limit our ability to accurately forecast results. This outlook reflects our estimates as of February 2, 2023 regarding the impact of the COVID-19 pandemic on our operations; economic conditions, including inflationary pressures; supply chain disruptions, constraints and expenses; elevated marketplace inventories; changes in consumer behavior and confidence; as well as geopolitical tensions. This outlook and commentary assume macro-economic conditions, particularly in the U.S., do not materially deteriorate beyond a mild recession. Projections are predicated on normal seasonal weather globally.

Net sales are expected to increase 3 to 6 percent to $3.57 to $3.67 billion from $3.46 billion in 2022.

Gross margin is expected to expand approximately 60 basis points to approximately 50 percent of net sales from 49.4 percent of net sales in 2022.

SG&A expenses are expected to increase faster than net sales growth. SG&A expense, as a percent of net sales, is expected to be 38.3 to 39.0 percent, compared to SG&A expense as a percent of net sales of 37.7 percent in 2022.

Operating income is expected to be $413 to $448 million, resulting in operating margin of 11.6 to 12.2 percent, compared to operating margin of 11.3 percent in 2022.

Effective income tax rate is expected to be approximately 24.5 percent.

Net income is expected to be $322 to $347 million, resulting in diluted earnings per share of $5.15 to $5.55. This diluted earnings per share range is based on estimated weighted average diluted shares outstanding of 62.5 million.

Foreign Currency

  • Foreign currency translation is anticipated to reduce 2023 net sales growth by approximately 30 basis points.
  • Foreign currency is expected to have an approximately $0.05 negative impact on diluted earnings per share due primarily to unfavorable foreign currency transactional effects from hedging of production.

Balance Sheet and Cash Flows

Operating cash flow is expected to be over $500 million.

Capital expenditures are planned to be in the range of $70 to $90 million.

First Half 2023 Financial Outlook

  • Net sales growth of mid-single-digit percent, compared to first half 2022.
  • Gross margin is anticipated to expand at a rate modestly below our full year 2023 gross margin outlook, with first quarter 2023 gross margin expected to be down compared to first quarter 2022.
  • SG&A expenses are expected to grow faster than net sales growth, resulting in SG&A deleverage.
  • Diluted earnings per share is expected to be $0.75 to $0.90. First half 2023 diluted earnings per share will be weighted to first quarter 2023, with essentially breakeven earnings in second quarter 2023. Please note second quarter is typically our lowest volume sales quarter and small changes in the timing of product shipments and expenses can have a material impact on reported results.

Conference Call

The Company will hold its fourth quarter 2022 conference call at 5:00 p.m. ET today. Dial (888) 506-0062 to participate. The call will also be webcast live on the Investor Relations section of the Company's website at http://investor.columbia.com.

First Quarter 2023 Reporting Date

Columbia Sportswear Company plans to report first quarter 2023 financial results on Thursday, April 27, 2023 at approximately 4:00 p.m. ET.

Supplemental Financial Information

Since Columbia Sportswear Company is a global company, the comparability of its operating results reported in United States dollars is affected by foreign currency exchange rate fluctuations because the underlying currencies in which it transacts change in value over time compared to the United States dollar. To supplement financial information reported in accordance with GAAP, the Company discloses constant-currency net sales information, which is a non-GAAP financial measure, to provide a framework to assess how the business performed excluding the effects of changes in the exchange rates used to translate net sales generated in foreign currencies into United States dollars. The Company calculates constant-currency net sales by translating net sales in foreign currencies for the current period into United States dollars at the average exchange rates that were in effect during the comparable period of the prior year. Management believes that this non-GAAP financial measure reflects an additional and useful way of viewing an aspect of our operations that, when viewed in conjunction with our GAAP results, provides a more comprehensive understanding of our business and operations. In particular, investors may find the non-GAAP financial measure useful by reviewing our net sales results without the volatility in foreign currency exchange rates. This non-GAAP financial measure also facilitates management's internal comparisons to our historical net sales results and comparisons to competitors' net sales results.

The non-GAAP financial measures should be viewed in addition to, and not in lieu of or superior to, our financial measures calculated in accordance with GAAP. The Company provides a reconciliation of non-GAAP measures to the most directly comparable financial measure calculated in accordance with GAAP. See the "Reconciliation of GAAP to Non-GAAP Financial Measures" table included herein. The non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the Company’s expectations, anticipations or beliefs about the Company's ability to realize growth opportunities, financial position, inventory, full year 2023 net sales, gross margin, SG&A expenses, operating income, effective income tax rate, net income, diluted earnings per share, weighted average diluted shares outstanding, foreign currency translation, cash flows, and capital expenditures, and first half 2023 net sales, gross margin, SG&A expenses, and diluted earnings per share. Forward-looking statements often use words such as "will," "anticipate," "estimate," "expect," "should," "may" and other words and terms of similar meaning or reference future dates. The Company's expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis; however, each forward-looking statement involves a number of risks and uncertainties, including those set forth in this document, those described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the heading "Risk Factors," and those that have been or may be described in other reports filed by the Company, including reports on Form 8-K. Potential risks and uncertainties include those relating to the impact of the COVID-19 pandemic on our operations; economic conditions, including inflationary pressures; supply chain disruptions, constraints and expenses; changes in consumer behavior and confidence; as well as geopolitical tensions. The Company does not undertake any duty to update any of the forward-looking statements after the date of this document to conform them to actual results or to reflect changes in events, circumstances or its expectations. New factors emerge from time to time and it is not possible for the Company to predict or assess the effects of all such factors or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

About Columbia Sportswear Company

Columbia Sportswear Company connects active people with their passions and is a global multi-brand leading innovator in outdoor, active and lifestyle products including apparel, footwear, accessories, and equipment. Founded in 1938 in Portland, Oregon, the Company's brands are sold in approximately 90 countries. In addition to the Columbia® brand, Columbia Sportswear Company also owns the Mountain Hard Wear®, SOREL® and prAna® brands. To learn more, please visit the Company's websites at www.columbia.com, www.mountainhardwear.com, www.sorel.com, and www.prana.com.

COLUMBIA SPORTSWEAR COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

December 31,

(in thousands)

 

2022

 

2021

ASSETS

 

 

 

 

Current Assets:

 

 

 

 

Cash and cash equivalents

 

$

430,241

 

$

763,404

Short-term investments

 

 

722

 

 

 

131,145

 

Accounts receivable, net

 

 

547,561

 

 

 

487,803

 

Inventories

 

 

1,028,545

 

 

 

645,379

 

Prepaid expenses and other current assets

 

 

129,872

 

 

 

86,306

 

Total current assets

 

 

2,136,941

 

 

 

2,114,037

 

Property, plant and equipment, net

 

 

291,214

 

 

 

291,088

 

Operating lease right-of-use assets

 

 

324,409

 

 

 

330,928

 

Intangible assets, net

 

 

81,558

 

 

 

101,908

 

Goodwill

 

 

51,694

 

 

 

68,594

 

Deferred income taxes

 

 

94,162

 

 

 

92,121

 

Other non-current assets

 

 

71,568

 

 

 

68,452

 

Total assets

 

$

3,051,546

 

 

$

3,067,128

 

LIABILITIES AND EQUITY

 

 

 

 

Current Liabilities:

 

 

 

 

Accounts payable

 

$

322,472

 

 

$

283,349

 

Accrued liabilities

 

 

328,759

 

 

 

316,485

 

Operating lease liabilities

 

 

68,685

 

 

 

67,429

 

Income taxes payable

 

 

18,802

 

 

 

13,127

 

Total current liabilities

 

 

738,718

 

 

 

680,390

 

Non-current operating lease liabilities

 

 

310,625

 

 

 

317,666

 

Income taxes payable

 

 

33,251

 

 

 

44,541

 

Deferred income taxes

 

 

143

 

 

 

 

Other long-term liabilities

 

 

33,020

 

 

 

35,279

 

Total liabilities

 

 

1,115,757

 

 

 

1,077,876

 

Total shareholders' equity

 

 

1,935,789

 

 

 

1,989,252

 

Total liabilities and shareholders' equity

 

$

3,051,546

 

 

$

3,067,128

 

COLUMBIA SPORTSWEAR COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

(In thousands, except per share amounts)

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2022

 

2021

 

2022

 

2021

Net sales

 

$

1,169,520

 

 

$

1,129,720

 

 

$

3,464,152

 

 

$

3,126,402

 

Cost of sales

 

 

579,544

 

 

 

539,544

 

 

 

1,753,074

 

 

 

1,513,947

 

Gross profit

 

 

589,976

 

 

 

590,176

 

 

 

1,711,078

 

 

 

1,612,455

 

Gross margin

 

 

50.4

%

 

 

52.2

%

 

 

49.4

%

 

 

51.6

%

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

405,093

 

 

 

384,047

 

 

 

1,304,394

 

 

 

1,180,323

 

Impairment of goodwill and intangibles assets

 

 

35,600

 

 

 

 

 

 

35,600

 

 

 

 

Net licensing income

 

 

6,121

 

 

 

5,439

 

 

 

22,020

 

 

 

18,372

 

Operating income

 

 

155,404

 

 

 

211,568

 

 

 

393,104

 

 

 

450,504

 

Interest income, net

 

 

1,054

 

 

 

308

 

 

 

2,713

 

 

 

1,380

 

Other non-operating income (expense), net

 

 

3,253

 

 

 

24

 

 

 

1,593

 

 

 

(373

)

Income before income tax

 

 

159,711

 

 

 

211,900

 

 

 

397,410

 

 

 

451,511

 

Income tax expense

 

 

(34,021

)

 

 

(54,939

)

 

 

(85,970

)

 

 

(97,403

)

Net income

 

$

125,690

 

 

$

156,961

 

 

$

311,440

 

 

$

354,108

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

2.02

 

 

$

2.41

 

 

$

4.96

 

 

$

5.37

 

Diluted

 

$

2.02

 

 

$

2.39

 

 

$

4.95

 

 

$

5.33

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

62,123

 

 

 

65,229

 

 

 

62,754

 

 

 

65,942

 

Diluted

 

 

62,311

 

 

 

65,617

 

 

 

62,970

 

 

 

66,415

 

COLUMBIA SPORTSWEAR COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

Year Ended December 31,

(in thousands)

2022

 

2021

Cash flows from operating activities:

 

 

 

Net income

$

311,440

 

 

$

354,108

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

Depreciation, amortization, and non-cash lease expense

 

117,399

 

 

 

115,571

 

Provision for uncollectible accounts receivable

 

(2,044

)

 

 

(10,758

)

Loss on disposal or impairment of investments, property, plant and equipment, right-of-use assets, and intangible assets

 

38,194

 

 

 

1,233

 

Deferred income taxes

 

(8,118

)

 

 

(9,798

)

Stock-based compensation

 

21,021

 

 

 

19,126

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(64,495

)

 

 

(31,622

)

Inventories

 

(399,851

)

 

 

(100,261

)

Prepaid expenses and other current assets

 

(25,749

)

 

 

(24,858

)

Other assets

 

(2,475

)

 

 

1,231

 

Accounts payable

 

40,429

 

 

 

75,513

 

Accrued liabilities

 

20,683

 

 

 

66,457

 

Income taxes payable

 

(5,871

)

 

 

(15,248

)

Operating lease assets and liabilities

 

(62,749

)

 

 

(85,176

)

Other liabilities

 

(3,055

)

 

 

(1,112

)

Net cash provided by (used in) operating activities

 

(25,241

)

 

 

354,406

 

Cash flows from investing activities:

 

 

 

Purchases of short-term investments

 

(44,876

)

 

 

(130,191

)

Sales and maturities of short-term investments

 

176,083

 

 

 

1,184

 

Capital expenditures

 

(58,467

)

 

 

(34,744

)

Net cash provided by (used in) investing activities

 

72,740

 

 

 

(163,751

)

Cash flows from financing activities:

 

 

 

Proceeds from credit facilities

 

52,918

 

 

 

38,334

 

Repayments on credit facilities

 

(52,979

)

 

 

(38,156

)

Payment of line of credit issuance fees

 

(604

)

 

 

 

Proceeds from issuance of common stock related to stock-based compensation

 

6,588

 

 

 

28,783

 

Tax payments related to stock-based compensation

 

(4,229

)

 

 

(5,812

)

Repurchase of common stock

 

(287,443

)

 

 

(165,415

)

Cash dividends paid

 

(75,082

)

 

 

(68,623

)

Net cash used in financing activities

 

(360,831

)

 

 

(210,889

)

Net effect of exchange rate changes on cash

 

(19,831

)

 

 

(7,087

)

Net decrease in cash and cash equivalents

 

(333,163

)

 

 

(27,321

)

Cash and cash equivalents, beginning of period

 

763,404

 

 

 

790,725

 

Cash and cash equivalents, end of period

$

430,241

 

 

$

763,404

 

Supplemental disclosures of cash flow information:

 

 

 

Cash paid during the year for income taxes

$

92,110

 

 

$

129,483

 

Supplemental disclosures of non-cash investing and financing activities:

 

 

 

Property, plant and equipment acquired through increase in liabilities

$

11,103

 

 

$

5,853

 

COLUMBIA SPORTSWEAR COMPANY

Reconciliation of GAAP to Non-GAAP Financial Measures

Net Sales Growth - Constant-currency Basis

(Unaudited)

 

 

 

Three Months Ended December 31,

(In millions, except percentage changes)

 

Reported

Net Sales

2022

 

Adjust for

Foreign

Currency

Translation

 

Constant-

currency

Net Sales

2022(1)

 

Reported

Net Sales

2021

 

Reported

Net Sales

% Change

 

Constant-

currency

Net Sales

% Change(1)

Geographical Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

780.8

 

$

 

 

$

780.8

 

 

$

762.1

 

 

2%

 

2%

Latin America and Asia Pacific

 

 

164.0

 

 

 

27.2

 

 

191.2

 

 

172.8

 

(5)%

 

11%

Europe, Middle East and Africa

 

 

132.8

 

 

 

17.3

 

 

 

150.1

 

 

 

113.6

 

 

17%

 

32%

Canada

 

 

92.0

 

 

 

7.5

 

 

 

99.5

 

 

 

81.2

 

 

13%

 

23%

Total

 

$

1,169.6

 

 

$

52.0

 

 

$

1,221.6

 

 

$

1,129.7

 

 

4%

 

8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Brand Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

Columbia

 

$

961.3

 

 

$

45.3

 

 

$

1,006.6

 

 

$

894.2

 

 

8%

 

13%

SOREL

 

 

142.6

 

 

 

5.8

 

 

 

148.4

 

 

 

163.4

 

 

(13)%

 

(9)%

prAna

 

 

32.3

 

 

 

 

 

 

32.3

 

 

 

34.3

 

 

(6)%

 

(6)%

Mountain Hardwear

 

 

33.4

 

 

 

0.9

 

 

 

34.3

 

 

 

37.8

 

 

(12)%

 

(9)%

Total

 

$

1,169.6

 

 

$

52.0

 

 

$

1,221.6

 

 

$

1,129.7

 

 

4%

 

8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Product Category Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

Apparel, Accessories and Equipment

 

$

900.5

 

 

$

37.4

 

 

$

937.9

 

 

$

846.1

 

 

6%

 

11%

Footwear

 

 

269.1

 

 

 

14.6

 

 

 

283.7

 

 

 

283.6

 

 

(5)%

 

—%

Total

 

$

1,169.6

 

 

$

52.0

 

 

$

1,221.6

 

 

$

1,129.7

 

 

4%

 

8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Channel Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

$

514.5

 

 

$

26.0

 

 

$

540.5

 

 

$

504.5

 

 

2%

 

7%

DTC

 

 

655.1

 

 

 

26.0

 

 

 

681.1

 

 

 

625.2

 

 

5%

 

9%

Total

 

$

1,169.6

 

 

$

52.0

 

 

$

1,221.6

 

 

$

1,129.7

 

 

4%

 

8%

(1) Constant-currency net sales is a non-GAAP financial measure. See “Supplemental Financial Information” above for further information.

COLUMBIA SPORTSWEAR COMPANY

Reconciliation of GAAP to Non-GAAP Financial Measures

Net Sales Growth - Constant-currency Basis

(Unaudited)

 

 

 

Twelve Months Ended December 31,

(In millions, except percentage changes)

 

Reported

Net Sales

2022

 

Adjust for

Foreign

Currency

Translation

 

Constant-

currency

Net Sales

2022(1)

 

Reported

Net Sales

2021

 

Reported

Net Sales

% Change

 

Constant-

currency

Net Sales

% Change(1)

Geographical Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

2,302.2

 

$

 

 

$

2,302.2

 

 

$

2,060.3

 

 

12%

 

12%

Latin America and Asia Pacific

 

 

473.9

 

 

 

51.8

 

 

525.7

 

 

465.5

 

2%

 

13%

Europe, Middle East and Africa

 

 

438.6

 

 

 

41.9

 

 

 

480.5

 

 

 

382.1

 

 

15%

 

26%

Canada

 

 

249.5

 

 

 

11.3

 

 

 

260.8

 

 

 

218.5

 

 

14%

 

19%

Total

 

$

3,464.2

 

 

$

105.0

 

 

$

3,569.2

 

 

$

3,126.4

 

 

11%

 

14%

 

 

 

 

 

 

 

 

 

 

 

 

 

Brand Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

Columbia

 

$

2,864.3

 

 

$

94.2

 

 

$

2,958.5

 

 

$

2,557.4

 

 

12%

 

16%

SOREL

 

 

347.3

 

 

 

9.1

 

 

 

356.4

 

 

 

320.9

 

 

8%

 

11%

prAna

 

 

143.1

 

 

 

 

 

 

143.1

 

 

 

141.9

 

 

1%

 

1%

Mountain Hardwear

 

 

109.5

 

 

 

1.7

 

 

 

111.2

 

 

 

106.2

 

 

3%

 

5%

Total

 

$

3,464.2

 

 

$

105.0

 

 

$

3,569.2

 

 

$

3,126.4

 

 

11%

 

14%

 

 

 

 

 

 

 

 

 

 

 

 

 

Product Category Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

Apparel, Accessories and Equipment

 

$

2,661.1

 

 

$

74.6

 

 

$

2,735.7

 

 

$

2,389.2

 

 

11%

 

15%

Footwear

 

 

803.1

 

 

 

30.4

 

 

 

833.5

 

 

 

737.2

 

 

9%

 

13%

Total

 

$

3,464.2

 

 

$

105.0

 

 

$

3,569.2

 

 

$

3,126.4

 

 

11%

 

14%

 

 

 

 

 

 

 

 

 

 

 

 

 

Channel Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

$

1,867.7

 

 

$

57.8

 

 

$

1,925.5

 

 

$

1,660.4

 

 

12%

 

16%

DTC

 

 

1,596.5

 

 

 

47.2

 

 

 

1,643.7

 

 

 

1,466.0

 

 

9%

 

12%

Total

 

$

3,464.2

 

 

$

105.0

 

 

$

3,569.2

 

 

$

3,126.4

 

 

11%

 

14%

(1) Constant-currency net sales is a non-GAAP financial measure. See “Supplemental Financial Information” above for further information.

 

Andrew Burns, CFA
Vice President of Investor Relations and Strategic Planning
Columbia Sportswear Company
(503) 985-4112
aburns@columbia.com

Source: Columbia Sportswear Company