Exhibit 99.1
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Contact: |
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David W. Kiser
Director of Investor Relations
Columbia Sportswear Company
(503) 985-4584 |
COLUMBIA SPORTSWEAR COMPANY
REPORTS RECORD THIRD QUARTER 2007 RESULTS
Highlights:
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Third quarter net sales increased 4 percent to $471.1 million, a third quarter record,
compared to net sales of $454.1 million for the third quarter of 2006. |
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Third quarter diluted earnings per share were $1.72 on 36.4 million weighted average shares, also
a third quarter record, compared to $1.67 on 36.1 million weighted average shares for the third quarter of 2006. |
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Global spring product backlog at September 30, 2007 was essentially unchanged at $414.4
million compared to September 30, 2006; consolidated backlog, which includes fall product
orders, was also essentially flat at $692.7 million. |
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|
The Company announced an expanded U.S. retail initiative, primarily focused on retail
outlet stores to enhance inventory management. The retail initiative will also include
first-line Columbia brand stores to demonstrate product breadth and to heighten consumer
awareness of the Companys brands. |
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Columbias board of directors approved an increased dividend of $0.16 per share, payable
on November 29, 2007 to shareholders of record on November 15, 2007. |
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Columbia expects 2007 net sales growth of approximately 5 percent and estimates 2007
diluted earnings per share of approximately $3.70. |
PORTLAND, Ore. October 25, 2007 Columbia Sportswear Company (NASDAQ: COLM), a global leader in
the active outdoor apparel and footwear industries, today announced net sales of $471.1 million for
the quarter ended September 30, 2007, an increase of 4 percent compared to net sales of $454.1
million for the same period of 2006. Net income for the third quarter was $62.6 million, a 4
percent increase compared to net income of $60.3 million for the same period of 2006. Earnings per
share for the third quarter of 2007 were $1.72 (diluted) on 36.4 million weighted average shares,
compared to earnings per share of $1.67 (diluted) for the third quarter of 2006 on 36.1 million
weighted average shares.
Compared to the third quarter of 2006, Other International net sales increased 28 percent to $73.8
million, U.S. net sales increased 3 percent to $284.2 million, Canada net sales increased 8 percent
to $57.8 million and Europe net sales decreased 17 percent to $55.3 million for the third quarter
of 2007 (see Geographical Net Sales table below).
Excluding changes in currency exchange rates, consolidated net sales increased 2 percent, Other
International net sales increased 28 percent, U.S. net sales increased 3 percent, Canada net sales
increased 2 percent and Europe net sales decreased 22 percent for the third quarter of 2007,
compared to the same period of 2006 (see Reconciliation of Net Sales Changes to Net Sales Changes
Excluding Changes in Currency Exchange Rates table below).
For the third quarter of 2007, sportswear net sales increased 10 percent to $161.9 million,
footwear net sales increased 3 percent to $71.4 million, accessories and equipment net sales
increased 8 percent to $22.0 million and outerwear net sales decreased 1 percent to $215.8 million
compared to the third quarter of 2006 (see Categorical Net Sales table below).
Compared to the third quarter of 2006, Columbia brand net sales increased 7 percent to $418.2
million, Mountain Hardwear net sales increased 14 percent to $29.5 million, Sorel net sales
decreased 9 percent to $19.1 million, Montrail net sales decreased 28 percent to $2.6 million and
Pacific Trail decreased 87 percent to $1.7 million for the third quarter of 2007 (see Brand Net
Sales table below).
Tim Boyle, Columbias president and chief executive officer, commented, We are pleased to report
that third quarter sales were driven by double digit growth in Columbia brand outerwear in the
United States and Canada, reflecting the initiatives our management team has taken to strengthen
our core North American Columbia brand outerwear business. Growth in the quarter was also driven
by Columbia brand sportswear sales in the United States and increased sales in all major product
categories in International Distributor markets. This growth was offset by significant expected
declines in Pacific Trail outerwear in the United States and outerwear and sportswear in Europe.
Despite difficult economic conditions, particularly in the United States, we continue to expect
operating margin expansion this year, demonstrating consistent financial management discipline.
Backlog
The Company reported that as of September 30, 2007, spring backlog was essentially flat at $414.4
million, compared to spring backlog of $414.5 million at September 30, 2006. Consolidated product
backlog, which includes both global fall and spring orders at September 30, 2007, was $692.7
million, also essentially flat compared to consolidated product backlog of $693.9 million at
September 30, 2006.
Mr. Boyle commented, Geographically, spring orders increased in our Asia Direct and International
Distributor markets, and decreased in the U.S. and Europe. As reviewed by product category, global
spring apparel orders were flat, spring footwear orders decreased modestly and spring accessories
and equipment increased modestly. As discussed previously, cool and wet weather conditions in the
United States this spring hampered sell through of our spring products, leading to significant
order cancellations this year and reducing demand for spring 2008 orders in the U.S. We are
disappointed with these results.
Marketing and Advertising Initiatives
The Company announced that beginning in 2008, it intends to increase spending on marketing and
advertising initiatives to increase consumer brand awareness and to stimulate consumer demand. In
spring 2008, Columbia will introduce OMNI-SHADE and TECHLITE, two important product and marketing
initiatives in apparel and footwear that reinforce the outdoor authenticity of the Columbia brand.
The OMNI-SHADE and TECHLITE initiatives will be part of the Companys global go-to-market
strategy.
Mr. Boyle continued, Global spring orders of our OMNI-SHADE and TECHLITE products were
significant, and we are pleased with our retail customers acceptance of these marketing and
product initiatives. Our OMNI-SHADE line offers UPF rated sun protection products designed to
protect consumers from the harmful effects of the suns ultraviolet rays. TECHLITE is a
footwear product and marketing initiative featuring footwear products that integrate lightweight
comfort with long-term durability.
In spring 2008, we will initiate a coordinated and targeted marketing, advertising and public
relations campaign globally that will educate consumers about OMNI-SHADE and TECHLITE. We
believe initiatives like these, and others we will establish, will continue to reinforce the
outdoor authenticity of our brands and drive retail sell through of our products. We are
increasing our focus on communicating the performance proposition of our brands directly to
consumers, to heighten consumer awareness and drive consumer demand, continued Mr. Boyle.
U.S. Retail
The Company also announced an expanded U.S. retail initiative to strengthen wholesale distribution,
primarily focused on inventory management through retail outlet stores. This U.S. retail
initiative will also include first-line Columbia brand retail stores, to demonstrate product
breadth and to heighten consumer awareness of our brands.
Mr. Boyle continued, To strengthen our wholesale business, we need the inventory flexibility and
brand management opportunities provided by a direct-to-consumer retail operation. For the past
year we have been evaluating and testing a measured increase in U.S. direct-to-consumer retail
operations to enhance our wholesale distribution. We have added personnel and infrastructure
throughout the year to support this initiative. Our retail initiative is primarily focused on
inventory management through retail outlet stores located in geographically remote factory outlet
malls throughout the U.S. This year we anticipate opening five new U.S. retail outlets, and we
currently plan to open up to 15 outlet stores per year in the U.S. over the next few years,
although we will evaluate this on an ongoing basis. Retail outlet stores reduce our exposure to
excessive inventory due to negative weather conditions.
In addition to retail outlet stores, we anticipate opening a few first-line Columbia brand retail
stores in key U.S. markets over the next few years, to showcase the breadth of our products in a
comprehensive retail environment and to heighten consumer awareness of our brands. The first-line
Columbia stores will create a distinctive Columbia environment, communicating our key product and
marketing initiatives, showcasing the breadth of our products and reinforcing the active and
outdoor image of the Columbia brand. These Columbia brand stores and key product and marketing
initiatives are designed to enhance our wholesale business by stimulating consumer demand and
driving consumer pull-through of our products in all distribution channels. Our primary focus is
to remain a wholesale business, and we are dedicated to serving our wholesale customers, continued
Mr. Boyle.
We are approaching this broadened U.S. retail initiative in a measured and pragmatic manner to
enhance our wholesale distribution. We will continue to monitor our results as we execute our
plan. We are pleased with the initial results this year, which give us confidence to continue with
our plans. The expanded retail initiative, coupled with our planned increases in marketing and
advertising next year, may preclude us from achieving operating margin leverage in 2008; however,
we expect these initiatives will strengthen our brands and will be accretive to earnings
long-term, concluded Mr. Boyle.
Dividend and Share Repurchase
The Company announced today that the board of directors has approved an increased dividend of $0.16
per share, payable on November 29, 2007 to shareholders of record on November 15, 2007. During the
third quarter, the Company did not repurchase any shares of common stock.
Guidance
Mr. Boyle continued, Based on our current outlook, we anticipate fourth quarter 2007
revenue growth of approximately three percent compared to the fourth quarter of 2006 and diluted
earnings per share of approximately $1.00. For the full year 2007, we anticipate net sales growth
of approximately five percent compared to 2006, and are increasing full year diluted earnings per
share guidance to approximately $3.70.
Mr. Boyle concluded, Based in part on the reported spring backlog and the initiatives announced
today, we expect revenue growth for the first quarter of 2008 of approximately 4 percent and
diluted earnings per share of approximately $0.60. As a reminder, spring accounts for a relatively
small percentage of our overall business; the bulk of our revenues and profits historically comes
in the second half of the year. Further out, it is difficult for us to gauge revenue and
profitability levels until we gain more visibility into the fall 2008 season. We will provide full
year 2008 financial guidance when we report our fall backlog results in April 2008. Please note
that these projections are forward-looking in nature, and are based on backlog and forecasts, which
may change, perhaps significantly.
The Company will host a conference call to elaborate on third quarter 2007 results on Thursday,
October 25, 2007 at 5:00 p.m. Eastern. The call will include discussions regarding the Companys
third quarter 2007 performance in general, the Companys geographic and merchandise category
performance, and the Companys future opportunities. To participate, please dial 800-851-3059 in
the United States (outside the United States, please dial 706-679-8430) five to ten minutes prior
to the call. The call will also be webcast live on the investor information section of the
Companys website at www.columbia.com, where it will remain available until November 8,
2007.
Founded in 1938 in Portland, Oregon, Columbia Sportswear Company is a global leader in the design,
sourcing, marketing and distribution of active outdoor apparel and footwear. As one of the largest
outerwear manufacturers in the world and a leading seller of skiwear in the United States, the
Company has developed an international reputation for quality, performance, functionality and
value. The Company manages a portfolio of outdoor brands including Columbia Sportswear, Mountain
Hardwear, Sorel, Montrail and Pacific Trail. To learn more about Columbia, please visit the
Companys website at www.columbia.com.
This press release contains forward-looking statements, including Mr. Boyles statement regarding
anticipated revenues and earnings for the fourth quarter of 2007, full year 2007, first quarter of
2008 and growth in future periods, and expected marketing, product, brand and retail initiatives.
Actual results could differ materially from those projected in these and other forward-looking
statements as a result of a number of risks and uncertainties, including those set forth in this
press release, those described in the Companys Quarterly Report on Form 10-Q for the quarter ended
June 30, 2007, under the heading Risk Factors, and other risks and uncertainties that have been
or may be described from time to time in other reports filed by the Company, including reports on
Form 8-K, Form 10-Q, and Form 10-K. Risk factors that may affect our future revenues, earnings and
performance include international risks, including changes in quotas and tariffs or other duties,
political instability in foreign markets, exchange rate fluctuations, and trade disruptions;
changes in governmental regulations and adverse conclusions of governmental audits; our ability to
attract and retain key employees; unfavorable economic conditions generally and weakness in
consumer confidence; the financial health of our customers; our ability to effectively deliver our
products to customers in a timely manner; our reliance on product acceptance by consumers; the
effects of unseasonable weather (including, for example, warm weather in the winter and cold
weather in the
spring, which affects demand for the Companys products); our ability to successfully execute our
retail initiatives; our ability to manage acquired businesses; our dependence on independent
manufacturers and suppliers; the effectiveness of our sales and marketing efforts; intense
competition in the industry (which we expect to increase); business disruptions and acts of
terrorism or military activities around the globe; the effective implementation and expansion of
our distribution facilities; the operations of our computer systems and third party computer
systems; and our ability to establish and protect our intellectual property. Although
forward-looking statements help provide complete information about the Company, please keep in mind
that forward-looking statements are inherently less reliable than historical information. We do
not undertake any duty to update any of the forward-looking statements after the date of this
release to conform them to actual results or to changes in our expectations.
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
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September 30, |
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2007 |
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2006 |
|
Current Assets: |
|
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|
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|
|
|
|
Cash and cash equivalents |
|
$ |
48,914 |
|
|
$ |
28,998 |
|
Short-term investments |
|
|
66,907 |
|
|
|
41,580 |
|
Accounts receivable, net |
|
|
393,643 |
|
|
|
374,451 |
|
Inventories, net |
|
|
320,593 |
|
|
|
272,113 |
|
Deferred tax asset |
|
|
28,759 |
|
|
|
24,145 |
|
Prepaid expenses and other current assets |
|
|
17,115 |
|
|
|
17,614 |
|
|
|
|
|
|
|
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Total current assets |
|
|
875,931 |
|
|
|
758,901 |
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|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
202,869 |
|
|
|
195,651 |
|
Intangibles and other assets |
|
|
70,447 |
|
|
|
69,674 |
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|
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Total assets |
|
$ |
1,149,247 |
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$ |
1,024,226 |
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Current Liabilities: |
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Notes payable |
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$ |
|
|
|
$ |
29,637 |
|
Accounts payable |
|
|
79,828 |
|
|
|
72,352 |
|
Accrued liabilities |
|
|
76,489 |
|
|
|
79,309 |
|
Income taxes payable |
|
|
17,441 |
|
|
|
42,077 |
|
Current portion of long-term debt |
|
|
204 |
|
|
|
3,727 |
|
|
|
|
|
|
|
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Total current liabilities |
|
|
173,962 |
|
|
|
227,102 |
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|
|
|
|
|
|
|
|
|
Long-term debt and other liabilities |
|
|
25,811 |
|
|
|
3,743 |
|
Deferred tax liability |
|
|
9,911 |
|
|
|
9,460 |
|
Shareholders equity |
|
|
939,563 |
|
|
|
783,921 |
|
|
|
|
|
|
|
|
Total liabilities and shareholders equity |
|
$ |
1,149,247 |
|
|
$ |
1,024,226 |
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|
|
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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|
|
2007 |
|
|
2006 |
|
|
2007 |
|
|
2006 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
471,081 |
|
|
$ |
454,140 |
|
|
$ |
979,281 |
|
|
$ |
925,904 |
|
Cost of sales |
|
|
267,550 |
|
|
|
255,892 |
|
|
|
558,477 |
|
|
|
534,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
203,531 |
|
|
|
198,248 |
|
|
|
420,804 |
|
|
|
391,309 |
|
|
|
|
43.2 |
% |
|
|
43.7 |
% |
|
|
43.0 |
% |
|
|
42.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expense |
|
|
112,197 |
|
|
|
108,292 |
|
|
|
281,780 |
|
|
|
270,191 |
|
Net licensing income |
|
|
(1,256 |
) |
|
|
(1,226 |
) |
|
|
(3,306 |
) |
|
|
(3,350 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
92,590 |
|
|
|
91,182 |
|
|
|
142,330 |
|
|
|
124,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (income) expense, net |
|
|
(2,060 |
) |
|
|
(927 |
) |
|
|
(7,051 |
) |
|
|
(4,740 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax |
|
|
94,650 |
|
|
|
92,109 |
|
|
|
149,381 |
|
|
|
129,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
32,041 |
|
|
|
31,778 |
|
|
|
50,649 |
|
|
|
44,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
62,609 |
|
|
$ |
60,331 |
|
|
$ |
98,732 |
|
|
$ |
84,631 |
|
|
|
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|
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Earnings per share: |
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|
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Basic |
|
$ |
1.73 |
|
|
$ |
1.69 |
|
|
$ |
2.73 |
|
|
$ |
2.33 |
|
Diluted |
|
|
1.72 |
|
|
|
1.67 |
|
|
|
2.70 |
|
|
|
2.30 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
36,112 |
|
|
|
35,687 |
|
|
|
36,157 |
|
|
|
36,366 |
|
Diluted |
|
|
36,445 |
|
|
|
36,059 |
|
|
|
36,517 |
|
|
|
36,768 |
|
COLUMBIA SPORTSWEAR COMPANY
(In millions, except for percent change)
(Unaudited)
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Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
2007 |
|
|
2006 |
|
|
Change |
|
|
2007 |
|
|
2006 |
|
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographical Net Sales: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
284.2 |
|
|
$ |
276.3 |
|
|
|
3 |
% |
|
$ |
556.8 |
|
|
$ |
539.6 |
|
|
|
3 |
% |
Europe |
|
|
55.3 |
|
|
|
66.4 |
|
|
|
(17 |
)% |
|
|
141.0 |
|
|
|
143.5 |
|
|
|
(2 |
)% |
Canada |
|
|
57.8 |
|
|
|
53.6 |
|
|
|
8 |
% |
|
|
95.5 |
|
|
|
92.5 |
|
|
|
3 |
% |
Other International |
|
|
73.8 |
|
|
|
57.8 |
|
|
|
28 |
% |
|
|
186.0 |
|
|
|
150.3 |
|
|
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
471.1 |
|
|
$ |
454.1 |
|
|
|
4 |
% |
|
$ |
979.3 |
|
|
$ |
925.9 |
|
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Categorical Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sportswear |
|
$ |
161.9 |
|
|
$ |
146.6 |
|
|
|
10 |
% |
|
$ |
449.4 |
|
|
$ |
400.6 |
|
|
|
12 |
% |
Outerwear |
|
|
215.8 |
|
|
|
217.8 |
|
|
|
(1 |
)% |
|
|
315.4 |
|
|
|
316.2 |
|
|
|
|
|
Footwear |
|
|
71.4 |
|
|
|
69.4 |
|
|
|
3 |
% |
|
|
166.8 |
|
|
|
163.3 |
|
|
|
2 |
% |
Accessories & Equipment |
|
|
22.0 |
|
|
|
20.3 |
|
|
|
8 |
% |
|
|
47.7 |
|
|
|
45.8 |
|
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
471.1 |
|
|
$ |
454.1 |
|
|
|
4 |
% |
|
$ |
979.3 |
|
|
$ |
925.9 |
|
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Columbia |
|
$ |
418.2 |
|
|
$ |
390.2 |
|
|
|
7 |
% |
|
$ |
881.2 |
|
|
$ |
820.8 |
|
|
|
7 |
% |
Mountain Hardwear |
|
|
29.5 |
|
|
|
25.8 |
|
|
|
14 |
% |
|
|
58.7 |
|
|
|
52.8 |
|
|
|
11 |
% |
Sorel |
|
|
19.1 |
|
|
|
21.0 |
|
|
|
(9 |
)% |
|
|
25.8 |
|
|
|
26.6 |
|
|
|
(3 |
)% |
Montrail |
|
|
2.6 |
|
|
|
3.6 |
|
|
|
(28 |
)% |
|
|
11.0 |
|
|
|
11.9 |
|
|
|
(8 |
)% |
Pacific Trail |
|
|
1.7 |
|
|
|
13.5 |
|
|
|
(87 |
)% |
|
|
2.6 |
|
|
|
13.8 |
|
|
|
(81 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
471.1 |
|
|
$ |
454.1 |
|
|
|
4 |
% |
|
$ |
979.3 |
|
|
$ |
925.9 |
|
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Sales Changes to Net Sales Changes Excluding Changes in Currency Exchange Rates (a non-GAAP financial measure)
Net sales from year to year are affected by changes in selling prices and unit volume as well as
changes in currency exchange rates where we have sales in foreign locations. The Companys net
sales changes excluding the effect of changes in currency exchange rates are presented below. The
Company discloses changes in sales excluding changes in currency exchange rates because it uses the
measure to understand sales growth excluding any impact from foreign currency exchange rate
changes. In addition, the Companys foreign management teams are generally evaluated and
compensated in part based on the results of operations excluding currency exchange rate changes for
their respective regions. Amounts calculated in accordance with accounting principles generally
accepted in the United States of America, or GAAP, are denoted.
The Companys net sales excluding the effect of changes in currency exchange rates are presented
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, 2007 |
|
|
September 30, 2007 |
|
|
|
Amount |
|
|
% |
|
|
Amount |
|
|
% |
|
|
|
(millions) |
|
|
Change |
|
|
(millions) |
|
|
Change |
|
Consolidated: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales change (GAAP) |
|
$ |
17.0 |
|
|
|
4 |
% |
|
$ |
53.4 |
|
|
|
6 |
% |
Effect of currency exchange rate changes |
|
|
(6.5 |
) |
|
|
(2 |
)% |
|
|
(13.3 |
) |
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales change excluding changes in
currency exchange rates |
|
$ |
10.5 |
|
|
|
2 |
% |
|
$ |
40.1 |
|
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales change (GAAP) |
|
$ |
7.9 |
|
|
|
3 |
% |
|
$ |
17.2 |
|
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales change (GAAP) |
|
$ |
(11.1 |
) |
|
|
(17 |
)% |
|
$ |
(2.5 |
) |
|
|
(2 |
)% |
Effect of currency exchange rate changes |
|
|
(3.5 |
) |
|
|
(5 |
)% |
|
|
(10.7 |
) |
|
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales change excluding changes in
currency exchange rates |
|
$ |
(14.6 |
) |
|
|
(22 |
)% |
|
$ |
(13.2 |
) |
|
|
(9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales change (GAAP) |
|
$ |
4.2 |
|
|
|
8 |
% |
|
$ |
3.0 |
|
|
|
3 |
% |
Effect of currency exchange rate changes |
|
|
(3.0 |
) |
|
|
(6 |
)% |
|
|
(2.5 |
) |
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales change excluding changes in
currency exchange rates |
|
$ |
1.2 |
|
|
|
2 |
% |
|
$ |
0.5 |
|
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other International: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales change (GAAP) |
|
$ |
16.0 |
|
|
|
28 |
% |
|
$ |
35.7 |
|
|
|
24 |
% |
Effect of currency exchange rate changes |
|
|
|
|
|
|
|
|
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales change excluding changes in
currency exchange rates |
|
$ |
16.0 |
|
|
|
28 |
% |
|
$ |
35.6 |
|
|
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
###