Exhibit 99.1
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Contact:
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Ron Parham |
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Director of Investor Relations |
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Columbia Sportswear Company |
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(503) 985-4584 |
COLUMBIA SPORTSWEAR COMPANY
REPORTS THIRD QUARTER 2008 RESULTS AND SPRING 2009 BACKLOG
Highlights:
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Third quarter 2008 consolidated net sales decreased 4 percent to $452.4 million,
compared to third quarter 2007 net sales of $471.1 million. |
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Third quarter 2008 net income was $58.3 million, or $1.69 per diluted share, compared to
net income of $62.6 million, or $1.72 per diluted share, for the third quarter of 2007. |
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The company expects fourth quarter 2008 net sales to decline 6-10 percent compared with
the fourth quarter of 2007 and earnings per diluted share of
approximately $0.60 $0.70. |
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The company increased its guidance for fiscal 2008 earnings per diluted share to between
approximately $2.80 and $2.90. |
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Global spring 2009 product backlog at September 30, 2008 totaled $370.9 million, 11
percent lower than backlog of $414.4 million at September 30, 2007; consolidated backlog,
which includes fall 2008 product orders, was 7 percent lower at $645.1 million. |
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The board of directors declared a quarterly dividend of $0.16 per share, payable on
November 26, 2008 to shareholders of record on November 13, 2008. |
PORTLAND, Ore. October 23, 2008 Columbia Sportswear Company (NASDAQ: COLM), a global leader in
the active outdoor apparel and footwear industries, today announced net sales of $452.4 million for
the quarter ended September 30, 2008, a decrease of 4 percent compared to net sales of $471.1
million for the same period of 2007.
Third quarter net income totaled $58.3 million, or $1.69 per diluted share, compared with net
income of $62.6 million, or $1.72 per diluted share, for the same period of 2007.
The 4 percent decrease in third quarter 2008 net sales consisted of a 5 percent decline in U.S. net
sales to $271.3 million, a 10 percent decline in EMEA region net sales to $78.2 million and a 2
percent decline in Canada net sales to $56.8 million, partially offset by 10 percent growth in LAAP
region net sales to $46.1 million. Changes in foreign currency exchange rates compared with the
third quarter of 2007 contributed 6 percentage points of benefit to the EMEA net sales comparison
and were insignificant to the consolidated net sales comparison and the net sales comparisons of
Canada and LAAP. (See Geographical Net Sales table below.)
Compared with the third quarter of 2007, third quarter 2008 outerwear and sportswear net sales each
declined 3 percent to $208.6 million and $157.5 million, respectively; and footwear net sales
declined 11 percent to $63.6 million. These declines were partially offset by a 3 percent increase
in accessories and equipment net sales to $22.7 million. (See Categorical Net Sales table
below.)
Compared with the third quarter of 2007, third quarter 2008 Columbia brand net sales decreased 5
percent to $395.2 million and Sorel brand net sales decreased 1 percent to $19.0 million. These
decreases were partially offset by a 19 percent increase in Mountain Hardwear brand net sales to
$35.2 million. Combined, net sales of Montrail and Pacific Trail brand products did not comprise a
significant percentage of sales in the third quarter of either year. (See Brand Net Sales table
below.)
The company ended the quarter with $145.3 million in cash and short-term investments, compared with
$115.8 million at September 30, 2007. Accounts receivable declined $27.4 million, or 7 percent, to
$366.2 million and inventories declined $19.2 million, or 6 percent, to $301.4 million, compared
with September 30, 2007.
Tim Boyle, Columbias president and chief executive officer, commented, Our third quarter results
benefited from improved gross margins, primarily from our sportswear and footwear categories, and
sound expense control. We continue to maintain a solid balance sheet free of long term debt,
enabling us to move forward as planned with investments in new retail stores and increased
marketing.
Raising 2008 EPS Guidance
The company expects net sales in the fourth quarter of 2008 to decrease approximately 6 to 10
percent compared with last years fourth quarter and expects fourth quarter diluted earnings per
share of between approximately $0.60 to $0.70 compared to $1.26 in last years fourth quarter,
which included a tax benefit of $0.14 per diluted share.
The company now expects full year 2008 net sales to decline approximately 3 to 4 percent compared
with 2007. However, based on earnings per share through September 30, 2008, the company raised its
guidance for 2008 diluted earnings per share to between approximately $2.80 and $2.90.
Backlog
The company reported that as of September 30, 2008, spring 2009 backlog was $370.9 million, 11
percent lower than spring 2008 backlog of $414.4 million. The decline in backlog consisted of
comparable percentage declines in the companys apparel and footwear product categories. U.S.
backlog was down on a percentage basis in the mid-teens and EMEA backlog was down low-double
digits. In the two smaller regions, lower backlog in Canada was more than offset by increased
backlog in the LAAP region. Changes in currency exchange rates had an immaterial effect on the
backlog comparisons.
Consolidated product backlog, which includes both global fall and spring orders at September 30,
2008, was $645.1 million, a decline of 7 percent compared with consolidated product backlog of
$692.7 million at September 30, 2007.
Mr. Boyle commented, We are disappointed with the decline in spring backlog, but believe it
reflects, in part, continued efforts by our retail partners to reduce overall inventory. We expect
incremental sales from our new retail stores to help offset a portion of that wholesale weakness.
Boyle concluded, Despite a weak global retail environment, the outdoor market has been resilient
and weve continued to generate growth through our international distributors and our subsidiaries
in Japan and Korea. In addition, our Mountain Hardwear brand has generated consistent growth
within the U.S. outdoor specialty channel where it is further establishing itself as the premier
top-of-mountain brand. We are taking aggressive action across our organization to elevate our
brands and capitalize on their long history of meeting the needs of the most demanding outdoor
consumers. Our future will be defined by our renewed commitment to pioneering innovative products
that
resonate with consumers and that protect them better than any other alternative so they can enjoy
their outdoor lifestyles year-round.
Q1 2009 Outlook
The dynamic nature of the current economic environment limits the companys visibility and its
ability to predict future results. The decline in backlog is an indicator of lower wholesale
revenues in the first quarter. In addition, the effects of foreign currency exchange rates may
also amplify the revenue decline if the U.S. dollar continues to strengthen compared to certain
foreign currencies. Incremental sales through the companys new and existing retail stores are
expected to partially offset a portion of the expected decline in wholesale sales. Spring product
sales have historically accounted for a minority of the companys full year business, making it
difficult to project full year revenue and profitability levels until April when the company has
more visibility into the fall season.
First quarter 2009 gross margins are expected to benefit from an increased mix of higher-margin
sales from the companys owned retail stores and favorable hedged currency rates. The company
expects to discuss these projections in greater detail in January 2009 when it reports results for
the fourth quarter and full year 2008.
Share Repurchase Program
During the third quarter, the company repurchased approximately 902,000 shares of common stock at
an aggregate purchase price of $34.8 million, and during the first week of October 2008, reached
the limit of the boards prior authorizations with the repurchase of approximately 112,000
additional shares at an aggregate purchase price of $4.5 million.
At its regular October meeting, the companys board of directors authorized the repurchase of up to
an additional $100 million of Columbia common stock in market or negotiated transactions. The
repurchase program does not obligate the Company to acquire any specific number of shares or to
acquire shares over any specified period of time
Dividend
The board of directors approved a dividend of $0.16 per share, payable on November 26, 2008 to
shareholders of record on November 13, 2008.
Conference Call
The Company will host a conference call to elaborate on third quarter 2008 results and anticipated
future performance on Thursday, October 23, 2008 at 5:00 p.m. Eastern. To participate, please dial
800-851-3059 in the United States, Conference ID # 68372508. Outside the United States, please dial
706-679-8430. 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 Thursday, January 15,
2009.
About Columbia Sportswear
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.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities
laws, including statements regarding anticipated results, net sales, gross margins, cash flows,
earnings, and strategic initiatives in future periods. Actual results could differ materially from
those projected in these and other forward-looking statements. The companys 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 press release, those described in the companys Annual Report on Form 10-K for the
year ended December 31, 2007 and the companys most recently filed Quarterly Report on Form 10-Q,
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. Potential risks and uncertainties that may affect our future revenues,
earnings and performance and could cause the actual results of operations or financial condition of
the company to differ materially from those expressed or implied by forward-looking statements in
this release include: unfavorable economic conditions generally and weakness in consumer
confidence; international risks, including changes in quotas and tariffs or other duties, political
instability in foreign markets, exchange rate fluctuations, and trade disruptions; our ability to
attract and retain key employees; the financial health of our customers and their continued ability
to access credit markets to fund their ongoing operations; 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 consumer demand for the companys products); our ability to
integrate and manage acquired businesses; our dependence on independent manufacturers and
suppliers; our ability to source finished products and components at competitive prices from
independent manufacturers in foreign countries that may experience unexpected periods of inflation,
labor and materials shortages or other manufacturing disruptions; 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; our ability to implement our strategic
initiatives and retail expansion plans; the operations of our computer systems and third party
computer systems; and our ability to establish and protect our intellectual property. The company
cautions 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 reflect changes in events, circumstances or our
expectations. New factors emerge from time to time and it is not possible for the company to
predict all such factors, nor can it assess the impact of each such factor 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.
- Financial tables follow-
COLUMBIA SPORTSWEAR COMPANY
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
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September 30, |
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2008 |
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2007 |
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Current Assets: |
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Cash and cash equivalents |
|
$ |
142,955 |
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$ |
48,914 |
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Short-term investments |
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2,316 |
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|
66,907 |
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Accounts receivable, net |
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366,219 |
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393,643 |
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Inventories, net |
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|
301,378 |
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|
320,593 |
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Deferred income taxes |
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|
31,851 |
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|
28,759 |
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Prepaid expenses and other current assets |
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23,108 |
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17,115 |
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Total current assets |
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867,827 |
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875,931 |
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Property, plant and equipment, net |
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224,901 |
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202,869 |
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Intangibles and other non-current assets |
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70,031 |
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70,447 |
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Total assets |
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$ |
1,162,759 |
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$ |
1,149,247 |
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Current Liabilities: |
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Accounts payable |
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$ |
84,778 |
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$ |
79,828 |
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Accrued liabilities |
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74,638 |
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|
76,489 |
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Income taxes payable |
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|
20,893 |
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17,441 |
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Other current liabilities |
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83 |
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204 |
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Total current liabilities |
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180,392 |
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173,962 |
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Other long-term liabilities |
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31,010 |
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25,811 |
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Deferred income taxes |
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|
5,444 |
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9,911 |
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Shareholders equity |
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945,913 |
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939,563 |
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Total liabilities and shareholders equity |
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$ |
1,162,759 |
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$ |
1,149,247 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2008 |
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2007 |
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2008 |
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2007 |
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Net sales |
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$ |
452,415 |
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$ |
471,081 |
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$ |
962,925 |
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$ |
979,281 |
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Cost of sales |
|
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250,362 |
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|
|
267,550 |
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|
|
544,552 |
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|
558,477 |
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Gross profit |
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202,053 |
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|
|
203,531 |
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|
|
418,373 |
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420,804 |
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|
|
|
44.7 |
% |
|
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43.2 |
% |
|
|
43.4 |
% |
|
|
43.0 |
% |
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|
|
|
|
|
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|
|
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|
|
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Selling, general, and
administrative expense |
|
|
120,824 |
|
|
|
112,197 |
|
|
|
315,992 |
|
|
|
281,780 |
|
Net licensing income |
|
|
1,899 |
|
|
|
1,256 |
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|
|
3,903 |
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|
|
3,306 |
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Income from operations |
|
|
83,128 |
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|
|
92,590 |
|
|
|
106,284 |
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|
|
142,330 |
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|
|
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|
|
|
|
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|
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|
|
|
|
|
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Interest income
(expense), net |
|
|
1,801 |
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|
|
2,060 |
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|
|
6,390 |
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|
7,051 |
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|
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|
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|
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Income before income tax |
|
|
84,929 |
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|
|
94,650 |
|
|
|
112,674 |
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|
|
149,381 |
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|
|
|
|
|
|
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|
|
|
|
|
|
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Income tax expense |
|
|
(26,600 |
) |
|
|
(32,041 |
) |
|
|
(36,184 |
) |
|
|
(50,649 |
) |
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|
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|
|
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|
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Net income |
|
$ |
58,329 |
|
|
$ |
62,609 |
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$ |
76,490 |
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$ |
98,732 |
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Net income per share: |
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|
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|
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Basic |
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$ |
1.70 |
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|
$ |
1.73 |
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$ |
2.19 |
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$ |
2.73 |
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Diluted |
|
$ |
1.69 |
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$ |
1.72 |
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$ |
2.19 |
|
|
$ |
2.70 |
|
Weighted average shares
outstanding: |
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|
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Basic |
|
|
34,411 |
|
|
|
36,112 |
|
|
|
34,856 |
|
|
|
36,157 |
|
Diluted |
|
|
34,518 |
|
|
|
36,445 |
|
|
|
34,963 |
|
|
|
36,517 |
|
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
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Nine Months Ended September 30, |
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2008 |
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|
2007 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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|
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|
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Net Income |
|
$ |
76,490 |
|
|
$ |
98,732 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
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|
|
|
|
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Depreciation and amortization |
|
|
23,298 |
|
|
|
22,193 |
|
Deferred income tax provision (benefit) |
|
|
(5,627 |
) |
|
|
593 |
|
Stock-based compensation |
|
|
4,902 |
|
|
|
5,429 |
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Other |
|
|
(199 |
) |
|
|
1,457 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
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Accounts receivable |
|
|
(70,355 |
) |
|
|
(97,097 |
) |
Inventories |
|
|
(40,756 |
) |
|
|
(101,679 |
) |
Prepaid expenses and other current assets |
|
|
(9,137 |
) |
|
|
(3,992 |
) |
Accounts payable and accrued liabilities |
|
|
384 |
|
|
|
(6,468 |
) |
Other |
|
|
26,489 |
|
|
|
12,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
|
5,489 |
|
|
|
(68,422 |
) |
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|
|
|
|
|
|
|
|
|
|
|
|
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CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net sales (purchases) of short-term investments |
|
|
79,228 |
|
|
|
88,341 |
|
Capital expenditures |
|
|
(32,860 |
) |
|
|
(17,741 |
) |
Proceeds from sale of property, plant, and equipment |
|
|
36 |
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities |
|
|
46,404 |
|
|
|
70,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Repurchases of common stock |
|
|
(79,623 |
) |
|
|
(17,739 |
) |
Cash dividends paid |
|
|
(16,681 |
) |
|
|
(15,186 |
) |
Net proceeds from (repayments on) notes payable and long-term liabilities |
|
|
(17 |
) |
|
|
(3,641 |
) |
Proceeds from issuance of common stock |
|
|
3,541 |
|
|
|
14,279 |
|
Other |
|
|
37 |
|
|
|
1,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
(92,743 |
) |
|
|
(20,615 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH |
|
|
(8,145 |
) |
|
|
2,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET DECREASE IN CASH AND CASH EQUIVALENTS |
|
|
(48,995 |
) |
|
|
(15,966 |
) |
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
191,950 |
|
|
|
64,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
142,955 |
|
|
$ |
48,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Captial expenditures incurred but not yet paid |
|
$ |
7,539 |
|
|
$ |
2,391 |
|
COLUMBIA SPORTSWEAR COMPANY
(In millions, except percentage changes)
(Unaudited)
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2008 |
|
|
2007 |
|
|
% Change |
|
|
2008 |
|
|
2007 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Geographical Net Sales to Unrelated Entities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
271.3 |
|
|
$ |
284.2 |
|
|
|
(5 |
)% |
|
$ |
522.7 |
|
|
$ |
556.8 |
|
|
|
(6 |
)% |
Europe, Middle East, & Africa |
|
|
78.2 |
|
|
|
87.3 |
|
|
|
(10 |
)% |
|
|
207.3 |
|
|
|
211.1 |
|
|
|
(2 |
)% |
Latin America & Asia Pacific |
|
|
46.1 |
|
|
|
41.8 |
|
|
|
10 |
% |
|
|
135.2 |
|
|
|
115.9 |
|
|
|
17 |
% |
Canada |
|
|
56.8 |
|
|
|
57.8 |
|
|
|
(2 |
)% |
|
|
97.7 |
|
|
|
95.5 |
|
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
452.4 |
|
|
$ |
471.1 |
|
|
|
(4 |
)% |
|
$ |
962.9 |
|
|
$ |
979.3 |
|
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Categorical Net Sales to Unrelated Entities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sportswear |
|
$ |
157.5 |
|
|
$ |
161.9 |
|
|
|
(3 |
)% |
|
$ |
434.1 |
|
|
$ |
449.4 |
|
|
|
(3 |
)% |
Outerwear |
|
|
208.6 |
|
|
|
215.8 |
|
|
|
(3 |
)% |
|
|
320.0 |
|
|
|
315.4 |
|
|
|
1 |
% |
Footwear |
|
|
63.6 |
|
|
|
71.4 |
|
|
|
(11 |
)% |
|
|
157.4 |
|
|
|
166.8 |
|
|
|
(6 |
)% |
Accessories & Equipment |
|
|
22.7 |
|
|
|
22.0 |
|
|
|
3 |
% |
|
|
51.4 |
|
|
|
47.7 |
|
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
452.4 |
|
|
$ |
471.1 |
|
|
|
(4 |
)% |
|
$ |
962.9 |
|
|
$ |
979.3 |
|
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Net Sales to Unrelated Entities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Columbia |
|
$ |
395.2 |
|
|
$ |
418.2 |
|
|
|
(5 |
)% |
|
$ |
856.5 |
|
|
$ |
881.2 |
|
|
|
(3 |
)% |
Mountain Hardwear |
|
|
35.2 |
|
|
|
29.5 |
|
|
|
19 |
% |
|
|
70.8 |
|
|
|
58.7 |
|
|
|
21 |
% |
Sorel |
|
|
19.0 |
|
|
|
19.1 |
|
|
|
(1 |
)% |
|
|
25.1 |
|
|
|
25.8 |
|
|
|
(3 |
)% |
Montrail |
|
|
2.6 |
|
|
|
2.6 |
|
|
|
|
|
|
|
9.3 |
|
|
|
11.0 |
|
|
|
(15 |
)% |
Pacific Trail |
|
|
0.4 |
|
|
|
1.7 |
|
|
|
(76 |
)% |
|
|
1.2 |
|
|
|
2.6 |
|
|
|
(54 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
452.4 |
|
|
$ |
471.1 |
|
|
|
(4 |
)% |
|
$ |
962.9 |
|
|
$ |
979.3 |
|
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
###