Exhibit 99.1
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Contact: |
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Ron Parham
Sr. Dir. Investor Relations & Corp. Comm.
Columbia Sportswear Company
(503) 985-4584 |
COLUMBIA SPORTSWEAR COMPANY
REPORTS FOURTH QUARTER AND FULL YEAR 2008 RESULTS
Fourth Quarter and FY 2008 Highlights:
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Fourth quarter 2008 consolidated net sales decreased 6 percent to $354.9 million,
compared to fourth quarter 2007 net sales of $376.7 million. |
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Fourth quarter 2008 net income was $18.6 million, or $0.55 per diluted share, compared
to net income of $45.7 million, or $1.26 per diluted share, for the fourth quarter of 2007. |
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Included in fourth quarter 2008 results is a non-cash charge of approximately $24.7
million, or $0.46 per diluted share after tax, related to impairment of intangible assets
acquired in conjunction with the companys acquisitions of the Pacific Trail and Montrail
brands in 2006. |
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Fourth quarter 2008 results included a tax benefit of $5.0 million, compared to fourth
quarter 2007 tax expense of $12.9 million. |
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Fiscal 2008 net sales totaled $1.32 billion, down 3 percent from 2007. |
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Fiscal 2008 diluted earnings per share were $2.74, compared to $3.96 in 2007. |
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The company expects first quarter 2009 net sales to decline 10-12 percent compared with
first quarter 2008 and first quarter 2009 EPS of between $0.04 and $0.08 compared with
$0.56 in last years first quarter. |
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The board of directors declared a quarterly dividend of $0.16 per share, payable on
March 5, 2009 to shareholders of record on February 19, 2009. |
PORTLAND, Ore. January 29, 2009 Columbia Sportswear Company (NASDAQ: COLM), a global leader
in the active outdoor apparel and footwear industries, today announced net sales of $354.9 million
for the quarter ended December 31, 2008, a decrease of 6 percent compared to net sales of $376.7
million for the same period of 2007, including a 3 percent negative effect from changes in foreign
currency exchange rates compared with the fourth quarter of 2007.
Fourth quarter net income totaled $18.6 million, or $0.55 per diluted share, and included a
pre-tax, non-cash charge of approximately $24.7 million, or $0.46 per share after tax, for the
write-down of acquired intangible assets related to the companys acquisitions of the Pacific Trail
and Montrail brands in 2006. The impairment charge consisted primarily of goodwill and trademarks
and resulted from the companys annual evaluation of intangible asset values.
The company recorded a tax benefit of $5.0 million in the fourth quarter of 2008, bringing the full
year 2008 effective tax rate to 24.7 percent, compared with fourth quarter 2007 tax expense of
$12.9 million and a full year 2007 effective tax rate of 30.6 percent. The reduced full-year 2008
tax rate resulted primarily from a higher proportion of income from foreign jurisdictions with
lower tax rates, increased foreign tax credits and the favorable conclusion of a European tax
examination.
Net income in the fourth quarter of 2007 was $45.7 million, or $1.26 per diluted share, and also
included a tax benefit of $0.14 per share related to the favorable conclusion of a European tax
examination.
Tim Boyle, Columbias president and chief executive officer, commented, In 2008 we capitalized on
our fortress balance sheet and operating cash flow of $145 million to make significant investments
for future growth. We drove innovation across each of our product categories and elevated our
brands through increased marketing and enhanced retail presentation in order to begin building
stronger emotional connections with consumers. We also returned over $100 million to shareholders
through share repurchases and dividends and ended the year with cash and short term investments
totaling over $250 million and zero debt.
While we are pleased with our fourth quarter and full year results in the context of the weak
economic environment, the accelerated deterioration of the global economy since September has
prompted us to recalibrate the pace of our planned investments in retail stores and brand
advertising in 2009. Although we continue to believe that these investments are strategic
imperatives in the long run, we want to allow consumer markets to stabilize before moving forward
as aggressively as we originally planned. As a result of our full year 2009 sales expectations, we
have tabled plans to open branded retail stores in several key metro areas in the U.S. and made
adjustments to our 2009 marketing and advertising budgets. We are also implementing additional
steps to manage personnel and other overhead expenses across the entire organization. We plan to
move forward with our previously announced plan to open a branded store on Chicagos Michigan
Avenue in late 2009 and are also maintaining our plans to open additional outlet stores, primarily
in the U.S. and Europe, to provide a more profitable channel for inventory liquidation.
Boyle concluded, We will continue to invest in creating innovative products of superior value that
protect consumers so they can enjoy their outdoor lifestyles year-round. Especially during
economic times like these, we believe Columbias heritage of providing superior performance at
great value is a compelling position that will resonate with increasingly discerning consumers.
Fourth Quarter Results
The 6 percent decrease in fourth quarter 2008 net sales consisted of a 3 percent decline in U.S.
net sales to $205.0 million; a 21 percent decline in EMEA region net sales to $59.9 million,
including a 3 percent negative effect from changes in foreign currency exchange rates compared with
the fourth quarter of 2007; and a 12 percent decline in Canada net sales to $27.0 million,
including a 14 percent negative effect from foreign currency. These declines were partially offset
by 6 percent growth in LAAP region net sales to $63.0 million, including a 5 percent negative
effect from foreign currencies. (See Geographical Net Sales table below.)
Compared with the fourth quarter of 2007, fourth quarter 2008 outerwear net sales declined 6
percent to $171.7 million, sportswear net sales declined 8 percent to $106.8 million, footwear net
sales declined 1 percent to $59.8 million, and accessories and equipment sales declined 6 percent
to $16.6 million. (See Categorical Net Sales table below.)
Compared with the fourth quarter of 2007, fourth quarter 2008 Columbia brand net sales decreased 7
percent to $305.6 million, partially offset by a 15 percent increase in Sorel brand net sales to
$22.8 million and a 1 percent increase in Mountain Hardwear brand sales to $24.2 million.
Combined, net sales of Montrail and Pacific Trail brand products did not comprise a significant
percentage of sales in the fourth quarter of either year. (See Brand Net Sales table below.)
The company ended the quarter with $253.1 million in cash and short-term investments, compared with
$273.5 million at December 31, 2007. Accounts receivable at December 31, 2008 were down slightly
to $299.6 million, compared with $300.5 million at December 31, 2007. Inventories at
December 31, 2008 decreased to $256.3 million, down $9.6 million, or 4 percent, compared with
December 31, 2007 and down $45.1 million, or 15 percent, compared with September 30, 2008.
Fiscal 2008 Results
For 2008, net sales totaled $1.32 billion, a decrease of 3 percent from net sales of $1.36 billion
for 2007, including a 1 percent benefit from changes in foreign currency exchange rates compared
with 2007.
Net income for 2008 totaled $95.0 million, or $2.74 per diluted share, compared to net income of
$144.5 million, or $3.96 per diluted share,
for 2007.
2008 U.S. net sales decreased 5 percent, to $727.7 million, compared with 2007; EMEA net sales
decreased 7 percent, to $267.2 million, including a 5 percent benefit from changes in foreign
currency exchange rates, compared with 2007; LAAP net sales increased 13 percent, to $198.2
million, including a neutral currency effect; and Canada net sales decreased 1 percent, to $124.7
million, including a 2 percent currency benefit. (See Geographical Net Sales table below.)
Compared with 2007, fiscal year 2008 sportswear net sales declined 4 percent to $540.9 million,
outerwear net sales were down 1 percent to $491.7 million, footwear net sales decreased 4 percent
to $217.2 million, and equipment and accessories net sales increased 4 percent to $68.0 million.
(See Categorical Net Sales table below.)
2008 Columbia brand net sales decreased 4 percent to $1.16 billion, Mountain Hardwear net sales
increased 15 percent to $95 million, Sorel net sales increased 5 percent to $48.1 million, and
combined Montrail and Pacific Trail net sales decreased 23 percent to $12.7 million, compared with
2007. (See Brand Net Sales table below.)
Dividend and Share Repurchase Program
The board of directors approved a dividend of $0.16 per share, payable on March 5, 2009 to
shareholders of record on February 19, 2009.
During October 2008, the company fulfilled the boards prior $400 million share repurchase
authorizations and the board authorized the repurchase of up to an additional $100 million of
Columbia common stock in open market or negotiated transactions. The repurchase program does not
obligate the Company to acquire any specific number of shares or acquire shares over any specified
period of time.
Q1 2009 Guidance
The dynamic nature of the current economic environment limits the companys visibility and its
ability to estimate future results. All projections related to anticipated future results are
forward-looking in nature and are based on backlog and forecasts, which may change, perhaps
significantly.
The 11 percent decline in Spring backlog that we announced in October 2008, combined with
expectations of increased order cancellations and the negative effect of deteriorating consumer
spending on sales at our retail stores, leads us to expect a 10-12 percent decline in consolidated
net sales for the first quarter of 2009 compared with net sales of $297.4 million for the first
quarter of 2008. This anticipated decline in net sales includes approximately 4 percent of
negative foreign currency impact which may be further amplified if the U.S. dollar continues to
strengthen compared to certain foreign currencies.
2009 first quarter gross margins are expected to decline by approximately 4 percentage points
compared with first quarter 2008 due to a higher proportion of low-margin sales of excess Fall 2008
inventory created by the sudden deterioration in wholesale and retail activity over the past three
months. First quarter 2009 operating expenses as a percent of net sales are expected to increase
approximately 5 percentage points compared with first quarter 2008, primarily reflecting the
incremental costs of our retail expansion plans, partially offset by a reduction in selling
expenses as a result of the anticipated decrease in consolidated first quarter net sales. As a
result, we expect first quarter 2009 diluted EPS to be in the range of $0.04 to $0.08 per diluted
share, compared with $0.56 for the first quarter of last year.
Spring product sales have historically accounted for a minority of the companys full year net
sales, therefore, the company does not traditionally comment on the factors that it believes will
influence full year net sales and profitability levels until April when it announces first quarter
financial results and Fall backlog.
Conference Call
The Company will host a conference call to discuss fourth quarter 2008 results and anticipated
future performance on Thursday, January 29, 2009 at 5:00 p.m. Eastern Time. To participate, please
dial 800-851-3059 in the United States, Conference ID # 81646434. 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 April 22, 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, revenues, gross margins, and investments
in 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, higher than expected rates of order cancellations, bankruptcies of key
customers, 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; increased consolidation of our retail 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 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 effectively 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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December 31, |
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2008 |
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2007 |
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Current Assets: |
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Cash and cash equivalents |
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$ |
230,617 |
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$ |
191,950 |
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Short-term investments |
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22,433 |
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81,598 |
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Accounts receivable, net |
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299,585 |
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300,506 |
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Inventories, net |
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256,312 |
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265,874 |
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Deferred income taxes |
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33,867 |
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31,169 |
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Prepaid expenses and other current assets |
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29,705 |
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14,567 |
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Total current assets |
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872,519 |
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885,664 |
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Property, plant and equipment, net |
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229,693 |
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210,450 |
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Intangibles and other non-current assets |
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46,024 |
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70,367 |
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Total assets |
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$ |
1,148,236 |
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$ |
1,166,481 |
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Current Liabilities: |
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Accounts payable |
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$ |
104,354 |
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$ |
95,412 |
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Accrued liabilities |
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60,054 |
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63,498 |
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Income taxes payable |
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8,718 |
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7,436 |
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Other current liabilities |
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63 |
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185 |
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Total current liabilities |
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173,189 |
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166,531 |
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Other long-term liabilities |
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30,957 |
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20,861 |
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Deferred income taxes |
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8,968 |
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Shareholders equity |
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944,090 |
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970,121 |
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Total liabilities and shareholders equity |
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$ |
1,148,236 |
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$ |
1,166,481 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended December 31, |
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Twelve Months Ended December 31, |
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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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$ |
354,910 |
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$ |
376,758 |
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$ |
1,317,835 |
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$ |
1,356,039 |
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Cost of sales |
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205,472 |
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217,811 |
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750,024 |
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776,288 |
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Gross profit |
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149,438 |
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158,947 |
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567,811 |
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579,751 |
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42.1 |
% |
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42.2 |
% |
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43.1 |
% |
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42.8 |
% |
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Selling, general, and
administrative expenses |
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114,358 |
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103,989 |
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430,350 |
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|
385,769 |
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Impairment of acquired
intangible assets |
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24,742 |
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24,742 |
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Net licensing income |
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2,084 |
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1,851 |
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5,987 |
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5,157 |
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Income from operations |
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12,422 |
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56,809 |
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|
118,706 |
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199,139 |
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Interest income, net |
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1,147 |
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1,837 |
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7,537 |
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8,888 |
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Income before income tax |
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13,569 |
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58,646 |
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126,243 |
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208,027 |
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Income tax benefit
(expense) |
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4,988 |
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|
(12,926 |
) |
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(31,196 |
) |
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(63,575 |
) |
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Net income |
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$ |
18,557 |
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$ |
45,720 |
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$ |
95,047 |
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$ |
144,452 |
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Earnings per share: |
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Basic |
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$ |
0.55 |
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$ |
1.27 |
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$ |
2.75 |
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$ |
4.00 |
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Diluted |
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0.55 |
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|
1.26 |
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|
2.74 |
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|
3.96 |
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Weighted average shares
outstanding: |
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Basic |
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33,866 |
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|
35,957 |
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34,610 |
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36,106 |
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Diluted |
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33,960 |
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36,171 |
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34,711 |
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36,434 |
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COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
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Twelve Months Ended December 31, |
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2008 |
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2007 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net Income |
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$ |
95,047 |
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$ |
144,452 |
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Adjustments to reconcile net income to net cash: |
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Depreciation and amortization |
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31,158 |
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30,338 |
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Deferred income tax benefit |
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|
(12,407 |
) |
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|
(3,093 |
) |
Stock-based compensation |
|
|
6,302 |
|
|
|
7,260 |
|
Impairment of acquired intangible assets |
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|
24,742 |
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|
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Other |
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|
(249 |
) |
|
|
1,457 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
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|
(9,689 |
) |
|
|
(3,093 |
) |
Inventories |
|
|
4,507 |
|
|
|
(46,010 |
) |
Prepaid expenses and other current assets |
|
|
(15,787 |
) |
|
|
(1,355 |
) |
Accounts payable and accrued liabilities |
|
|
7,897 |
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|
(3,019 |
) |
Other |
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13,409 |
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(2,622 |
) |
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Net cash provided by operating activities |
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144,930 |
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124,315 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Net sales (purchases) of short-term investments |
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|
59,228 |
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|
73,691 |
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Capital expenditures |
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(47,580 |
) |
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(31,971 |
) |
Proceeds from sale of property, plant, and equipment |
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|
52 |
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32 |
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Net cash provided by investing activities |
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|
11,700 |
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|
41,752 |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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|
|
Repurchases of common stock |
|
|
(83,865 |
) |
|
|
(31,819 |
) |
Cash dividends paid |
|
|
(22,098 |
) |
|
|
(20,915 |
) |
Net repayments on long-term liabilities |
|
|
(21 |
) |
|
|
(3,647 |
) |
Proceeds from issuance of common stock |
|
|
3,488 |
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|
14,162 |
|
Other |
|
|
72 |
|
|
|
1,811 |
|
|
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Net cash used in financing activities |
|
|
(102,424 |
) |
|
|
(40,408 |
) |
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NET EFFECT OF EXCHANGE RATE CHANGES ON CASH |
|
|
(15,539 |
) |
|
|
1,411 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
38,667 |
|
|
|
127,070 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
191,950 |
|
|
|
64,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
230,617 |
|
|
$ |
191,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Capital expenditures incurred but not yet paid |
|
$ |
6,760 |
|
|
$ |
2,318 |
|
COLUMBIA SPORTSWEAR COMPANY
(In millions, except percentage changes)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2008 |
|
2007 |
|
% Change |
|
2008 |
|
2007 |
|
% Change |
Geographical Net Sales to Unrelated Entities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
205.0 |
|
|
$ |
210.4 |
|
|
|
(3 |
)% |
|
$ |
727.7 |
|
|
$ |
767.2 |
|
|
|
(5 |
)% |
Europe, Middle East, & Africa |
|
|
59.9 |
|
|
|
76.0 |
|
|
|
(21 |
)% |
|
|
267.2 |
|
|
|
287.0 |
|
|
|
(7 |
)% |
Latin America & Asia Pacific |
|
|
63.0 |
|
|
|
59.7 |
|
|
|
6 |
% |
|
|
198.2 |
|
|
|
175.7 |
|
|
|
13 |
% |
Canada |
|
|
27.0 |
|
|
|
30.6 |
|
|
|
(12 |
)% |
|
|
124.7 |
|
|
|
126.1 |
|
|
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
354.9 |
|
|
$ |
376.7 |
|
|
|
(6 |
)% |
|
$ |
1,317.8 |
|
|
$ |
1,356.0 |
|
|
|
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Categorical Net Sales to Unrelated Entities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sportswear |
|
$ |
106.8 |
|
|
$ |
116.2 |
|
|
|
(8 |
)% |
|
$ |
540.9 |
|
|
$ |
565.6 |
|
|
|
(4 |
)% |
Outerwear |
|
|
171.7 |
|
|
|
182.2 |
|
|
|
(6 |
)% |
|
|
491.7 |
|
|
|
497.6 |
|
|
|
(1 |
)% |
Footwear |
|
|
59.8 |
|
|
|
60.6 |
|
|
|
(1 |
)% |
|
|
217.2 |
|
|
|
227.4 |
|
|
|
(4 |
)% |
Accessories & Equipment |
|
|
16.6 |
|
|
|
17.7 |
|
|
|
(6 |
)% |
|
|
68.0 |
|
|
|
65.4 |
|
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
354.9 |
|
|
$ |
376.7 |
|
|
|
(6 |
)% |
|
$ |
1,317.8 |
|
|
$ |
1,356.0 |
|
|
|
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brand Net Sales to Unrelated Entities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Columbia |
|
$ |
305.6 |
|
|
$ |
330.0 |
|
|
|
(7 |
)% |
|
$ |
1,162.0 |
|
|
$ |
1,211.2 |
|
|
|
(4 |
)% |
Mountain Hardwear |
|
|
24.2 |
|
|
|
23.9 |
|
|
|
1 |
% |
|
|
95.0 |
|
|
|
82.6 |
|
|
|
15 |
% |
Sorel |
|
|
22.8 |
|
|
|
19.8 |
|
|
|
15 |
% |
|
|
48.1 |
|
|
|
45.6 |
|
|
|
5 |
% |
Montrail |
|
|
1.1 |
|
|
|
1.7 |
|
|
|
(35 |
)% |
|
|
10.2 |
|
|
|
12.7 |
|
|
|
(20 |
)% |
Pacific Trail |
|
|
1.2 |
|
|
|
1.3 |
|
|
|
(8 |
)% |
|
|
2.5 |
|
|
|
3.9 |
|
|
|
(36 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
354.9 |
|
|
$ |
376.7 |
|
|
|
(6 |
)% |
|
$ |
1,317.8 |
|
|
$ |
1,356.0 |
|
|
|
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
# # #