Second Quarter 2013 Highlights:
Consolidated net sales decreased 3 percent to $280.5 million, compared with second quarter 2012 net sales of $290.4 million.
Net loss totaled $7.1 million, or $(0.21) per diluted share, compared with second quarter 2012 net loss of $7.9 million, or $(0.23) per diluted share.
The board of directors approved a quarterly dividend of $0.22 per share, payable on August 29, 2013 to shareholders of record on August 15, 2013.
Second Quarter Results
The second quarter is the company's smallest revenue quarter, historically accounting for approximately 15 percent of annual net sales. As a result, regional, category and brand net sales results often produce large percentage variances in relation to the prior year's comparable period due to the small base of comparison and shifts in the timing of shipments.
Net sales in the U.S. increased $7.7 million, or 6 percent, to $139.8 million; Latin America/Asia Pacific (LAAP) region net sales decreased $2.9 million, or 3 percent, to $81.2 million, including a 5 percentage point negative effect from changes in currency exchange rates; Europe/Middle East/Africa (EMEA) region net sales declined $16.9 million, or 24 percent, to $53.1 million, including a less-than-1-percent negative effect from changes in currency exchanges rates; net sales in Canada, increased $2.2 million, or 52 percent, to $6.4 million, including a 6 percentage point negative effect from changes in currency exchanges rates.
Apparel, Accessories & Equipment net sales decreased $5.2 million, or 2 percent, to $235.7 million. Footwear net sales of $44.8 million were down $4.7 million, or 9 percent.
Columbia brand net sales decreased $8.2 million, or 3 percent, to $252.5 million, and Mountain Hardwear net sales declined $1.2 million, or 5 percent, to $22.5 million.
Updated Full Year 2013 Outlook:
Consolidated net sales expected to decline up to 2.5 percent.
Operating margin is expected to be approximately 6.8 percent, including restructuring charges and the effects of pre-operating costs and deferral of income related to the previously announced plan to transition to a joint venture in China commencing January 1, 2014. Operating margin is expected to be approximately 7.6 percent excluding the effects of those items.
Second quarter net loss improved 10 percent to $7.1 million, or $(0.21) per diluted share, compared with net loss of $7.9 million, or $(0.23) per diluted share, for the same period in 2012.
Tim Boyle, Columbia's president and chief executive officer, commented, "During the second quarter, we successfully launched our Omni-Freeze Zero and Cool.Q Zero active cooling technology. Sell-through of our spring season products improved as our marketing programs drove consumer awareness and warm weather arrived in key markets. Operationally, we improved our inventory flow and continued to demonstrate focused expense management."
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