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New China JV helps Q3 Columbia Sportswear sales surge 29%
03
Nov '14
Revenue in the third quarter of 2014, surged 29 percent from a year ago quarter at apparel marketer Columbia Sportswear Company, from many reasons, among which are incremental sales from its new China JV and newly-acquired prAna brand.

For the quarter ended September 30, 2014, Columbia Sportswear said it posted a record income of $675.3 million, up $152.2 million, or 29 percent from net sales of $523.1 million for the same period in 2013.

Third quarter of 2014, operating income at the global outdoor and active lifestyle apparel & footwear marketer soared 28 percent year-on-year to $98.3 million, while net income grew 20 percent to $65.6 million, or $0.93 per diluted share.

Of overall sales, sales in the US increased 26 percent to $406.3 million, including $28.2 million of incremental prAna net sales, while revenues in Latin America & Asia Pacific (LAAP) region zoomed 72 percent to $123.5 million.

LAAP sales include $50.7 million of incremental sales from its new China joint venture and a 1 percentage point benefit, from changes in currency exchange rates.

However, Europe/Middle East/Africa (EMEA) region revenues rose marginally by just 1 percent to $78.8 million and in Canada surged 34 percent to $66.7 million, which includes a 6 percent negative effect from changes in currency exchange rates.

Apparel, accessories & equipment sales rose 28 percent from a year ago quarter to $549.4 million, while footwear revenue rose 33 percent to $125.9 million.

Columbia brand sales increased 29 percent year-on-year to $555.4 million, Sorel brand turnover went up 23 percent to $58.2 million, and the newly-acquired prAna brand contributed $28.2 million of incremental net sales.

However, Columbia said, those increases were partially offset by a 24 percent decline in Mountain Hardwear net sales to $31.0 million in the third quarter of 2014.

Tim Boyle, Columbia's CEO said, “In response to our strong year-to-date performance, we have raised our full year 2014 financial outlook to anticipate consolidated net sales growth of approximately 22 percent and a 35 percent increase in net income.

"We see solid momentum continuing into 2015. Our confidence is based on strong early Fall 2014 sell-through, coupled with growth in Spring 2015 advance wholesale orders, and our plans for continued growth in our direct-to-consumer channels," he added. (AR)

Fibre2fashion News Desk - India

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