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Columbia Sportswear net sales up 14% to $906.8 mn in Q3

Nov '19
Pic: Columbia Sportswear
Pic: Columbia Sportswear
Columbia Sportswear Company recorded net sales of $906.8 million in Q3 ending September 30, 2019, an increase of 14 per cent (15 per cent constant-currency) compared to Q3 2018. Net sales for first nine months increased 11 per cent (12 per cent constant-currency) to $2,087.6 million, compared to $1,884.7 million for comparable period in 2018.

The gross margin expanded 110 basis points to a record 49.3 per cent of net sales in Q3 2019, compared to third quarter 2018 gross margin of 48.2 percent of net sales.

Operating income increased 18 percent to a record $152.0 million and operating margin expanded 60 basis points to 16.8 percent of net sales, compared to third quarter 2018 operating income of $129.1 million, or 16.2 percent of net sales.

"Record third quarter results exceeded our expectations, with broad based growth across our geographic segments, channels and product categories. During the quarter, we were able to ship a greater portion of our Fall 2019 order book compared to the Fall 2018 season as retailers restocked depleted inventory positions after harsh winter weather and exceptional sell-through in North America last year. Higher advance orders and earlier shipments contributed to 14 per cent growth for the Columbia brand and 27 per cent growth for the Sorel brand in the quarter. Sorel's impressive growth was led by strong demand for fall fashion styles, further validating the brand's success as a year-round fashion footwear brand. Our net sales growth momentum combined with Project Connect margin benefits drove earnings per share growth in excess of 20 per cent with continued investment in our strategic priorities,” said president and chief executive officer Tim Boyle of Columbia Sportswear Company.

"As we enter our peak selling season, I’m confident that our powerful brand portfolio, globally diversified business model and the dedication and focus of our talented global team position us to deliver another year of record sales and profit," added Boyle. "Our profitable growth trajectory and fortress balance sheet provide a foundation of strength and confidence from which we will continue investing in our strategic priorities to: drive brand awareness and sales growth through increased, focused demand creation investments; enhance consumer experience and digital capabilities in all our channels and geographies; expand and improve global direct-to-consumer operations with supporting processes and systems; and invest in our people and optimise our organisation across our portfolio of brands.

We are making these investments to build on our strengths as a brand-led, consumer-focused organisation and to enable sustainable long-term profitable growth."

For full year 2019, the company expects net sales of $3.01 to $3.04 billion (prior $3.00 to $3.04 billion), representing net sales growth of 7.5 to 8.5 per cent (prior 7.0 to 8.5 per cent). The net sales outlook includes a foreign currency translation impact that is anticipated to reduce net sales growth by approximately 90 basis points.

The company expects operating income of $392 to $401 million (prior $388 to $396 million), representing operating margin of 13.0 to 13.2 per cent (prior 12.9 to 13.0 per cent).

Fibre2Fashion News Desk (PC)

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