US outerwear firm Columbia Sportswear posts Q1 FY21 sales of $625 mn

30 Apr '21

2 min read

Pic: Columbia Sportswear

Columbia Sportswear Company, an innovator in active outdoor lifestyle apparel and footwear, has reported 10 per cent sales growth to $625.6 million in its first quarter (Q1) FY21 ended on March 31, 2021, compared to the sales of $568.2 million in the same period prior fiscal. The company’s net income for Q1 FY21 rose to $55.9 million (Q1 FY20: $0.2 million).

“I’m pleased to report the pace of fundamental recovery exceeded our expectations in the first quarter, resulting in a return to net sales growth and financial results that were stronger than we anticipated. Business momentum was led by our direct-to-consumer e-commerce business which grew 35 per cent year-over-year, reaching 20 per cent of our total net sales mix,” Tim Boyle, chairman, president and chief executive officer at Columbia Sportswear Company, said in a press release.

Gross profit for the quarter was $321.4 million ($271.7 million), while selling, general and administrative expenses were $254.4 million ($276.8 million). The company’s income from operations for Q1 FY21 was $70.5 million (loss from operations: $1.2 million).

Geographically, sales in the US rose 9 per cent to $408.6 million ($375.9 million), while sales in Latin America and Asia Pacific increased to $112.0 million ($102.6 million). Europe, Middle East and Africa’s Q1 FY21 sales jumped 27 per cent to $70.8 million ($55.8 million), whereas Canada’s sales were $34.2 million ($33.9 million).

Columbia brand’s sales for the reported period rose 12 per cent to $527.4 million ($515.5 million), and Sorel brand sales grew 20 per cent to $46.3 million ($45.7 million). However, Prana’s sales fell 14 per cent to $31.5 million ($36.6 million), whereas Mountain Hardwear brand’s sales slipped 4 per cent to $20.4 million ($21.3 million).

“Based on first quarter results and visibility provided by early spring 2021 sell-through, our fall 2021 order book and business fundamentals, we are increasing our full year financial outlook. I’m encouraged by the strong start to the year, but mindful that we must continue to carefully navigate operational challenges and quickly adapt to changing business conditions and ongoing pandemic related disruptions,” Boyle said.

Fibre2Fashion News Desk (JL)

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