Columbia Sportswear Company Q1 net sales up 1%Friday, 27 April 2012
Columbia Sportswear Company announced
net sales of $333.1 million for the quarter ended March 31, 2012. Net sales grew by 1 percent. This is at par with net sales for the same period of 2011. First quarter net income totaled $3.9 million, or $0.11 per diluted share, including restructuring charges of approximately $2.8 million net of tax, or $0.08 per diluted share, compared with net income of $12.8 million, or $0.37 per diluted share, for the same period of 2011.
Tim Boyle, Columbia's president and chief executive officer, commented, "As expected, our first quarter results and 2012 outlook reflect muted sales growth due to the lingering effects of the warm winter globally and continued economic weakness across Europe. During the quarter, we implemented difficult but necessary cost containment measures designed to maintain our profitability while we work to liquidate excess inventory levels.”
First quarter 2012 U.S. net sales of $193 million were essentially unchanged from first quarter 2011.Latin America and Asia Pacific (LAAP) region net sales grew 14 percent to $76.8 million, including a 2 percentage point benefit from changes in currency exchange rates. Europe, Middle East, and Africa (EMEA) region net sales decreased 14 percent to $38.1 million, including a 3 percentage point negative effect from changes in currency exchange rates. Canada net sales decreased 13 percent to $25.2 million, including a 2 percentage point negative effect from changes in currency exchange rates. First quarter apparel, accessories and equipment net sales increased 2 percent to $284.3 million. Footwear net sales decreased 10 percent to $48.8 million. First quarter Columbia net sales increased $5 million, or 2 percent, to $293.1 million, offset by a $3.9 million, or 38 percent, decline in Sorel net sales to $6.4 million, and a $1 million, or 3 percent, decline in Mountain Hardwear net sales to $30.7 million.
Columbia Sportswear Company is global outdoor apparel, footwear, accessories and equipment industry. Founded in 1938 in Portland, Oregon, Columbia products are sold in approximately 100 countries. In addition to the Columbia brand, Columbia Sportswear Company also owns outdoor brands Mountain Hardwear, Sorel, and Montrail.