Columbia post record full-year sales on stellar fourth quarter
Columbia Sportswear announced on Thursday net sales for the full-year 2021 increased 25 percent to a record $3.13 billion, a record for the U.S. firm, after a stellar fourth quarter where sales leapt by double-digits.
The Portland, Oregon-based company said fourth-quarter sales increased 23 percent to $1.13 billion, compared to the same quarter in 2020. The increase in net sales reflected strong consumer demand, which fueled direct-to-consumer (DTC) growth and higher fall 2021 wholesale shipments, the company said in press release.
"Fourth quarter and full year financial results were exceptional. Record financial performance reflects the strength of our brands and the tremendous efforts and resilience of our employees globally," said Columbia Sportswear chairman, president and chief executive officer, Tim Boyle.
"In the quarter, robust consumer demand led to results that far exceeded our financial outlook driven by DTC outperformance and a highly favorable full price selling environment, which benefited gross margin. Throughout the season, our fall 2021 sell-through rates have been outstanding, including the successful global launch of Omni-Heat Infinity."
Net income for the quarter increased 64 percent to $157 million, or $2.39 per diluted share, compared to net income of $95.8 million, or $1.44 per diluted share, for the comparable period in 2020.
Marking a record-year for the company, annual net sales increased 25 percent to $3.1264 billion from $2.5016 billion on 2020. Net income surged 228 percent to $354.1 million, or $5.33 per diluted share, compared to net income of $108 million, or $1.62 per diluted share, recorded in 2020.
Looking ahead, Columbia said net sales in 2022 are expected to increase 16 to 18 percent to $3.63 to $3.69 billion from $3.13 billion in 2021.
"As we begin 2022, we are acutely focused on unlocking the growth opportunities we see across the business while mitigating supply chain and inflationary pressures," said Boyle.
"Our powerful brand portfolio is well positioned to connect active people with their passions and capitalize on the popularity of outdoor activities."
In addition to its namesake Columbia, the company operates PrAna, Sorel and Mountain Headwear brands.
Copyright © 2023 FashionNetwork.com All rights reserved.