Columbia Sportswear Company Reports Fourth Quarter and Record Full Year 2019 Financial Results; Provides 2020 Financial Outlook
Columbia Sportswear Company (NASDAQ: COLM), a leading innovator in active outdoor apparel, footwear, accessories and equipment, today announced fourth quarter 2019 financial results for the period ended December 31, 2019.
Chairman, President and Chief Executive Officer Tim Boyle commented, “2019 was a record year for Columbia Sportswear Company, with sales surpassing the $3 billion mark for the first time in our company’s history. I’d like to congratulate and thank our employees around the world whose hard work and dedication enable our success. While we celebrate these financial results, 2019 was also a year of remembrance as we lost our 'One Tough Mother' Chairman and matriarch Gert Boyle, whose strength and character guided this company for nearly 50 years. Her mantra ‘It’s Perfect, Now Make it Better’ drives our culture of relentless improvement, and her image and likeness will remain an integral part of our branding.”
“In the fourth quarter, a challenging retail environment, particularly in outerwear, impacted sell-through performance and led to higher levels of promotional activity. In this environment, we delivered results generally in-line with our guidance, including continued exceptional growth for the SOREL brand.”
“As we begin 2020, our unique brand portfolio, diversified business model 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 optimize our organization across our portfolio of brands.""We are making these investments to build on our strengths as a brand-led, consumer-focused organization and to enable sustainable long-term profitable growth."
CFO's Commentary Available Online
For a detailed review of the Company's fourth quarter and full year 2019 financial results and full year 2020 financial outlook, please refer to the CFO Commentary exhibit furnished to the Securities and Exchange Commission (the "SEC") on Form 8-K and published on the Investor Relations section of the Company's website at http://investor.columbia.com/results.cfm at approximately 4:15 p.m. ET today. Analysts and investors are encouraged to review this commentary prior to participating in the conference call.
Non-GAAP Financial Measures
Throughout this press release, non-GAAP amounts in fourth quarter 2018 exclude $2.4 million in incremental provisional income tax expense related to the Tax Cuts and Jobs Act (“TCJA”) and $1.7 million in Project CONNECT expenses and discrete costs ($1.3 million net of tax). References to non-GAAP financial measures for full year 2018 exclude $15.8 million in Project CONNECT program expenses and discrete costs ($12.0 million net of tax), $5.1 million in incremental provisional income tax expense related to the TCJA and a $4.3 million benefit in connection with an insurance claim recovery ($3.3 million net of tax). These excluded items were not applicable to fourth quarter and full year 2019 results.
Fourth Quarter 2019 Financial Results
(All comparisons are between fourth quarter 2019 and fourth quarter 2018, unless otherwise noted.)
Net sales increased 4 percent to $954.9 million, from $917.6 million for the comparable period in 2018.
Gross margin declined 160 basis points to 50.1 percent of net sales from 51.7 percent of net sales for the comparable period in 2018.
SG&A expenses increased 6 percent to $344.4 million, or 36.1 percent of net sales, from $326.3 million, or 35.6 percent of net sales, for the comparable period in 2018. SG&A expenses increased 6 percent from non-GAAP SG&A expenses of $324.6 million, or 35.4 percent of net sales, for the comparable period in 2018.
Operating income decreased 9 percent to $138.6 million, or 14.5 percent of net sales, from $152.8 million, or 16.6 percent of net sales, for the comparable period in 2018. Operating income decreased 10 percent from non-GAAP operating income of $154.5 million, or 16.8 percent of net sales, for the comparable period in 2018.
Income tax expense was $26.8 million, resulting in an effective income tax rate of 19.0 percent, compared to income tax expense of $41.0 million, or an effective income tax rate of 26.6 percent, for the comparable period in 2018. Non-GAAP fourth quarter 2018 income tax expense was $39.0 million, which resulted in a non-GAAP effective income tax rate of 25.0 percent.
Net income increased 1 percent to $114.0 million, or $1.67 per diluted share, from $113.3 million, or $1.63 per diluted share, for the comparable period in 2018. Net income decreased 2 percent from non-GAAP net income of $116.9 million, or $1.68 per diluted share for the comparable period in 2018. Fourth quarter 2019 net income includes the benefit of full ownership of our China business, which became a wholly-owned subsidiary effective January 2019. In fourth quarter 2018, the non-controlling interest share of net income was $0.1 million, or less than $0.01 per diluted share.
Full Year 2019 Financial Results
(All comparisons are between full year 2019 and full year 2018, unless otherwise noted).
Net sales increased 9 percent (10 percent constant-currency) to $3,042.5 million, from $2,802.3 million in 2018.
Gross margin expanded 30 basis points to 49.8 percent of net sales, from 49.5 percent of net sales in 2018.
SG&A expenses increased 8 percent to $1,136.2 million, or 37.3 percent of net sales, from $1,051.2 million, or 37.5 percent of net sales, in 2018. SG&A expenses increased 9 percent from non-GAAP SG&A expenses of $1,039.7 million, or 37.1 percent of net sales, in 2018.
Operating income increased 13 percent to $395.0 million, or 13.0 percent of net sales, from operating income of $351.0 million, or 12.5 percent of net sales, in 2018. Operating income increased 9 percent from non-GAAP operating income of $362.4 million, or 12.9 percent of net sales, in 2018.
Income tax expense was $74.9 million, resulting in an effective income tax rate of 18.5 percent, compared to income tax expense of $85.8 million, or an effective income tax rate of 23.8 percent, in 2018. Non-GAAP 2018 income tax expense was $83.4 million, which resulted in a non-GAAP effective income tax rate of 22.4 percent.
Net income increased 23 percent to $330.5 million, or $4.83 per diluted share, from $268.3 million, or $3.81 per diluted share, in 2018. Net income increased 17 percent from non-GAAP net income of $282.0 million, or $4.01 per diluted share in 2018. 2019 diluted earnings per share includes the benefit of full ownership of our China business. In 2018, the non-controlling interest share of net income was $6.7 million, or $0.10 per diluted share.
Balance Sheet as of December 31, 2019
Cash, cash equivalents and short-term investments totaled $687.7 million, compared to $700.6 million at December 31, 2018.
Inventories increased 16 percent to $606.0 million, compared to $521.8 million at December 31, 2018.
Share Repurchases for the Twelve Months Ended December 31, 2019
The Company repurchased 1,243,872 shares of common stock for an aggregate of $121.2 million, or an average price per share of $97.46.
Regular Quarterly Cash Dividend
At its board meeting on February 3, 2020, the board of directors authorized an 8 percent increase to the Company's regular quarterly cash dividend to $0.26 per share, payable on March 23, 2020 to shareholders of record on March 10, 2020.
Full Year 2020 Financial Outlook
The Company’s 2020 Financial Outlook is forward-looking in nature and actual results may differ materially from projections as a result of, among other things, the factors described under “Forward-Looking Statements” below. The projections in the Company’s 2020 Financial Outlook are predicated on certain assumptions including, but not limited to, normal seasonal weather globally and that current macroeconomic, geopolitical and market conditions in key markets do not worsen. Projections do not include the potential financial impact of the coronavirus outbreak, the effect of which is unable to be predicted with any degree of certainty at this time. With respect to the coronavirus outbreak, our first priority has been to take appropriate measures to ensure the health and safety of our employees and customers in this evolving environment. As a result, we have closed stores in China, implemented strategies designed to mitigate the impact on our employees in China and put in place company-wide travel limitations. The potential impacts of the outbreak are broad-reaching including impacts to our DTC and wholesale businesses. We are already experiencing lower store traffic at stores that remain open in China and stores outside of China that benefit from Chinese tourism. In addition, there are potential operational impacts across our supply chain.
Full Year 2020 Financial Outlook (U.S. Dollar)
2020 Financial Outlook
Commentary compared to:
2019
Net sales
$3.18 to $3.23 billion
4.5% to 6.0% growth
Gross margin
up to 50.1%
approximately 30 bps expansion
SG&A percent of net sales
37.7% to 37.8%
40 bps to 50 bps deleverage
Operating margin
12.6% to 12.8%
20 bps to 40 bps decline
Operating income
$399 to $412 million
Effective income tax rate
approximately 20%
Net income
$325 to $335 million
Diluted earnings per share
$4.75 to $4.90
Conference Call
The Company will hold its fourth quarter 2019 conference call at 5:00 p.m. ET today. Dial (877) 407-9205 to participate. The call will also be webcast live on the Investor Relations section of the Company's website at http://investor.columbia.com.
First Quarter 2020 Reporting Date
Columbia Sportswear Company plans to report first quarter 2020 financial results on Thursday, April 30, 2020 at approximately 4:00 p.m. ET
Supplemental Financial Information
Since Columbia Sportswear Company is a global company, the comparability of its operating results reported in U.S. dollars is affected by foreign currency exchange rate fluctuations because the underlying currencies in which it transacts change in value over time compared to the U.S. dollar. To supplement financial information reported in accordance with GAAP, the Company discloses constant-currency net sales information, which is a non-GAAP financial measure, to provide a framework to assess how the business performed excluding the effects of changes in the exchange rates used to translate net sales generated in foreign currencies into U.S. dollars. The Company calculates constant-currency net sales by translating net sales in foreign currencies for the current period into U.S. dollars at the average exchange rates that were in effect during the comparable period of the prior year. Management believes that this non-GAAP financial measure reflects an additional and useful way of viewing an aspect of our operations that, when viewed in conjunction with our GAAP results, provides a more comprehensive understanding of our business and operations. In particular, investors may find the non-GAAP measures useful by reviewing our net sales results without the volatility in foreign currency exchange rates. This non-GAAP financial measure also facilitates management's internal comparisons to our historical net sales results and comparisons to competitors' net sales results.
Additionally, this document includes references to various other non-GAAP financial measures related to 2018 that may exclude program expenses, discrete costs and associated tax effects related to Project CONNECT, TCJA-related income tax expense, and a recovery in connection with an insurance claim and related tax effects. The related tax effects of program expenses and discrete costs related to Project CONNECT and the insurance claim recovery benefit were calculated using the respective statutory tax rates for applicable jurisdictions. Management believes that these non-GAAP financial measures enable useful and meaningful comparisons of our operating performance from period to period because they exclude the effects of the aforementioned items above that may not be indicative of our core operating results. These excluded items were not applicable to fourth quarter and full year 2019 results.
These non-GAAP financial measures, including constant-currency net sales, should be viewed in addition to, and not in lieu of or superior to, our financial measures calculated in accordance with GAAP. The Company provides a reconciliation of non-GAAP measures to the most directly comparable financial measure calculated in accordance with GAAP. See the "Reconciliation of GAAP to Non-GAAP Financial Measures" table included herein. The non-GAAP financial measures and constant-currency information presented may not be comparable to similarly titled measures reported by other companies.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws, including statements regarding our strategic priorities and anticipated results, including anticipated net sales, gross margin, SG&A percent of net sales, operating margin, operating income, effective income tax rate, net income and diluted earnings per share. Forward-looking statements often use words such as "will", "anticipate", "estimate", "expect", "should", "may" and other words and terms of similar meaning or reference future dates. The Company's expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis; however, each forward-looking statement involves a number of risks and uncertainties, including those set forth in this document, those described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the heading "Risk Factors," and those that have been or may be described in other reports filed by the Company, including reports on Form 8-K. Potential risks and uncertainties that may affect our future revenues, earnings and performance and could cause the actual results of operations or financial condition of the Company to differ materially from the anticipated results expressed or implied by forward-looking statements in this document include: loss of key customer accounts; our ability to effectively execute our business strategies, including initiatives to upgrade our business processes and information technology (“IT”) systems and investments in our DTC businesses; our ability to maintain the strength and security of our IT systems; the effects of unseasonable weather, including global climate change; the seasonality of our business and timing of orders; trends affecting consumer spending, including changes in the level of consumer spending, and retail traffic patterns; unfavorable economic conditions generally, the financial health of our customers and retailer consolidation; higher than expected rates of order cancellations; changes affecting consumer demand and preferences and fashion trends; changes in international, federal or state tax, labor and other laws and regulations that affect our business, including changes in corporate tax rates, unanticipated impacts resulting from additional guidance about and/or the application of the TCJA, tariffs, international trade policy and geopolitical tensions, or increasing wage rates; our ability to attract and retain key personnel; risks inherent in doing business in foreign markets, including fluctuations in currency exchange rates, global credit market conditions, changes in global regulation and economic and political conditions and disease outbreaks; volatility in global production and transportation costs and capacity; our ability to effectively manage our inventory; our dependence on third-party manufacturers and suppliers and our ability to source at competitive prices from them or at all; the effectiveness of our sales and marketing efforts; business disruptions and acts of terrorism, cyber-attacks or military activities around the globe; intense competition in the industry; our ability to establish and protect our intellectual property; and our ability to develop innovative products. The Company cautions that forward-looking statements are inherently less reliable than historical information. The Company does not undertake any duty to update any of the forward-looking statements after the date of this document to conform them to actual results or to reflect changes in events, circumstances or its expectations. New factors emerge from time to time and it is not possible for the Company to predict or assess the effects of all such factors or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
About Columbia Sportswear Company
Columbia Sportswear Company has assembled a portfolio of brands for active lives, making it a leader in the global active lifestyle apparel, footwear, accessories, and equipment industry. Founded in 1938 in Portland, Oregon, the Company's brands are today sold in approximately 90 countries. In addition to the Columbia® brand, Columbia Sportswear Company also owns the Mountain Hardwear®, SOREL® and prAna® brands. To learn more, please visit the Company's websites at www.columbia.com, www.mountainhardwear.com, www.sorel.com, and www.prana.com.
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31,
(in thousands)
2019
2018
ASSETS
Current Assets:
Cash and cash equivalents
$
686,009
$
437,825
Restricted cash
—
13,970
Short-term investments
1,668
262,802
Accounts receivable, net
488,233
449,382
Inventories
605,968
521,827
Prepaid expenses and other current assets
93,868
79,500
Total current assets
1,875,746
1,765,306
Property, plant, and equipment, net
346,651
291,596
Operating lease right-of-use assets
394,501
—
Intangible assets, net
123,595
126,575
Goodwill
68,594
68,594
Deferred income taxes
78,849
78,155
Other non-current assets
43,655
38,495
Total assets
$
2,931,591
$
2,368,721
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable
$
255,372
$
274,435
Accrued liabilities
295,723
275,684
Operating lease liabilities
64,019
—
Income taxes payable
15,801
22,763
Total current liabilities
630,915
572,882
Non-current operating lease liabilities
371,507
—
Income taxes payable
48,427
50,791
Deferred income taxes
6,361
9,521
Other long-term liabilities
24,934
45,214
Total liabilities
1,082,144
678,408
Equity:
Columbia Sportswear Company shareholders' equity
1,849,447
1,673,857
Non-controlling interest
—
16,456
Total equity
1,849,447
1,690,313
Total liabilities and equity
$
2,931,591
$
2,368,721
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
(in thousands, except share amounts)
2019
2018
2019
2018
Net sales
$
954,867
$
917,598
$
3,042,478
$
2,802,326
Cost of sales
476,212
443,012
1,526,808
1,415,978
Gross profit
478,655
474,586
1,515,670
1,386,348
50.1
%
51.7
%
49.8
%
49.5
%
Selling, general and administrative expenses
344,419
326,325
1,136,186
1,051,152
Net licensing income
4,397
4,507
15,487
15,786
Income from operations
138,633
152,768
394,971
350,982
Interest income, net
932
2,128
8,302
9,876
Other non-operating income (expense), net
1,241
(513
)
2,156
(141
)
Income before income tax
140,806
154,383
405,429
360,717
Income tax expense
26,781
41,034
74,940
85,769
Net income
114,025
113,349
330,489
274,948
Net income attributable to non-controlling interest
—
89
—
6,692
Net income attributable to Columbia Sportswear Company
$
114,025
$
113,260
$
330,489
$
268,256
Earnings per share attributable to Columbia Sportswear Company:
Basic
$
1.69
$
1.65
$
4.87
$
3.85
Diluted
$
1.67
$
1.63
$
4.83
$
3.81
Weighted average shares outstanding:
Basic
67,544
68,780
67,837
69,614
Diluted
68,086
69,516
68,493
70,401
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Twelve Months Ended December 31,
(in thousands)
2019
2018
Cash flows from operating activities:
Net income
$
330,489
$
274,948
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and non-cash lease expense
121,725
58,230
Loss on disposal or impairment of property, plant, and equipment
5,442
4,208
Deferred income taxes
(1,808
)
1,462
Stock-based compensation
17,832
14,291
Changes in operating assets and liabilities:
Accounts receivable, net
(37,537
)
(25,601
)
Inventories
(84,058
)
(94,716
)
Prepaid expenses and other current assets
(15,068
)
(9,771
)
Other assets
(3,547
)
(12,421
)
Accounts payable
(10,419
)
19,384
Accrued liabilities
18,863
66,900
Income taxes payable
(9,402
)
(3,958
)
Operating lease assets and liabilities
(54,197
)
—
Other liabilities
7,137
(3,387
)
Net cash provided by operating activities
285,452
289,569
Cash flows from investing activities:
Purchases of short-term investments
(181,257
)
(518,755
)
Sales and maturities of short-term investments
445,501
352,127
Capital expenditures
(123,516
)
(65,622
)
Proceeds from sale of property, plant, and equipment
—
19
Net cash provided by (used in) investing activities
140,728
(232,231
)
Cash flows from financing activities:
Proceeds from credit facilities
78,186
70,576
Repayments on credit facilities
(78,186
)
(70,576
)
Proceeds from issuance of common stock related to stock-based compensation
19,793
18,484
Tax payments related to stock-based compensation
(5,806
)
(4,285
)
Repurchase of common stock
(121,702
)
(201,600
)
Purchase of non-controlling interest
(17,880
)
—
Cash dividends paid
(65,127
)
(62,664
)
Cash dividends paid to non-controlling interest
—
(19,949
)
Net cash used in financing activities
(190,722
)
(270,014
)
Net effect of exchange rate changes on cash
(1,244
)
(8,695
)
Net increase (decrease) in cash, cash equivalents and restricted cash
234,214
(221,371
)
Cash, cash equivalents and restricted cash, beginning of period
451,795
673,166
Cash, cash equivalents and restricted cash, end of period
$
686,009
$
451,795
Supplemental disclosures of non-cash investing and financing activities:
Property, plant and equipment acquired through increase in liabilities
$
9,543
$
11,831
COLUMBIA SPORTSWEAR COMPANY
Supplemental Financial Information
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
Three Months Ended December 31, 2018
(In thousands, except per share amounts)
GAAP Measures
(As Reported)
Adjust for Project
CONNECT Costs (1)
Adjust for Effects
of the TCJA (2)
Non-GAAP
Measures
Selling, general and administrative expenses
$
326,325
$
(1,698
)
$
—
$
324,627
Income from operations
152,768
1,698
—
154,466
Income before income tax
154,383
1,698
—
156,081
Income tax expense (benefit)
41,034
404
(2,392
)
39,046
Net income
113,349
1,294
2,392
117,035
Net income attributable to Columbia Sportswear Company
113,260
1,294
2,392
116,946
Earnings per share attributable to Columbia Sportswear Company:
Basic
$
1.65
$
1.70
Diluted
$
1.63
$
1.68
Twelve Months Ended December 31, 2018
(In thousands, except per share amounts)
GAAP Measures
(As Reported)
Adjust for Project
CONNECT Costs (1)
Adjust for Effects
of the TCJA (2)
Adjust for Effects
of Insurance Recovery (3)
Non-GAAP
Measures
Selling, general and administrative expenses
1,051,152
$
(15,766
)
$
—
$
4,317
$
1,039,703
Income from operations
350,982
15,766
—
(4,317
)
362,431
Income before income tax
360,717
15,766
—
(4,317
)
372,166
Income tax expense (benefit)
85,769
3,752
(5,064
)
(1,027
)
83,430
Net income
274,948
12,014
5,064
(3,290
)
288,736
Net income attributable to Columbia Sportswear Company
268,256
12,014
5,064
(3,290
)
282,044
Earnings per share attributable to Columbia Sportswear Company:
Basic
$
3.85
$
4.05
Diluted
$
3.81
$
4.01
(1) Amounts reflect professional fees, severance and other program expenses related to Project CONNECT in 2018 that the Company believes are incremental to the Company's ongoing operations. The related tax effects of these charges were calculated using the respective statutory tax rates for applicable jurisdictions.
(2) Amounts reflect an incremental provisional TCJA-related tax expense, primarily driven by refinement in the calculation of withholding taxes on our deferred tax liabilities, which drove further refinement of the Company's provisional estimates that were recorded in fourth quarter 2017.
(3) Amounts reflect a benefit from a recovery in connection with an insurance claim received in the third quarter of 2018 that the Company believes is incremental to the Company's ongoing operations.
COLUMBIA SPORTSWEAR COMPANY
Supplemental Financial Information
Net Sales Growth - Constant-currency Basis
(Unaudited)
Three Months Ended December 31,
(In millions, except percentage changes)
Reported
Net Sales
2019
Adjust for
Foreign Currency
Translation
Constant-
currency
Net Sales
2019(1)
Reported
Net Sales
2018
Reported
Net Sales
% Change
Constant-
currency
Net Sales
% Change(1)
Geographical Net Sales:
United States
$
634.0
$
—
$
634.0
$
589.3
8
%
8
%
LAAP
171.6
0.4
172.0
179.3
(4
)%
(4
)%
EMEA
99.8
2.9
102.7
93.7
7
%
10
%
Canada
49.5
0.4
49.9
55.3
(10
)%
(10
)%
Total
$
954.9
$
3.7
$
958.6
$
917.6
4
%
4
%
Brand Net Sales:
Columbia
$
751.1
$
2.9
$
754.0
$
727.8
3
%
4
%
SOREL
143.5
0.7
144.2
126.9
13
%
14
%
prAna
33.1
—
33.1
36.7
(10
)%
(10
)%
Mountain Hardwear
27.2
0.1
27.3
26.1
4
%
5
%
Other
—
—
—
0.1
(100
)%
(100
)%
Total
$
954.9
$
3.7
$
958.6
$
917.6
4
%
4
%
Product Category Net Sales:
Apparel, Accessories and Equipment
$
698.3
$
2.5
$
700.8
$
688.8
1
%
2
%
Footwear
256.6
1.2
257.8
228.8
12
%
13
%
Total
$
954.9
$
3.7
$
958.6
$
917.6
4
%
4
%
Channel Net Sales:
Wholesale
$
470.8
$
1.9
$
472.7
$
450.6
4
%
5
%
DTC
484.1
1.8
485.9
467.0
4
%
4
%
Total
$
954.9
$
3.7
$
958.6
$
917.6
4
%
4
%
(1) Constant-currency net sales information is a non-GAAP financial measure that excludes the effect of changes in foreign currency exchange rates against the U.S. dollar between comparable reporting periods. The Company calculates constant-currency net sales by translating net sales in foreign currencies for the current period into U.S. dollars at the average exchange rates that were in effect during the comparable period of the prior year.
COLUMBIA SPORTSWEAR COMPANY
Supplemental Financial Information
Net Sales Growth - Constant-currency Basis
(Unaudited)
Twelve Months Ended December 31,
(In millions, except percentage changes)
Reported
Net Sales
2019
Adjust for
Foreign Currency
Translation
Constant-
currency
Net Sales
2019(1)
Reported
Net Sales
2018
Reported
Net Sales
% Change
Constant-
currency
Net Sales
% Change(1)
Geographical Net Sales:
United States
$
1,943.0
$
—
$
1,943.0
$
1,728.5
12
%
12
%
LAAP
529.3
10.3
539.6
530.1
—%
2
%
EMEA
367.1
13.7
380.8
350.8
5
%
9
%
Canada
203.1
4.4
207.5
192.9
5
%
8
%
Total
$
3,042.5
$
28.4
$
3,070.9
$
2,802.3
9
%
10
%
Brand Net Sales:
Columbia
$
2,487.7
$
25.3
$
2,513.0
$
2,292.3
9
%
10
%
SOREL
314.2
2.4
316.6
260.3
21
%
22
%
prAna
151.5
0.1
151.6
157.0
(4
)%
(3
)%
Mountain Hardwear
89.1
0.6
89.7
89.5
—%
—%
Other
—
—
—
3.2
(100
)%
(100
)%
Total
$
3,042.5
$
28.4
$
3,070.9
$
2,802.3
9
%
10
%
Product Category Net Sales:
Apparel, Accessories and Equipment
$
2,341.2
$
19.9
$
2,361.1
$
2,191.0
7
%
8
%
Footwear
701.3
8.5
709.8
611.3
15
%
16
%
Total
$
3,042.5
$
28.4
$
3,070.9
$
2,802.3
9
%
10
%
Channel Net Sales:
Wholesale
$
1,782.8
$
18.3
$
1,801.1
$
1,612.0
11
%
12
%
DTC
1,259.7
10.1
1,269.8
1,190.3
6
%
7
%
Total
$
3,042.5
$
28.4
$
3,070.9
$
2,802.3
9
%
10
%
(1) Constant-currency net sales information is a non-GAAP financial measure that excludes the effect of changes in foreign currency exchange rates against the U.S. dollar between comparable reporting periods. The Company calculates constant-currency net sales by translating net sales in foreign currencies for the current period into U.S. dollars at the average exchange rates that were in effect during the comparable period of the prior year.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200206005926/en/