Columbia revises its annual forecast upwards
Columbia Sportswear has reported a 29% jump in its net sales to $675.3 million for its third quarter ended September 30. For the period, its operational income increased 28% to $98.3 million and net income grew 20% to $65.6 million.
Good results that, according to CEO Tim Boyle, reflect a strong performance by the Columbia and Sorel brands in North America. In addition, incremental sales from the new China JV and newly-acquired prAna brand further bolstered top-line growth. PrAna contributed $28.2 million of incremental net sales alone.
In detail, in the third quarter in the United States, Columbia Sportswear achieved $406.3 million in sales, up 26%. In the Latin America/Asia-Pacific zone net sales increased 72% to $123.5 million.
In the Europe, Middle East and Africa zone, the group's sales stood at $79 million with just a slight increase of 1%, while net sales in Canada increased 34% to $66.7 million.
In terms of the brands, Columbia's net sales increased 29% to $555.4 million. Sorel increased 23% to $58.2 million, while Mountain Hardwear saw its sales drop 24% to $31 million.
For the first nine months of its financial year, Columbia Sportswear sales stand at 1.4 billion US dollars, up 24%.
The group now expects to finish the year with a 22% increase in net sales, higher than the previous forecast of 19 to 21% announced in July.
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