Columbia Sportswear announced on Thursday net sales increased 3 percent $985.7 million for the third quarter, with steady gains across the outdoor wear firm’s wholesale and direct-to-consumer channels.
The Portland, Oregon-based company said net sales growth for the three months ending September 30 was “balanced” across its direct-to-consumer and wholesale businesses.
Wholesale growth, up 3 percent, was driven by earlier shipments of fall 2023 orders, compared to the same period last year, which more than offset lower distributor sales. D2C increased 4 percent, held up by Canada, Europe and China markets.
Net income decreased 7 percent to $103.5 million, or $1.70 per diluted share, compared to net income of $111.8 million, or $1.80 per diluted share, for the comparable period in 2022, said Columbia in a press release.
“Third quarter performance was led by international-direct markets, with Canada, Europe-direct and China all delivering over 20 percent year-over-year growth in constant currency,” said chairman, president and chief executive officer, Tim Boyle.
“In the U.S., the marketplace remains challenging, but we are making meaningful progress on our inventory reduction plan, with inventory exiting the quarter down 16 percent year-over-year. As we enter our peak selling season, we have numerous activations across our brand portfolio to engage consumers and drive sales, including product collaborations, pop-up shops and continued momentum in Columbia’s omni-heat infinity collection.”
Copyright © 2023 FashionNetwork.com All rights reserved.