Columbia Sportswear has reported net sales of $3487 million for FY23, a modest 1 per cent increase year on year.

The company’s operating income dropped 21 per cent to $310.3 million, accounting for 8.9 per cent of net sales, while net income decreased 19 percent to $251.4 million.

On a constant currency basis, Columbia was the only brand across the portfolio to record an increase in sales, up 3 per cent to $2954 million. Sorel, Prana, and Mountain Hardware’s sales declined by 3 per cent, 21 per cent, and 6 per cent respectively.

By region, sales in the US slipped 3 per cent to $2241 million. The remaining markets reported improvements, led by Latin America and Apac with a 14 per cent increase, followed by Canada with 6 per cent and EMEA with 5 per cent.

Chairman, president and CEO Tim Boyle expects 2024 to be a “challenging year” as retailers place orders cautiously while economic and geopolitical uncertainty remains high.

“We are working diligently to maximize sales in this environment, while optimizing our product, brand marketing and marketplace strategies to accelerate growth in 2025 and beyond.”

The company expects net sales to decrease 2-4 per cent to between $3.35 and $3.42 billion in FY24.

Boyle added the firm is implementing a multi-year profit improvement program targeting $125 to $150 million in annual savings by 2026.