Columbia Sportswear Company saw net sales increase 3 per cent to $985.7 million in the third quarter of FY23.
“Third quarter performance was led by international-direct markets, with Canada, Europe-direct and China all delivering over 20 per cent year-over-year growth in constant currency,” said Tim Boyle, chairman, president and CEO at Columbia Sportswear.
“In the US, the marketplace remains challenging, but we are making meaningful progress on our inventory reduction plan, with inventory exiting the quarter down 16 per cent year-over-year.”
The company’s net income declined 15 per cent to $158.1 million, while gross margin rose to 49.2 per cent.
For the fourth quarter, the company forecasts net sales of $1.05 billion to $1.11 billion, down 10 to 5 per cent from sales in the year-ago period.
“As we finish the year and look forward to 2024, economic and geopolitical uncertainty is high. We know there will be challenges, particularly in the first half of next year. In this environment, we are focused on what we can control, delivering exceptional value and innovation to consumers, while diligently managing expenses,” said Boyle.
