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Columbia(COLM) - 2024 Q4 - Annual Results
COLMColumbia(COLM)2025-02-04 21:04

Financial Performance - Net sales for Q4 2024 increased by 3% to 1,096.6millioncomparedtoQ42023[5]−OperatingincomeforQ42024roseby211,096.6 million compared to Q4 2023[5] - Operating income for Q4 2024 rose by 21% to 137.3 million, representing 12.5% of net sales, compared to 10.7% in Q4 2023[5] - Diluted earnings per share for Q4 2024 increased by 16% to 1.80,despitea1.80, despite a 6.4 million discrete tax valuation allowance expense impacting EPS by 0.11[5][13]−Fullyear2024netsalesdecreasedby30.11[5][13] - Full year 2024 net sales decreased by 3% to 3,368.6 million compared to 2023[15] - Full year 2024 operating income decreased by 13% to 270.7million,or8.0270.7 million, or 8.0% of net sales[16] - For the year ended December 31, 2024, net sales were 3,368,582, a decrease of 3.4% compared to 3,487,203in2023[46]−ThedilutedearningspersharefortheyearendedDecember31,2024,was3,487,203 in 2023[46] - The diluted earnings per share for the year ended December 31, 2024, was 3.82, down from 4.09in2023,adecreaseof6.64.09 in 2023, a decrease of 6.6%[46] Future Projections - The company plans for 2025 net sales growth of 1.0% to 3.0%, projecting sales between 3.40 billion and 3.47billion[28]−Expectedgrossmarginfor2025isapproximately513.47 billion[28] - Expected gross margin for 2025 is approximately 51%, an increase of 80 basis points from 2024[28] - Capital expenditures for 2025 are planned to be in the range of 60 to 80million[31]ShareholderReturns−Thecompanyrepurchased80 million[31] Shareholder Returns - The company repurchased 317.8 million of common stock during the twelve months ended December 31, 2024[5][23] - The board approved a quarterly cash dividend of 0.30pershare,payableonMarch21,2025[26]CashandAssets−Thecompanyreportedcashandcashequivalentsof0.30 per share, payable on March 21, 2025[26] Cash and Assets - The company reported cash and cash equivalents of 531,869 as of December 31, 2024, an increase of 51.8% from 350,319in2023[48]−Totalassetsincreasedto350,319 in 2023[48] - Total assets increased to 2,975,265 as of December 31, 2024, compared to 2,939,013in2023,markingagrowthof1.22,939,013 in 2023, marking a growth of 1.2%[44] Expenses and Income - Selling, general and administrative expenses rose to 1,443,906 for the year ended December 31, 2024, compared to 1,416,313in2023,anincreaseof1.91,416,313 in 2023, an increase of 1.9%[46] - The company experienced a net cash provided by operating activities of 491,042 for the year ended December 31, 2024, down from 636,297in2023[48]−NetincomefortheyearendedDecember31,2024,was636,297 in 2023[48] - Net income for the year ended December 31, 2024, was 223,273, down from 251,400in2023,reflectingadecreaseof11.2251,400 in 2023, reflecting a decrease of 11.2%[46] Brand Performance - In the United States, net sales decreased by 1% to 682,287 thousand from 689,440thousandyear−over−year[50]−Europe,MiddleEastandAfricashowedsignificantgrowthwitha24689,440 thousand year-over-year[50] - Europe, Middle East and Africa showed significant growth with a 24% increase in net sales to 161,551 thousand compared to 130,743thousandin2023[50]−TheColumbiabrandnetsalesforthetwelvemonthsdecreasedby1130,743 thousand in 2023[50] - The Columbia brand net sales for the twelve months decreased by 1% to 2,917,678 thousand from 2,935,145thousandyear−over−year[53]−SORELbrandexperiencedasubstantialdeclineof292,935,145 thousand year-over-year[53] - SOREL brand experienced a substantial decline of 29% in net sales for the twelve months, totaling 238,266 thousand compared to 336,688thousandin2023[53]−Direct−to−consumer(DTC)channelnetsalesforthetwelvemonthsincreasedby1336,688 thousand in 2023[53] - Direct-to-consumer (DTC) channel net sales for the twelve months increased by 1% to 1,634,224 thousand from 1,613,200thousandin2023[53]−Apparel,AccessoriesandEquipmentcategorynetsalesremainedstablewithnopercentagechange,totaling1,613,200 thousand in 2023[53] - Apparel, Accessories and Equipment category net sales remained stable with no percentage change, totaling 2,687,174 thousand for the twelve months[53] - The footwear category saw a significant decline of 16% in net sales for the twelve months, dropping to 681,408thousandfrom681,408 thousand from 810,606 thousand in 2023[53] Strategic Initiatives - The company plans to continue executing its ACCELERATE Growth Strategy to enhance growth opportunities and manage expenses effectively[40] - The company reported a constant-currency net sales growth as a non-GAAP financial measure, indicating a need for further analysis of underlying performance trends[50]