Columbia(US:COLM)2024-07-25 20:05Financial Performance - Net sales decreased 8 percent (7 percent constant-currency) to $570.2 million compared to $620.9 million in Q2 2023[2] - Loss from operations was $23.8 million, or (4.2) percent of net sales, compared to operating income of $6.2 million, or 1.0 percent of net sales in Q2 2023[2] - Net loss per share was $(0.20), compared to diluted earnings per share of $0.14 in Q2 2023[2] - For the three months ended June 30, 2024, net sales were $570,244 thousand, a decrease of 8.1% compared to $620,933 thousand for the same period in 2023[35] - Gross profit for the same period was $273,419 thousand, resulting in a gross margin of 47.9%, down from 50.6% in the prior year[35] - Operating income for the three months ended June 30, 2024, was $(23,802) thousand, compared to an operating income of $6,229 thousand for the same period in 2023[35] - Net income for the three months ended June 30, 2024, was $(11,741) thousand, a significant decline from net income of $8,350 thousand in the same period last year[35] - Net income for the six months ended June 30, 2024, was $30,559,000, a decrease of 44% compared to $54,552,000 for the same period in 2023[38] - Total net sales for the first half of 2024 were $1,340.2 million, down 7% from $1,441.5 million in the first half of 2023[44] Cash and Investments - Cash, cash equivalents, and short-term investments totaled $711.1 million, with no borrowings[2] - The company’s cash and cash equivalents increased to $341,822 thousand as of June 30, 2024, up from $231,571 thousand a year earlier, representing a growth of 47.7%[31] - Net cash provided by operating activities increased significantly to $108,893,000 from $9,708,000 year-over-year[38] - Cash and cash equivalents at the end of the period were $341,822,000, an increase from $231,571,000 at the end of the same period in 2023[38] - The company reported a net cash used in financing activities of $138,960,000, compared to $115,194,000 in the previous year[38] Future Projections - Full year 2024 net sales are expected to be $3.35 to $3.42 billion, representing a decline of 4.0 to 2.0 percent compared to 2023[3] - Operating income for 2024 is projected to be $256 to $288 million, resulting in an operating margin of 7.7 to 8.4 percent[3] - Third quarter 2024 net sales are expected to be $927 to $959 million, representing a decline of 6 to 3 percent from $985.7 million in Q3 2023[20] - Operating cash flow is expected to be at least $350 million for 2024[20] Inventory and Assets - Inventories decreased 29 percent to $823.6 million compared to $1,162.5 million as of June 30, 2023[15] - Total current assets decreased to $1,847,810 thousand as of June 30, 2024, from $1,901,140 thousand a year earlier, reflecting a decline of 2.8%[31] - Total liabilities increased to $936,859 thousand as of June 30, 2024, compared to $915,146 thousand in the prior year, marking a rise of 2.0%[31] Strategic Focus - The company plans to invest in strategic priorities to accelerate profitable growth and enhance consumer experiences[6] - Columbia Sportswear Company continues to focus on innovation in outdoor and active lifestyle products, with a presence in over 100 countries[27] Sales Breakdown - In the United States, reported net sales decreased by 15% to $340.2 million from $399.1 million in the second quarter of 2023[41] - The footwear category saw a significant decline, with reported net sales of $106.2 million, down 20% from $132.0 million in the same quarter last year[41] - Constant-currency net sales for the second quarter of 2024 were $576.4 million, reflecting a 7% decline compared to the previous year[41] - Reported net sales for the second quarter of 2024 were $570.2 million, representing an 8% decrease compared to $620.9 million in the same quarter of 2023[41]