DJ Columbia Sportswear 4Q Profits Fall; E-Commerce to Drive Recovery in 2021
By Adriano Marchese
Columbia Sportswear Co. on Thursday reported a fall in fourth-quarter profit but said e-commerce would support its recovery in 2021.
The Portland, Ore.-based outdoor apparel company said earnings per share were $1.44, down from $1.67 in the comparable quarter a year ago. However, the quarter's earnings beat analyst expectations of $1.24 a share, taken from FactSet.
Net income was $95.8 million, compared with $114 million a year ago.
Operating income fell 11% to $123.7 million, Columbia said, noting that in the quarter it booked $18.1 million in retail impairments and store closure charges.
Sales fell to $915.6 million from $954.9 million, but the company said e-commerce net sales in the period rose 41% year-on-year.
The board approved a quarterly dividend of 26 cents a share, which the company said was a return to its pre-pandemic level.
Looking ahead at the full year, the company expects net sales of between $2.95 billion and $3 billion, representing growth of 18% to 20%.
Operating income is expected to be in the range of $320 million to $346 million, while earnings per share are forecasted to be between $3.75 and $4.05.
"I'm encouraged by our e-commerce growth as well as wholesale orders for the Spring and Fall 2021 seasons, which we anticipate fueling our continued recovery in 2021," Chairman, President and Chief Executive Tim Boyle said.
Write to Adriano Marchese at email@example.com
(END) Dow Jones Newswires
February 04, 2021 16:22 ET (21:22 GMT)
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