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Columbia Sportswear Company Reports Second Quarter Results; Updates Full Year 2013 Sales And Earnings Outlook

Stocks in this article: COLM

Net sales in the U.S. increased $7.7 million, or 6 percent, to $139.8 million; Latin America/Asia Pacific (LAAP) region net sales decreased $2.9 million, or 3 percent, to $81.2 million, including a 5 percentage point negative effect from changes in currency exchange rates; Europe/Middle East/Africa (EMEA) region net sales declined $16.9 million, or 24 percent, to $53.1 million, including a less-than-1-percent negative effect from changes in currency exchanges rates; net sales in Canada, increased $2.2 million, or 52 percent, to $6.4 million, including a 6 percentage point negative effect from changes in currency exchanges rates. (See “Geographical Net Sales” table below.)

Apparel, Accessories & Equipment net sales decreased $5.2 million, or 2 percent, to $235.7 million. Footwear net sales of $44.8 million were down $4.7 million, or 9 percent. (See “Categorical Net Sales” table below.)

Columbia brand net sales decreased $8.2 million, or 3 percent, to $252.5 million, and Mountain Hardwear net sales declined $1.2 million, or 5 percent, to $22.5 million. (See “Brand Net Sales” table below.)

Balance Sheet

The company ended the second quarter with $430.6 million in cash and short-term investments, compared with $228.5 million at June 30, 2012. Approximately 43 percent of cash and short-term investments were held in foreign jurisdictions where a repatriation of those funds to the United States would likely result in a significant tax cost to the company.

Consolidated inventories totaled $423.8 million at June 30, 2013, a reduction of $99.3 million, or 19 percent, compared with $523.1 million at June 30, 2012. Reduced inventory purchases, primarily reflecting the planned later receipt of Fall inventory to be more aligned with delivery dates requested by wholesale customers, and lower Fall 2013 advance wholesale orders, combined with lower end-of-season Spring inventory, accounted for the vast majority of the favorable decline.

Updated Full Year 2013 Financial Outlook

The company expects 2013 net sales to decline up to 2.5 percent compared to 2012, including an approximate 2 percentage point negative effect of anticipated changes in foreign currency exchange rates.

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