Columbia Sportswear announced net sales of $917.6 million for the fourth quarter 2018, an increase of 18 per cent, compared with net sales of $776 million for fourth quarter 2017 with full year sales up to $2.8bn.
Non-GAAP fourth quarter 2018 net sales of $899.3 million increased 16 per cent. Fourth quarter 2018 net income increased to $113.3 million compared to fourth quarter 2017 net loss of $7.1 million. Non-GAAP fourth quarter 2018 net income increased 27 percent to $116.9 million, compared with non-GAAP fourth quarter 2017 net income of $92.4 million.
Full year 2018 net sales increased $336.2 million, or 14 per cent, to $2,802.3 million, compared to $2,466.1 million in the prior year. Full year 2018 non-GAAP net sales increased $295.2 million, or 12 percent, to $2,761.4 million.
Full year 2018 net income increased 155 per cent to $268.3 million compared to $105.1 million, or $1.49 per diluted share, in the prior year. Full year 2018 non-GAAP net income increased 34 per cent to $282 million, aganst $210.1 million in the prior year.
President and Chief Executive Officer Tim Boyle commented, “I’m extremely proud of the tremendous quarter and year that our teams have produced. We were able to deliver record fourth quarter and full year results that significantly exceeded our outlook, while at the same time making substantial investments in our strategic priorities including demand creation. I’d like to thank our over 7,800 global employees whose dedication and focus drove these spectacular results.”
“We have kicked off 2019 with a continued focus on connecting active people with their passions. Our business momentum is broad-based across our brand portfolio and geographic regions including growth in both wholesale and DTC distribution channels. We continue to project profitable growth for 2019, even though record 2018 financial performance creates challenging comparisons and we face increasing global economic uncertainty and unresolved trade issues. We believe our business momentum, financial benefits from Project CONNECT, as well as our strong balance sheet, with cash balances of over $700 million, will enable us to continue investing in our strategic priorities to:
- drive brand awareness and sales growth through increased, focused demand creation investments;
- enhance consumer experience and digital capabilities in all our channels and geographies;
- expand and improve global direct-to-consumer operations with supporting processes and systems; and
- invest in our people and optimize our organization across our portfolio of brands.”
“We expect these investments will make us a more efficient and more profitable company and accelerate market share capture across our brand portfolio and geographic regions in order to sustain our long-term profitable growth strategy.”
- Fourth quarter net sales increased 18 percent (19 percent constant-currency) to a record $917.6 million.
- Fourth quarter operating income increased 40 percent to a record $152.8 million, representing 16.6 percent of net sales.
- Fourth quarter net income increased to a record $113.3 million, or a record $1.63per diluted share, compared to a net loss of $7.1 million, or $(0.10) per share in fourth quarter 2017.
- Full year net sales increased 14 percent (13 percent constant-currency) to a record $2,802.3 million.
- Full year operating income increased 33 percent to a record $351.0 million, representing 12.5 percent of net sales.
- Full year net income increased 155 percent to a record $268.3 million, or a record $3.81 per diluted share.