PORTLAND, Ore.–(BUSINESS WIRE)– Columbia Sportswear Company (NASDAQ: COLM, the “Company”) announced second quarter 2020 financial results for the period ended June 30, 2020 and updates regarding COVID-19 impacts and the Company’s response.
Chairman, President and Chief Executive Officer Tim Boyle commented, “I’m extremely proud of our team of global employees who swiftly adapted to altered work environments while maintaining efficient and productive business operations during these challenging times. Second quarter sales and profitability declines clearly reflect the global effects of the ongoing pandemic. A highlight was our outstanding e-commerce growth, which increased 72 percent year-over-year. Our financial position remains strong with $476 million in cash and short-term investments. Taken together with available credit capacity, total liquidity was greater than $1 billion exiting the quarter. It is clear that consumer interest in the outdoors has surged during the pandemic and we are well positioned to equip these adventurers with innovative products as they recreate responsibly.”
“As of today, nearly all of our global store fleet is open. We remain acutely focused on cost containment while also continuing to invest in our strategic priorities. I’m confident our global team of employees, powerful brand portfolio, strong financial position and operating discipline will all contribute to Columbia Sportswear emerging from this crisis in a stronger competitive position. Although uncertainty remains unprecedented, we expect sales volume to remain below prior year levels for the balance of the year. Absent further deterioration in trends due to the ongoing pandemic, we anticipate the second quarter will prove to be the steepest year-over-year quarterly percent decline in net sales of the year.”
“Our long-term commitment to driving sustainable and profitable growth has not changed and our strategic priorities remain 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;
- invest in our people and optimize our organization across our portfolio of brands.”