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Columbia Sportswear Company Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 5, 2010 04:00PM

Columbia Sportswear Company (COLM) filed Quarterly Report for the period ended 2010-09-30. Columbia Sportswear Company has a market cap of $1.83 billion; its shares were traded at around $53.48 with a P/E ratio of 24.9 and P/S ratio of 1.4. The dividend yield of Columbia Sportswear Company stocks is 1.4%. Columbia Sportswear Company had an annual average earning growth of 0.7% over the past 10 years.

COLM is in the portfolios of Chuck Royce of Royce& Associates, Jeff Auxier of Auxier Focus Fund, Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC, Jeremy Grantham of GMO LLC.

Highlight of Business Operations:

Net Sales: Consolidated net sales increased $69.5 million, or 16%, to $504.0 million for the third quarter of 2010 from $434.5 million for the comparable period in 2009. Changes in foreign currency exchange rates compared with the third quarter of 2009 affected the net sales comparison by less than 1%.

Net sales in the EMEA region decreased $1.4 million, or 2%, to $66.3 million for the third quarter of 2010 from $67.7 million for the comparable period in 2009. Changes in foreign currency exchange rates, compared with the third quarter of 2009, negatively affected the EMEA net sales comparison by approximately eight percentage points. The decrease in net sales in the EMEA region was led by outerwear, followed by sportswear and accessories and equipment, partially offset by a net sales increase in footwear. The net sales decrease in the EMEA region consisted of a net sales decrease in our EMEA direct business, partially offset by a net sales increase in our EMEA distributor business. The EMEA direct business net sales decrease was primarily due to the later receipts of inventory due to sourcing capacity constraints in Asia, resulting in a shift in timing of fall shipments from the third quarter of 2010 into the fourth quarter of 2010 and unfavorable changes in foreign currency exchange rates, compared to the third quarter of 2009. The net sales increase in our EMEA distributor business was concentrated in the Columbia brand.

Net sales in the LAAP region increased $14.7 million, or 33%, to $59.0 million for the third quarter of 2010 from $44.3 million for the comparable period in 2009. Changes in foreign currency exchange rates, compared with the third quarter of 2009, contributed approximately a six percentage point benefit to the LAAP net sales comparison. The increase in net sales in the LAAP region was led by sportswear, followed by outerwear, footwear and accessories and equipment. The net sales increase in the LAAP region was led by LAAP distributors, followed by Japan and Korea. Net sales to our LAAP distributors increased due, in part, to a shift in the timing of shipments as a higher volume of fall shipments occurred in the third quarter of 2010, while a higher volume of fall shipments occurred in the second quarter of 2009, reflecting sourcing capacity constraints in Asia and resulting in later deliveries to our LAAP distributors. The increase in Japan net sales was primarily concentrated in Columbia-branded apparel and was aided by a favorable effect of foreign currency exchange rates. The increase in Korea net sales was led by the Columbia brand and was also aided by a favorable effect of foreign currency exchange rates.

Net sales in Canada decreased $2.0 million, or 4%, to $53.1 million for the third quarter of 2010 from $55.1 million for the comparable period in 2009. Changes in foreign currency exchange rates, compared with the third quarter of 2009, contributed approximately a four percentage point benefit to the Canada net sales comparison. The decrease in net sales in Canada was led by outerwear, followed by footwear and accessories and equipment, partially offset by a net sales increase in sportswear. The net sales decrease was primarily due to the later receipts of inventory due to sourcing capacity constraints in Asia, resulting in a shift in timing of shipments from the third quarter of 2010 into the fourth quarter of 2010.

Net Licensing Income: We license our trademarks across a range of categories that complement our current product offerings. Net licensing income increased $1.0 million to $2.3 million for the third quarter of 2010 from $1.3 million for the same period in 2009. The increase was primarily attributed to increased apparel and footwear net licensing income in the LAAP region.

Net Income: Net income increased $5.3 million, or 11%, to $52.2 million for the third quarter of 2010 from net income of $46.9 million for the comparable period in 2009. Diluted earnings per share was $1.53 for the third quarter of 2010 compared to $1.38 for the third quarter of 2009.

Read the The complete Report



Stocks Discussed: COLM,
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