USA: Columbia Sportswear Reports Record Results
Columbia Sportswear Company today announced record net sales of $247.3m for its third quarter ended September 30, 2000, an increase of 31.9 per cent over net sales of $187.6m for the same period last year. The Company's net income for the period increased 59.8 per cent to $38.2m, or $1.44 per share (diluted) on 26.5 million shares, compared to earnings of $23.9m, or $0.93 per share (diluted) on 25.6 million shares outstanding for the third quarter of 1999. The earnings results include an approximate $0.11 per share benefit due to a decrease in the company's effective tax rate for the period. The decreased tax rate was due primarily to the utilization of foreign tax credits. The increase in net sales for the third quarter is attributable to continued strength in the company's key merchandise categories as well as strength in each of the company's key geographic markets. Specifically, compared to the third quarter of 1999, outerwear shipments were up 28.9 per cent to $163.9m, sportswear shipments increased 36.8 per cent to $52.7m, and footwear shipments grew 57.6 per cent to reach $23.2m for the period. Geographically, compared to the third quarter of 1999, the company's domestic business grew by 30.2 per cent to $182m, the Canadian business increased by 22.1 per cent to $30.8m, and the other international business increased 53.2 per cent to reach $34.5m. As a component of the other international classification, the company's European operation grew by 52.6 per cent to $18.5m for the third quarter of 2000 compared to the third quarter of 1999. When measured in constant dollar terms, the company's European revenue grew by 78.1 per cent to $21.6m for the third quarter of 2000 compared to the third quarter of 1999.
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