Columbia Sportswear (COLM) Misses Q1 EPS by 59c

Columbia Sportswear (NASDAQ: COLM) reported Q1 EPS of $0.00, $0.59 worse than the analyst estimate of $0.59. Revenue for the quarter came in at $568.2 million versus the consensus estimate of $612.47 million.

Chairman, President and Chief Executive Officer Tim Boyle commented, "Our focus remains on the health and safety of our employees, their families, our customers and our communities. I'm proud of the strength and resilience of our global employees, whose dedication, focus and responsiveness are vital to successfully navigating this unprecedented global health and economic crisis. First quarter results largely reflect the impact of the COVID-19 pandemic, which escalated throughout the quarter as the global effort to contain the pandemic unfolded. It is important to note that we entered into this crisis in a position of strength, with a fortress balance sheet and top quartile operating margin performance in our industry in 2019. As consumers look to make every dollar they spend count within this challenging economic environment, we believe the Columbia brand’s differentiated innovation and exceptional value are as important as ever.

"It is impossible to predict when this crisis will pass, but we have weathered many storms during Columbia’s long history, which spans more than 80 years, and I am confident that we will get through this one as well. We have quickly taken steps to enhance liquidity, preserve capital, contain costs and manage inventory to mitigate the financial impact of the pandemic, and we are keenly focused on emerging in a stronger competitive position.

"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; and
• invest in our people and optimize our organization across our portfolio of brands."

For earnings history and earnings-related data on Columbia Sportswear (COLM) click here.

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