Columbia Sportswear (Nasdaq: COLM), parent of Mountain Hardwear, Sorel and Montrail, reported better-than-expected fourth-quarter results, saying consumers responded favorably to its product innovations.
For the October-December quarter, the company earned $26.2 million, or $0.77 a share, compared with $23.1 million, or $0.68 a share, a year ago.
Revenue rose 28 percent to $457.3 million.
Columbia said sales were fueled by a 22 percent increase in Columbia brand sales to $365.0 million, by a 74 percent increase in Sorel sales to $50.5 million, and by a 38 percent increase in Mountain Hardwear sales to $39.8 million.
Net sales of outerwear increased 20 percent to $205.9 million; footwear was up 45 percent to $102.6 million; sportswear was up 28 percent to $119.3 million; and accessories and equipment rose 29 percent to $29.5 million.
For FY 2010, Columbia’s net sales increased $239.5 million, or 19 percent, to a record $1.484 billion, including a 1 percentage point benefit from changes in currency exchange rates.
Its net income increased 15 percent to $77.0 million, or $2.26 per diluted share, compared to net income of $67.0 million, or $1.97 per diluted share, in 2009.
Columbia brand net sales increased 18 percent to $1.262 billion; Sorel up 48 percent to $89.7 million; and Mountain Hardwear up 21 percent to $121.9 million.
For the first quarter, Columbia said it expects a mid- to high-single-digit increase in sales, compared with a year ago quarter.
Also, the board of directors approved a first quarter dividend of $0.20 per share, payable on March 3, 2011, to shareholders of record on Feb. 17, 2011.
--Compiled by Wendy Geister
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