Columbia profit rises in Q1 on stronger sales
Columbia Sportswear (Nasdaq: COLM), parent of Mountain Hardwear and Sorel, said its profit grew in the first quarter as sales improved for the company.
Columbia reported that it earned $9.2 million, or $0.27 per share, compared to a net income of $6.9 million, or $0.20 per share, for the same quarter last year.
Revenue grew 10 percent to $300.4 million, with a 3-percent boost from foreign exchange rates.
Columbia brand sales totaled $267.7 million in the first quarter of 2010, an 11-percent increase compared with the first quarter of 2009. Mountain Hardwear brand sales increased 10 percent to $25.6 million.
Columbia said the improved sales were largely a result of expanded direct-to-consumer operations as well as continued growth in foreign markets.
The company said these gains, along with improved consumer spending, good spring weather and fall wholesale backlogs are expected to help the company generate record revenue in 2010. Columbia said it expects revenue to increase between 12 percent and 14 percent for the year, but did not set earnings expectations.
Also, the board of directors approved a dividend of $0.18 per share, payable on May 27 to shareholders of record on May 13.
Deckers Outdoors Q1 earnings up 45 percent
Deckers Outdoors (Nasdaq: DECK) said its first-quarter earnings climbed 45 percent on higher sales of its Ugg boots and Teva sandals.
Deckers earnings were $17.9 million, or $1.37 per share, for the quarter ended March 31, compared with $12.3 million, or $0.93 per share, in the year ago quarter.
Revenue rose 16 percent to $155.9 million from $134.2 million in the year-ago quarter.
Ugg sales increased 14.2 percent to $104.4 million compared to $91.4 million for the same period last year, while Teva sales were up 21.4 percent to $43.2 million compared to last year’s $35.6 million.
Combined net sales of the company’s other brands, including Simple and Ahnu, were $8.4 million versus $7.3 million last year.
The company now expects full-year profit to increase 11 percent, or about $9.92 per share, from the $8.94 per share the company made in 2009 and for revenue to rise 13 percent, or about $919 million, from the $813.2 million it recorded in 2009.
LaCrosse posts 32 percent gain in Q1 sales
LaCrosse Footwear (Nasdaq: BOOT), parent of Danner, said strong growth in sales and margins resulted in significant earnings growth in the first quarter.
For the quarter ended March 27, LaCrosse reported net sales of $34.2 million, up 32 percent from $25.9 million in the first quarter of 2009.
Sales to the outdoor market were $7.9 million, up 15 percent from $6.9 million for the same period in 2009. Sales to the work market were up 38 percent to $26.3 million, versus $19.0 million last year, and were boosted by U.S. government contracts.
Net income was $1.7 million, or $0.25 per diluted share, up from a net loss of $0.7 million, or $0.11 per diluted share, in the first quarter of 2009.
Gross margin for the first quarter was 40.2 percent of net sales, compared to 37.9 percent in the same period of 2009, primarily reflecting improved manufacturing efficiencies in the company’s domestic manufacturing facility. LaCrosse’s operating expenses were $11.0 million, up 2 percent from the first quarter 2009.
Based on the company’s financial position, the board of directors approved a quarterly dividend of $0.125 per share of common stock to be paid on June 18 to shareholders of record on May 22.
Rocky narrows Q1 loss
Rocky Brands (Nasdaq: RCKY) trimmed its first-quarter net loss thanks to a 12-percent sales gain from its wholesale and military segments.
Net sales for the first quarter ended March 31 were $56.1 million versus $50.1 million in the same period last year.
The company reported a net loss of $0.6 million, or $0.10 per diluted share, versus a net loss of $1.1 million, or $0.20 per diluted share, a year ago.
Gross margin was $18.8 million, or 33.4 percent of sales, compared to $20.1 million, or 40.1 percent, for the same period last year.
Selling, general and administrative expenses decreased 9.6 percent to $18.0 million, or 32.1 percent of sales, for the first quarter of 2010 compared to $19.9 million, or 39.8 percent of sales, a year ago.
Income from operations was $0.7 million, or 1.3 percent of net sales for the period, compared to $0.1 million, or 0.3 percent of net sales, in the prior year.
Wolverine declares quarterly dividend
The board of directors of Wolverine World Wide (NYSE: WWW) has declared a quarterly cash dividend of $0.11 per share of common stock. The dividend is payable on Aug. 2 to stockholders of record on July 1.
The company, parent of Merrell, said the dividend is equal to the last quarterly dividend and reflects an indicated annual dividend of $0.44 per share.
--Compiled by Wendy Geister
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