Columbia Sportswear Company reported a 39.7 percent drop in sales to 316.6 million dollars for the second quarter compared to the same period last year.
The company reported a net loss of 50.7 million, compared to net income of 23 million dollars in the same period last year.
Chairman, president and CEO Tim Boyle said in a statement: “Second quarter sales and profitability declines clearly reflect the global effects of the ongoing pandemic. A highlight was our outstanding e-commerce growth, which increased 72 percent year-over-year. Our financial position remains strong with 476 million dollars in cash and short-term investments.
Columbia Sportswear Company Q2 sales tumble
“Taken together with available credit capacity, total liquidity was greater than 1 billion dollars exiting the quarter. It is clear that consumer interest in the outdoors has surged during the pandemic and we are well positioned to equip these adventurers with innovative products as they recreate responsibly.”
“As of today, nearly all of our global store fleet is open. We remain acutely focused on cost containment while also continuing to invest in our strategic priorities. I’m confident our global team of employees, powerful brand portfolio, strong financial position and operating discipline will all contribute to Columbia Sportswear emerging from this crisis in a stronger competitive position.
The company said it expects sales volume to remain below prior year levels for the balance of the year, and for the second quarter to see the steepest year-over-year quarterly percent decline in net sales of the year.
As of 2020, Columbia Sportswear Company has more than 8,900 employees and operates over 500 stores.
Photo Credit: Columbia Sportswear, Facebook