Sorel Propels Parent Columbia Sportswear to Earnings Beat
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Sorel, known for its cold-weather footwear, continues to find success with its strategy to expand beyond the seasonal category.
For the third quarter ended Sept. 30, sales for the brand helped lead parent company Columbia Sportswear Co. to winning quarter with revenues of $906.8 million — up 14% from the prior year and topping analysts’ bets of $883.15 million. The bottom line also outpaced Wall Street’s forecasted $1.55: Earnings were $1.75 per share on profits that jumped 19% to $119.3 million.
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In its earnings report, Columbia noted sales growth of 27% to $116.1 million at Sorel, driven by performances in its wholesale business in the United States as well as Canada. The firm’s namesake outerwear label, Columbia, also logged revenues that increased 14% to $729.5 million. (Together, the two brands help boost the company’s total footwear sales 25% higher to $222.1 million.)
“Record third-quarter results exceeded our expectations, with broad-based growth across our georgraphic segments, channels and product categories,” president and CEO Tim Boyle said in a statement. “Sorel’s impressive growth was led by strong demand for fall fashion styles, further validating the brand’s success as a year-round fashion footwear brand.”
For the full year, Columbia now expects sales of $3.01 billion to $3.04 billion, versus the prior revenue guidance of $3 billion to $3.04 billion. It also predicts that earnings per share will be in the range of $4.70 to $4.80 on profits at $322 million to $329 million. (The company previously estimated EPS in the range of $4.65 to $4.75.)
“As we enter our peak selling season, I’m confident that our powerful brand portfolio, globally diversified business model and the dedication and focus of our talented global team position us to deliver another year of record sales and profit,” Boyle added.
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