Columbia Sportswear Facing Layoffs and Cost Cuts
February 5, 2024
Columbia Sportswear is facing tough outdoor and wholesale challenges ahead.
A lackluster fourth-quarter report resulted in layoffs, as well as an expectation for “erosion in profitability” in 2024. And the company’s challenges include cautious retail partners and greater competition from other brands.
The company projected first-quarter net sales to be down 8 to 11 percent to a range of $730 million to $753 million, compared with $820.6 million in the same 2023 quarter. Diluted earnings per share (EPS) were guided to a range of 30 cents to 45 cents, versus 74 cents in the year-ago period.
The company also provided first-half projections, with net sales down 6 to 9 percent to $1.31 billion to $1.35 billion, versus $1.44 billion a year ago. The diluted EPS range is between 1 cent and 26 cents, versus 88 cents a year ago. Yahoo