Columbia Sportswear (NASDAQ:COLM) reported worse-than-expected sales for the third quarter, sending its shares 7.5% in the red.
Earnings per share of $1.70 were ahead of the analysts' estimate of $1.66. However, revenue for the quarter came in at $985.7 million, while analysts were looking for $994.8M. Both EMEA and U.S. sales trailed analysts' expectations for the third quarter.
“In the U.S., the marketplace remains challenging, but we are making meaningful progress on our inventory reduction plan, with inventory exiting the quarter down 16 percent year-over-year,” Chairman, President and Chief Executive Officer Tim Boyle commented.
The company offered a full-year outlook that calls for EPS in the range of $4.45-4.70, topping the expected $4.52.
On the other hand, FY sales of $3.48-3.53 billion were below the expected $3.55B.
“As we finish the year and look forward to 2024, economic and geopolitical uncertainty is high. We know there will be challenges, particularly in the first half of next year,” he added.