EX-99.1 2 colmfy24q3exhibit991.htm EX-99.1 Document

第99.1展示文本
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哥倫比亞戶外公司報告2024年第三季度財務業績；
更新2024財務展望全年

2024年第三季度業績亮點
•淨銷售額下降5%（常貨幣下降5%），達到93180萬美元，與2023年第三季度相比。
•營業收入爲11250萬美元，佔淨銷售額的12.1%，與2023年第三季度的營業收入13460萬美元，佔淨銷售額的13.7%相比。
•每股攤薄收益爲1.56美元，與2023年第三季度每股攤薄收益1.70美元相比。
•季度結束時，現金、現金等價物和短期投資達到37390萬美元，沒有借款。
•2024年前9個月回購了$23090萬的普通股。2024年10月24日，董事會批准增加公司的股票回購授權額度$60000萬。
•宣佈加速增長策略，旨在提升哥倫比亞品牌。

$2323000萬 - $2367000萬

以下的前瞻性聲明反映了我們截至2024年10月30日的預期，並受重大風險和業務不確定性的影響，包括下文所述的「前瞻性聲明」部分中所描述的因素。更多披露和財務展望細節可在下文的全年2024財務展望部分以及CFO評論和財務審查報告中找到。
•淨銷售額爲 33.1 億至 33.8億美元（之前爲 33.5 到 34.2億美元），較 2023 年下降了 5.0 到 3.0%（之前爲 4.0 到 2.0%）。
•營業利潤爲$257至$28400萬（之前爲$256至$28800萬），代表營業利潤率爲7.7至8.4％（保持不變）。
•每股稀釋盈利爲3.70美元至4.05美元（之前爲3.65美元至4.05美元）。

俄勒岡州波特蘭 - 2024年10月30日 - 哥倫比亞戶外公司（納斯達克股票代碼：COLm，以下簡稱"公司"），作爲全球領先的戶外、運動和生活方式產品的多品牌創新企業，包括服裝、鞋類、配飾和裝備，今天宣佈截至2024年9月30日的第三季度財務業績。

董事長、總統兼首席執行官tim Boyle表示：“第三季度的業績反映了大多數國際市場持續增長的實力，但北美市場仍然疲軟。儘管溫暖的天氣削弱了對2024年秋季冷天產品的需求，但我對我們爲消費者提供的差異化創新感到興奮，包括Omni-Heat Infinity和Omni-Heat Arctic，以及我們的Omni-Max鞋類平台提供的輕量化舒適性。

最近幾個月來，哥倫比亞品牌啓動了ACCELERATE，這是一項旨在提升品牌吸引更年輕、更活躍消費者的增長策略。這項跨年多年的策略將圍繞幾個以消費者爲中心的轉變展開，涵蓋我們品牌、產品和市場策略。我相信ACCELERATE增長策略將幫助品牌實現盈利增長，並且我迫不及待地期待在未來的季節中看到它實現。

“我們的財務狀況依然強勁，現金和短期投資超過37000萬美元，沒有銀行
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借款在本季度退出。我們致力於在戰略重點領域進行投資，並重新強調：

•加快盈利增長；
•創造具有差異化、功能性和創新性的標誌性產品；
•通過增加和聚焦需求創造投資來推動品牌的參與度;
•通過投資提升能力，以讓消費者感到愉悅並留住消費者；
•提升市場卓越性，以數字化爲主導，全渠道，全球貨幣分銷；和
•通過擁有多元化和包容性的勞動力來賦予受核心價值驅動的人才力量。

財務主管的評論和財務審查報告已在網上發佈

有關2024年第三季度公司財務業績的詳細審查，請參閱已提供給證券交易委員會（"SEC"）的首席財務官評論和財務審查報告，已發表在公司網站投資者關係部分的8-k表格的當前報告上 http://investor.columbia.com/financial-results 大約在今天下午4:15 ET，請鼓勵分析師和投資者在參加我們的電話會議之前查看這份評論。

加速增長策略
ACCELERATE是一項增長策略，旨在提升哥倫比亞品牌以吸引年輕和更活躍的消費者。這是一個爲期多年的工作，圍繞我們品牌、產品和市場策略上的幾個消費者爲中心的變革以及增強的工作方式展開。有關ACCELERATE增長策略的更多信息，請參閱首席財務官評論和財務審查演示文稿。

2024年第三季度財務業績
（所有比較均在2024年第三季度和2023年第三季度之間進行，除非另有說明。）

淨銷售額 2023年同比期間，淨銷售額按常態貨幣計算下降5%至93180萬美元，而上年同期爲98570萬美元。淨銷售額下降反映了2024年秋季批發訂單減少，以及美國消費者需求疲軟，部分原因是溫暖天氣和戶外類別面臨的困境。

毛利率 毛利率擴大了150個點子，從2023年同期的銷售淨額48.7%擴大到50.2%。毛利率擴大主要反映了較低的入庫運費成本和有利的渠道和地域板塊銷售組合，部分抵消了不利的外匯期貨對沖匯率。

銷售與一般管理費用 銷售，佔淨銷售額的38.8%，相比之下，2023年同期爲$35160萬，佔淨銷售額的35.7%。銷售和管理費用中最大的變化是由於直接消費者（"DTC"）和獎勵補償支出增加所致，部分抵消了供應鏈和需求創造支出的減少。

營業利潤 運營利潤爲11250萬美元，佔淨銷售額的12.1％，相比之下，2023年同期的運營利潤爲13460萬美元，佔淨銷售額的13.7％。

利息收入，淨額 540萬美元的淨利潤，相比2023年同期的190萬美元，反映出現金、現金等價物和投資增加所帶來的更高收益。

所得稅費用 2900萬美元的$2900萬美元實現了24.4％的有效所得稅率，而2023年同期所得稅支出爲3260萬美元，實現了24.0％的有效所得稅率。

淨收入 爲淨利潤90.2百萬美元，每股攤薄收益爲1.56美元，相比之下，2023年同期淨利潤爲10350萬美元，每股攤薄收益爲1.70美元。

2024年前九個月財務業績
(所有比較均在2024年前九個月和2023年前九個月之間進行，除非另有說明。)

淨銷售額 2023年同期，貨幣常數不變，相比於242720萬美元，增長了6%至227200萬美元。
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毛利率 毛利率比2023年同期的49.2%提高了60個點子，達到了淨銷售額的49.8%。

SG&A expenses were $1,013.3 million, or 44.6 percent of net sales, compared to $1,011.5 million, or 41.7 percent of net sales, for the comparable period in 2023.

Operating income was $133.4 million, or 5.9 percent of net sales, compared to operating income of $197.2 million, or 8.1 percent of net sales, for the comparable period in 2023.

Interest income, net was $22.9 million, compared to $8.6 million for the comparable period in 2023.

Income tax expense of $37.6 million resulted in an effective income tax rate of 23.8 percent, compared to income tax expense of $48.1 million, or an effective income tax rate of 23.4 percent, for the comparable period in 2023.

Net income was $120.7 million, or $2.04 per diluted share, compared to net income of $158.1 million, or $2.56 per diluted share, for the comparable period in 2023.


Balance Sheet as of September 30, 2024

Cash, cash equivalents, and short-term investments totaled $373.9 million, compared to $214.8 million as of September 30, 2023.

The Company had no borrowings as of either September 30, 2024 or September 30, 2023.

Inventories decreased 10 percent to $798.2 million, compared to $885.2 million as of September 30, 2023.

Cash Flow for the Nine Months Ended September 30, 2024

Net cash used in operating activities was $76.6 million, compared to net cash provided from operating activities of $22.2 million for the same period in 2023.

Capital expenditures totaled $41.7 million, compared to $41.4 million for the same period in 2023.

Share Repurchases for the Nine Months Ended September 30, 2024

The Company repurchased 2,916,970 shares of common stock for an aggregate of $230.9 million, or an average price per share of $79.15.

At September 30, 2024, $114.5 million remained available under our stock repurchase authorization. On October 24, 2024, the Board of Directors authorized a $600 million increase to the Company's share repurchase authorization, which does not obligate the Company to acquire any specific number of shares or to acquire shares over any specified period of time.

Quarterly Cash Dividend

The Board of Directors approved a regular quarterly cash dividend of $0.30 per share, payable on December 4, 2024 to shareholders of record on November 20, 2024.

Full Year 2024 Financial Outlook

(Additional financial outlook details can be found in the CFO Commentary and Financial Review presentation.)

The Company's full year and fourth quarter 2024 Financial Outlooks, as well as first half 2025 commentary, are each forward-looking in nature, and the following forward-looking statements reflect our expectations as of October 30, 2024 and are subject to significant risks and business uncertainties, including those factors described under “Forward-Looking Statements” below. These risks and uncertainties limit our ability to accurately forecast results.

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Net sales are expected to decrease 5.0 to 3.0 percent (prior decrease of 4.0 to 2.0 percent), resulting in net sales of $3.31 to $3.38 billion (prior $3.35 to $3.42 billion), compared to $3.49 billion in 2023.

Gross margin is expected to expand 40 to 90 basis points (prior 40 to 60 basis points) to 50.0 to 50.5 percent of net sales (prior 50.0 to 50.2 percent) from 49.6 percent of net sales in 2023.

SG&A expenses, as a percent of net sales, are expected to be 42.8 to 43.0 percent (prior 42.4 to 43.0 percent), compared to SG&A expense as a percent of net sales of 40.6 percent in 2023.

Operating income is expected to be $257 to $284 million (prior $256 to $288 million), resulting in operating margin of 7.7 to 8.4 percent (unchanged), compared to operating margin of 8.9 percent in 2023.

Interest income, net is expected to be approximately $30 million (prior $28 million).

Effective income tax rate is expected to be 24.0 to 25.0 percent (unchanged).

Net income is expected to be $217 to $238 million (prior $215 to $239 million), resulting in diluted earnings per share of $3.70 to $4.05 (prior $3.65 to $4.05). This diluted earnings per share range is based on estimated weighted average diluted shares outstanding of approximately 58.7 million (prior 59.3 million).

Foreign Currency
•Foreign currency translation is expected to have a modestly unfavorable impact on full year net sales. 
•Foreign currency is expected to have an approximately $0.01 negative impact on diluted earnings per share (prior $0.07) due to negative foreign currency transactional effects from hedging of inventory production, partially offset by favorable foreign currency translation impacts. 

Cash Flows

Operating cash flow is expected to be at least $300 million (prior $350 million).

Capital expenditures are planned to be in the range of $60 to $70 million (prior $60 to $80 million).

Fourth Quarter 2024 Financial Outlook

•Net sales are expected to be $1,040 to $1,110 million, representing a decline of 2 percent to growth of 5 percent from $1,060 million for the comparable period in 2023.
•Operating income is expected to be $123 to $151 million, resulting in operating margin of 11.8 to 13.6 percent, compared to operating margin of 10.7 percent in the comparable period in 2023.
•Diluted earnings per share is expected to be $1.68 to $2.03, compared to $1.55 for the comparable period in 2023.
Preliminary First Half 2025 Commentary

•Based on our Spring ‘25 orderbook, we are forecasting mid-single-digit percent growth in global wholesale net sales in first half 2025.
•This reflects growth across all regions, and in the Columbia, prAna and Mountain Hardwear brands.

Conference Call

The Company will hold its third quarter 2024 conference call at 5:00 p.m. ET today. Dial (888) 506-0062 to participate. The call will also be webcast live on the Investor Relations section of the Company's website at http://investor.columbia.com.

Fourth Quarter 2024 Reporting Date

The Company plans to report fourth quarter 2024 financial results on Tuesday, February 4, 2025 at approximately 4:00 p.m. ET.

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Supplemental Financial Information

Since Columbia Sportswear Company is a global company, the comparability of its operating results reported in United States dollars is affected by foreign currency exchange rate fluctuations because the underlying currencies in which it transacts change in value over time compared to the United States dollar. To supplement financial information reported in accordance with GAAP, the Company discloses constant-currency net sales information, which is a non-GAAP financial measure, to provide a framework to assess how the business performed excluding the effects of changes in the exchange rates used to translate net sales generated in foreign currencies into United States dollars. The Company calculates constant-currency net sales by translating net sales in foreign currencies for the current period into United States dollars at the average exchange rates that were in effect during the comparable period of the prior year. Management believes that this non-GAAP financial measure reflects an additional and useful way of viewing an aspect of our operations that, when viewed in conjunction with our GAAP results, provides a more comprehensive understanding of our business and operations. In particular, investors may find the non-GAAP financial measure useful by reviewing our net sales results without the volatility in foreign currency exchange rates. This non-GAAP financial measure also facilitates management's internal comparisons to our historical net sales results and comparisons to competitors' net sales results.

The non-GAAP financial measures should be viewed in addition to, and not in lieu of or superior to, our financial measures calculated in accordance with GAAP. The Company provides a reconciliation of non-GAAP measures to the most directly comparable financial measure calculated in accordance with GAAP. See the "Reconciliation of GAAP to Non-GAAP Financial Measures" table included herein. The non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies.

Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the Company’s expectations, anticipations or beliefs about the Company's ability to realize growth opportunities and manage expenses, financial position, marketing strategies, inventory, full year 2024 net sales, gross margin, SG&A expenses, operating income, net interest income, effective income tax rate, net income, diluted earnings per share, weighted average diluted shares outstanding, foreign currency translation, operating cash flow, and capital expenditures, and fourth quarter 2024 net sales, operating income, and diluted earnings per share, as well as first half 2025 commentary. Forward-looking statements often use words such as "will," "anticipate," "estimate," "expect," "should," "may," "plan" and other words and terms of similar meaning or reference future dates. The Company's expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis; however, each forward-looking statement involves a number of risks and uncertainties, including those set forth in this document, those described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the heading "Risk Factors," and those that have been or may be described in other reports filed by the Company, including reports on Form 8-K. Potential risks and uncertainties that may affect our future revenues, earnings and performance and could cause the actual results of operations or financial condition of the Company to differ materially from the anticipated results expressed or implied by forward-looking statements in this document include: loss of key customer accounts; our ability to execute our ACCELERATE Growth Strategy; our ability to execute and realize cost savings related to our Profit Improvement Plan; our ability to effectively execute our business strategies, including initiatives to upgrade our business processes and information technology (“IT”) systems and investments in our DTC businesses; our ability to maintain the strength and security of our IT systems; the effects of unseasonable weather, including global climate change; the seasonality of our business and timing of orders; trends affecting consumer spending, including changes in the level of consumer spending, and retail traffic patterns; unfavorable economic conditions generally, the financial health of our customers and retailer consolidation; higher than expected rates of order cancellations; changes affecting consumer demand and preferences and fashion trends; changes in international, federal or state tax, labor and other laws and regulations that affect our business, including changes in corporate tax rates, tariffs, international trade policy and geopolitical tensions, or increasing wage rates; our ability to attract and retain key personnel; risks inherent in doing business in foreign markets, including fluctuations in currency exchange rates, global credit market conditions, changes in global regulation and economic and political conditions and disease outbreaks; volatility in global production and transportation costs and capacity and timing; our ability to effectively manage our inventory and our wholesale customer’s to manage their inventories; our dependence on third-party manufacturers and suppliers and our ability to source at competitive prices from them or at all; the effectiveness of our sales and marketing efforts; business disruptions and acts of terrorism, cyber-attacks or military activities around the globe; intense competition in the industry; our ability to establish and protect our intellectual property; and our ability to develop innovative products. The Company cautions that forward-looking statements are inherently less reliable than historical information. The Company does not undertake any duty to update any of the forward-looking statements after the date of this document to conform them to actual results or to reflect changes in events, circumstances or its expectations. New factors emerge from time to time and it is not possible for the Company to predict or assess the
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effects of all such factors or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

About Columbia Sportswear Company

Columbia Sportswear Company connects active people with their passions and is a global multi-brand leading innovator in outdoor, active and lifestyle products including apparel, footwear, accessories, and equipment. Founded in 1938 in Portland, Oregon, the Company's brands are sold in more than 100 countries. In addition to the Columbia® brand, Columbia Sportswear Company also owns the Mountain Hard Wear®, SOREL® and prAna® brands. To learn more, please visit the Company's websites at www.columbia.com, www.mountainhardwear.com, www.sorel.com, and www.prana.com.

Contact:
Andrew Burns, CFA
Vice President of Investor Relations and Strategic Planning
Columbia Sportswear Company
(503) 985-4112
aburns@columbia.com

- Financial tables follow -
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COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in thousands)September 30,
2024		September 30,
2023
ASSETS
Current Assets:
Cash and cash equivalents$306,680 $213,282 
Short-term investments67,244 1,474 
Accounts receivable, net581,738 686,821 
Inventories798,153 885,163 
Prepaid expenses and other current assets72,443 96,016 
Total current assets1,826,258 1,882,756 
Property, plant and equipment, net284,963 283,095 
Operating lease right-of-use assets370,844 339,538 
Intangible assets, net79,221 80,321 
Goodwill26,694 51,694 
Deferred income taxes103,757 89,801 
Other non-current assets69,003 71,738 
Total assets$2,760,740 $2,798,943 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$221,714 162,222 
Accrued liabilities266,161 283,799 
Operating lease liabilities72,968 72,685 
Income taxes payable6,097 7,254 
Total current liabilities566,940 525,960 
Non-current operating lease liabilities348,786 323,508 
Income taxes payable14,607 24,218 
Deferred income taxes67 — 
Other long-term liabilities42,868 29,946 
Total liabilities973,268 903,632 
Total shareholders' equity1,787,472 1,895,311 
Total liabilities and shareholders' equity$2,760,740 $2,798,943 



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COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended September 30,
Nine Months Ended September 30,
(In thousands, except per share amounts)
2024202320242023
Net sales$931,768 $985,683 $2,271,994 $2,427,209 
Cost of sales464,209 505,486 1,141,457 1,233,467 
Gross profit467,559 480,197 1,130,537 1,193,742 
Gross margin50.2 %48.7 %49.8 %49.2 %
Selling, general and administrative expenses361,243 351,563 1,013,262 1,011,490 
Net licensing income6,225 5,920 16,145 14,958 
Operating income112,541 134,554 133,420 197,210 
Interest income, net5,364 1,870 22,905 8,659 
Other non-operating income, net1,283 (311)2,030 354 
Income before income tax119,188 136,113 158,355 206,223 
Income tax expense29,031 32,605 37,639 48,163 
Net income$90,157 $103,508 $120,716 $158,060 
Earnings per share:
Basic$1.56 $1.70 $2.05 $2.57 
Diluted$1.56 $1.70 $2.04 $2.56 
Weighted average shares outstanding:
Basic57,78560,84458,896 61,575
Diluted57,93660,93259,043 61,775

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COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended September 30,
(in thousands)20242023
Cash flows from operating activities:
Net income$120,716 $158,060 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization42,187 42,290 
Non-cash lease expense56,903 51,075 
Provision for uncollectible accounts receivable3,183 2,010 
Deferred income taxes2,180 4,236 
Stock-based compensation18,478 17,026 
Other, net(11,278)568 
Changes in operating assets and liabilities:
Accounts receivable(162,252)(146,139)
Inventories(50,336)135,417 
Prepaid expenses and other current assets5,008 26,809 
Other assets(195)(3,106)
Accounts payable(17,044)(152,168)
Accrued liabilities(7,823)(42,251)
Income taxes payable(22,439)(20,434)
Operating lease assets and liabilities(56,557)(49,322)
Other liabilities2,661 (1,897)
Net cash provided by (used in) operating activities(76,608)22,174 
Cash flows from investing activities:
Purchases of short-term investments(388,348)(117,877)
Sales and maturities of short-term investments751,232 120,747 
Capital expenditures(41,736)(41,355)
Net cash provided by (used in) investing activities321,148 (38,485)
Cash flows from financing activities:
Proceeds from credit facilities— 837 
Repayments on credit facilities— (837)
Proceeds from issuance of common stock related to stock-based compensation3,955 7,081 
Tax payments related to stock-based compensation(4,806)(4,620)
Repurchase of common stock(230,864)(144,633)
Cash dividends paid(52,860)(55,379)
Net cash used in financing activities(284,575)(197,551)
Net effect of exchange rate changes on cash(3,604)(3,097)
Net decrease in cash and cash equivalents(43,639)(216,959)
Cash and cash equivalents, beginning of period350,319 430,241 
Cash and cash equivalents, end of period$306,680 $213,282 
Supplemental disclosures of cash flow information:
Cash paid during the year for income taxes$63,650 $66,580 
Supplemental disclosures of non-cash investing and financing activities:
Property, plant and equipment acquired through increase in liabilities$12,224 $5,389 

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COLUMBIA SPORTSWEAR COMPANY
Reconciliation of GAAP to Non-GAAP Financial Measures
Net Sales Growth - Constant-currency Basis
(Unaudited)

Three Months Ended September 30,
Reported
Net Sales
Adjust for Foreign Currency
Constant-currency
Net Sales
Reported
Net Sales
Reported
Net Sales
Constant-currency
Net Sales
(In millions, except percentage changes)
2024
Translation
2024(1)
2023
% Change
% Change(1)
Geographical Net Sales:
United States$571.3 $— $571.3 $635.4 (10)%(10)%
Latin America and Asia Pacific135.0 1.7 136.7 115.4 17%18%
Europe, Middle East and Africa141.8 0.5 142.3 129.4 10%10%
Canada83.7 1.9 85.6 105.5 (21)%(19)%
  Total$931.8 $4.1 $935.9 $985.7 (5)%(5)%
Brand Net Sales:
Columbia$799.7 $3.7 $803.4 $804.0 (1)%—%
SOREL73.9 0.2 74.1 122.1 (39)%(39)%
prAna28.6 — 28.6 30.7 (7)%(7)%
Mountain Hardwear29.6 0.2 29.8 28.9 2%3%
  Total$931.8 $4.1 $935.9 $985.7 (5)%(5)%
Product Category Net Sales:
Apparel, Accessories and Equipment$735.4 $2.9 $738.3 $731.7 1%1%
Footwear196.4 1.2 197.6 254.0 (23)%(22)%
  Total$931.8 $4.1 $935.9 $985.7 (5)%(5)%
Channel Net Sales:
Wholesale$605.2 $2.3 $607.5 $664.3 (9)%(9)%
DTC326.6 1.8 328.4 321.4 2%2%
  Total$931.8 $4.1 $935.9 $985.7 (5)%(5)%
(1) Constant-currency net sales is a non-GAAP financial measure. See “Supplemental Financial Information” above for further information.
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COLUMBIA SPORTSWEAR COMPANY
Reconciliation of GAAP to Non-GAAP Financial Measures
Net Sales Growth - Constant-currency Basis
(Unaudited)

Nine Months Ended September 30,
Reported
Net Sales
Adjust for Foreign Currency
Constant-currency
Net Sales
Reported
Net Sales
Reported
Net Sales
Constant-currency
Net Sales
(In millions, except percentage changes)
2024Translation
2024(1)
2023
% Change
% Change(1)
Geographical Net Sales:
United States$1,385.9 $— $1,385.9 $1,552.0 (11)%(11)%
Latin America and Asia Pacific373.2 14.0 387.2 345.1 8%12%
Europe, Middle East and Africa350.2 (1.3)348.9 338.5 3%3%
Canada162.7 1.6 164.3 191.6 (15)%(14)%
  Total$2,272.0 $14.3 $2,286.3 $2,427.2 (6)%(6)%
Brand Net Sales:
Columbia$1,972.2 $13.6 $1,985.8 $2,043.8 (4)%(3)%
SOREL140.6 0.2 140.8 220.4 (36)%(36)%
prAna81.7 — 81.7 90.8 (10)%(10)%
Mountain Hardwear77.5 0.5 78.0 72.2 7%8%
  Total$2,272.0 $14.3 $2,286.3 $2,427.2 (6)%(6)%
Product Category Net Sales:
Apparel, Accessories and Equipment$1,818.4 $10.5 $1,828.9 $1,853.2 (2)%(1)%
Footwear453.6 3.8 457.4 574.0 (21)%(20)%
  Total$2,272.0 $14.3 $2,286.3 $2,427.2 (6)%(6)%
Channel Net Sales:
Wholesale$1,274.5 $5.6 $1,280.1 $1,445.1 (12)%(11)%
DTC997.5 8.7 1,006.2 982.1 2%2%
  Total$2,272.0 $14.3 $2,286.3 $2,427.2 (6)%(6)%
(1) Constant-currency net sales is a non-GAAP financial measure. See “Supplemental Financial Information” above for further information.

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