Columbia Sportswear 2012 Annual Report Download - page 36

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32
Year Ended December 31,
2011 2010 % Change
(In millions, except for percentage changes)
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 948.0 $ 881.0 8%
LAAP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 341.0 263.4 29%
EMEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275.4 222.4 24%
Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129.6 116.7 11%
$ 1,694.0 $ 1,483.5 14%
Net sales in the United States increased $67.0 million, or 8%, to $948.0 million in 2011 from $881.0 million in 2010.
The increase in net sales in the United States by product category was led by apparel, accessories and equipment, followed
by a net sales increase in footwear. The net sales increase by brand was led by the Columbia brand, followed by the Sorel
brand and the Mountain Hardwear brand. The net sales increase by channel was primarily driven by our direct-to-consumer
business, followed by our wholesale business. The increase in net sales in our direct-to-consumer business was driven by
strong comparable store sales growth, increased e-commerce sales and the net addition of two outlet stores.
Net sales in the LAAP region increased $77.6 million, or 29%, to $341.0 million in 2011 from $263.4 million in 2010.
Changes in foreign currency exchange rates contributed six percentage points of benefit to the LAAP net sales comparison.
The net sales increase in the LAAP region by product category was primarily driven by a net sales increase in apparel,
accessories and equipment, followed by a net sales increase in footwear. The LAAP net sales increase was concentrated in
the Columbia brand and was led by Korea, followed by Japan and our LAAP distributor business. The increase in Korea
net sales was primarily due to increased sales from existing stores, a greater number of retail stores operating during 2011
and the favorable effect of foreign currency exchange rates. The increase in Japan net sales was primarily the result of the
favorable effect of foreign currency exchange rates and increased wholesale net sales. Net sales to our LAAP distributors
increased due to increased demand in key distributor markets coupled with a higher percentage of spring 2012 advance
orders shipping in the fourth quarter compared to the spring 2011 season.
Net sales in the EMEA region increased $53.0 million, or 24%, to $275.4 million in 2011 from $222.4 million in
2010. Changes in foreign currency exchange rates contributed four percentage points of benefit to the EMEA net sales
comparison. The increase in net sales in the EMEA region by product category was led by footwear, followed by a net sales
increase in apparel, accessories and equipment. The net sales increase by channel was led by our EMEA direct business,
followed by our EMEA distributors. The increase in EMEA direct net sales was primarily driven by the Sorel brand, followed
by the Columbia brand.
Net sales in Canada increased $12.9 million, or 11%, to $129.6 million in 2011 from $116.7 million in 2010. Changes
in foreign currency exchange rates compared to 2010 contributed six percentage points of benefit to the Canada net sales
comparison. By product category, the increase in net sales was led by apparel, accessories and equipment, followed by a
net sales increase in footwear. By brand, the increase in net sales was led by the Columbia brand, followed by the Sorel
and Mountain Hardwear brands. The increase in net sales was concentrated in our wholesale business.
Sales by Product Category
Net sales by product category are summarized in the following table:
Year Ended December 31,
2011 2010 % Change
(In millions, except for percentage changes)
Apparel, Accessories and Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,334.9 $ 1,213.3 10%
Footwear. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359.1 270.2 33%
$ 1,694.0 $ 1,483.5 14%
Net sales of apparel, accessories and equipment increased $121.6 million, or 10%, to $1,334.9 million in 2011 from
$1,213.3 million in 2010. The increase in apparel, accessories and equipment net sales was primarily concentrated in the