Columbia Sportswear 2014 Annual Report Download - page 36

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Net Sales: Consolidated net sales increased $415.6 million, or 25%, to $2,100.6 million in 2014 from $1,685.0
million in 2013. Changes in foreign currency exchange rates compared with 2013 negatively affected the net sales comparison
by approximately one percentage point.
Sales by Geographic Region
Net sales by geographic region are summarized in the following table:
Year Ended December 31,
2014 2013 % Change
(In millions, except for percentage changes)
United States $ 1,198.4 $ 971.3 23%
LAAP 491.6 354.4 39%
EMEA 259.2 240.7 8%
Canada 151.4 118.6 28%
$ 2,100.6 $ 1,685.0 25%
Net sales in the United States increased $227.1 million, or 23%, to $1,198.4 million in 2014 from $971.3 million in
2013. The increase in net sales in the United States was led by a net sales increase in apparel, accessories and equipment,
followed by footwear, and was led by a net sales increase in our direct-to-consumer channel, followed by our wholesale
business and $53.7 million of incremental prAna brand net sales. The increase in direct-to-consumer net sales was led by
increased net sales within our retail stores, followed by increased e-commerce net sales. At December 31, 2014, we operated
93 retail stores, including 5 prAna branded stores, compared with 72 stores at December 31, 2013. The increase in wholesale
net sales was due to shipments of increased fall season advance orders.
Net sales in the LAAP region increased $137.2 million, or 39%, to $491.6 million in 2014 from $354.4 million in
2013. Changes in foreign currency exchange rates negatively affected the LAAP net sales comparison by approximately
two percentage points. The net sales increase in the LAAP region was led 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, followed by the Sorel brand, partially offset by a net sales decrease in the Mountain Hardwear brand. The LAAP
net sales increase consisted of $161.4 million of incremental net sales by our joint venture in China, partially offset by net
sales decreases in Korea and to our LAAP distributors. The decrease in Korea net sales was primarily due to business
weakness amid the extremely competitive nature of the outdoor sector in that country. Net sales to our LAAP distributors
decreased primarily due to ongoing currency constraints and import restrictions in key Latin American distributor markets
that have severely restricted trade and the transition to a joint venture in China from our previous distributor model.
Net sales in the EMEA region increased $18.5 million, or 8%, to $259.2 million in 2014 from $240.7 million in 2013.
Changes in foreign currency exchange rates compared to 2013 contributed approximately one percentage point of benefit
to the EMEA net sales comparison. The increase in net sales in the EMEA region was led by footwear, followed by apparel,
accessories and equipment. The net sales increase was concentrated in the Columbia brand and was led by a net sales
increase in our EMEA distributor business, followed by our EMEA direct business.
Net sales in Canada increased $32.8 million, or 28%, to $151.4 million in 2014 from $118.6 million in 2013. Changes
in foreign currency exchange rates compared to 2013 negatively affected the Canada net sales comparison by approximately
eight percentage points. The increase in net sales was led by apparel, accessories and equipment, followed by footwear,
and was led by the Columbia brand, followed by the Sorel brand, partially offset by a net sales decrease in the Mountain
Hardwear brand. The Canada net sales increase was led by wholesale net sales, followed by an increase in direct-to-
consumer net sales.
Sales by Brand
Net sales by brand are summarized in the following table: