Columbia Sportswear 2002 Annual Report Download - page 2

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DEAR SHAREHOLDERS,
By all accounts, 2002 was another successful year for Columbia Sportswear
Company®. Despite a challenging retail environment and difficult economic times
generally, the Company was able to generate revenue growth of 4.7% to $816.3
million, and net income growth of 15.4% to $102.5 million for the year. I am very
gratified by our corporate performance during these difficult times, which I believe
speaks to the Company’s dedication to grow the business responsibly while also
maintaining effective cost controls.
While the Company continued to generate growth during a challenging 2002, we were also successful on a
number of fronts in further establishing a sound infrastructure which will help to enable future growth.
Specifically, 2002 brought the official opening of our European distribution facility in Cambrai, France. As I have
discussed many times, Columbia has identified Europe as one of the key international regions where outdoor
activities are consistently popular, and where the Company can effectively promote its value-oriented, active,
outdoor, authentic and distinctly American brand image. This facility underscores our commitment to capitalizing
on the European opportunity and our dedication to customer service. The new facility, which is approximately
269,000 square feet, will ultimately distribute Columbia’s apparel and footwear lines into each of the major
European markets.
Going forward, I remain optimistic due to the underlying global market opportunities in each of our key product
categories of outerwear, sportswear, footwear, and accessories. To capitalize on these opportunities, we are
committed to our four-pronged growth strategy of enhancing the retail productivity of our customers, leveraging
the Columbia brand in international markets, further developing our existing merchandise categories, and
selectively broadening our retail distribution. We will also continue to evaluate licensing opportunities, which I
believe is an effective and efficient way to expand our merchandise offering and brand exposure at retail. With our
well developed sourcing and distribution infrastructure, coupled with a proven design and product development
team, I believe we are well positioned for the future.
In conclusion, I would like to take this opportunity to thank our dedicated employees for their hard work during
the course of the year. Due principally to their efforts, we have risen to the challenge of becoming a leading
supplier of high quality, value-oriented, outdoor apparel and footwear on a global basis.
Once again, I want to thank everyone for their continued support, and I look forward to reporting on our
progress during 2003 in next year’s letter.
Sincerely,
Timothy P. Boyle
President and Chief Executive Officer
Columbia Sportswear Company