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- **Revenue Growth**: Q3 net sales up 1% YoY, driven by international expansion (LAAP +6%, EMEA +10%) and new product launches like the Amaze Puff jacket.
- **Tariff Mitigation**: 2025 tariff impact of $35-$40 million, with 2026 plans to offset costs through high single-digit price increases and production shifts.
- **Brand Momentum**: "Engineered for Whatever" campaign boosts engagement, with NYC guerilla marketing reaching 3 million people and 3,000 participants.
- **Emerging Brands**: SOREL (+10%), prAna (+6%), and Mountain Hardwear (+5% full-price) show growth, with SOREL expanding into year-round products.
- **Q4 Outlook**: Net sales expected to decline 5-8% YoY, with EPS guidance of $1.04-$1.34 and full-year EPS of $2.55-$2.85.

**【CEO Summary Section】**
- **Revenue Performance**: Q3 net sales of $943 million, up 1% YoY, driven by international growth (LAAP +6%, EMEA +10%) and earlier-than-expected U.S. wholesale shipments. U.S. DTC sales declined 5% due to reduced temporary clearance stores and soft e-commerce demand.
- **Brand Strategy**: Launched the "Engineered for Whatever" campaign, featuring irreverent outdoor product tests and guerilla marketing stunts in NYC. New products like the Amaze Puff jacket and ROC pants show early sell-through success.
- **Tariff Impact**: Estimated 2025 incremental tariff impact of $35-$40 million, with plans to offset 2026 costs through price increases (high single-digit for spring '26) and production resourcing. Long-term goal to restore product margins to historical levels.
- **Emerging Brands**: SOREL (+10%), prAna (+6%), and Mountain Hardwear (+5% full-price sales) show momentum, with SOREL expanding into year-round product lines.
- **Q4 Outlook**: Net sales expected to decline 5-8% YoY, with EPS guidance of $1.04-$1.34. Full-year EPS projected at $2.55-$2.85, including $0.46 impairment charges.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income of $420 million, with Non-GAAP EPS of $0.95 (including $0.46 impairment). Gross margin declined 20bps to 50% due to tariffs and FX, while SG&A rose 5% to $340 million, driven by marketing investments.
- **Tariff Mitigation**: 2025 unmitigated tariff impact of $160 million, with 2026 plans to offset costs through price increases, vendor negotiations, and production shifts. Spring '26 U.S. pricing up high single-digits, with similar fall increases.
- **Liquidity**: Strong balance sheet supports tariff navigation, with focus on SG&A leverage and operating margin improvement.

**【Q&A Highlights】**
- **Product Pipeline**: Amaze Puff jacket sold out online, with men's version launching in spring '26. Footwear collaborations with Peter Moore's '90s designs to expand brand differentiation.
- **Tariff Strategy**: Team of 81 largest U.S. duty payers skilled in duty optimization, with factory partnerships and production resourcing to mitigate costs.
- **SG&A Efficiency**: Marketing spend increased to 6.5% of sales in 2025, with plans to leverage growth and reduce SG&A rate in 2026. Profit improvement initiatives targeting cost reductions.
- **Inventory Health**: Channel inventories healthy, with no pushback from retailers on new product lines. Fall '25 sell-through slow in U.S. but improving with cold weather.
- **International Growth**: China and EMEA direct businesses outperforming, with Hike Party 2.0 generating 10 million+ impressions and ROI Festival award recognition.

Columbia Sportswear Company (COLM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

COLM

COLM fundamentals

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