Colombia Sportswear hit a new record in the final quarter of 2022, with its sales reaching $1.7 billion, a 4% increase compared to the year before.
The increase in sales helped offset losses arising from supply chain disruptions and a decline in the company’s emerging brands business.
“We are entering 2023 in a position of strength, with strong consumer demand for our innovative products,” said Chairman and CEO Tim Boyle.
“With the early receipt of Spring merchandise, we are well positioned for timely deliveries and have strategies in place to profitably and efficiently reduce inventory levels,” he added. “Our financial strength, with over 400 million dollars in cash and no debt, and our operating discipline will enable us to navigate near-term headwinds and position us to emerge in a stronger position.”
That said, the company saw its net profit for the quarter slide to $125.7 million from $157 million as tackling supply chain issues took a bite.
The results “could have been even higher, absent supply chain constraints which severely delayed inventory availability throughout the year,” Boyle said.
Looking ahead, the company is expecting its annual sales in the $3.57 billion and $3.67 billion range, which would mark a 3% to 6% year-on-year growth.
