2020 Annual Report
WE CONNECT
ACTIVE
PEOPLE
WITH THEIR
PASSIONS
Dear Fellow Shareholders:
(All growth and financial performance comparisons are between
full year 2020 and full year 2019, unless otherwise noted)
2020 was a challenging year for all of us. While our financial
performance, inclusive of net sales and profitability
declines, reflects the significant impact of the ongoing
pandemic, it does not tell the full story. I’m incredibly
proud of the extraordinary efforts of our global team of
dedicated employees that quickly adapted to new work
environments and kept our business moving forward.
Among their many accomplishments during 2020 included
a smooth transition to a virtual work environment,
efforts to maintain the health and safety of our frontline
employees, the execution of our operations teams to
deliver product, and our call center teams and retail
staff engaging to take care of our consumers. These
are just a few of the many ways their actions put us in a
position to not only survive the pandemic but return to
growth and emerge in a stronger competitive position.
In early 2020, as the COVID-19 outbreak escalated to an
unprecedented global health and economic crisis, our
teams took swift action to adapt business operations,
preserve financial liquidity and identify and implement cost
savings. To preserve liquidity, management suspended
share repurchases and reduced capital expenditures and our
Board of Directors approved the suspension of our quarterly
dividend. Collectively, these actions reduced 2020 capital
outflows by over $130 million. On the cost savings front, we
implemented several cost containment actions that when
combined with lower variable expenses, resulted in over
$100 million in 2020 SG&A expense savings, in comparison
to 2019, before non-recurring expenses and charges.
These actions along with disciplined working capital
management enabled 2020 free cash flow of nearly $250
million, and cash and short-term investments of over $790
million and no borrowings exiting the year. This strong
financial position and underlying business momentum
exiting 2020 would have been hard to imagine earlier in
the year, at the height of pandemic-related uncertainty.
I’m proud to say that based on our profitable growth
trajectory and fortress balance sheet, our Board of Directors
had the confidence to approve a regular quarterly cash
dividend, increase our stock repurchase authorization
and return to our pre-pandemic capital allocation
strategy at its regular board meeting in January 2021.
Nearly all aspects of our 2020 financial performance
were impacted by the ongoing pandemic. 2020 net sales
declined 18 percent with declines across all regions, brands
and product categories. A bright spot was our direct-to-
consumer (“DTC”) e-commerce channel which grew 39
percent, as more consumers sought out our innovative
products online. DTC e-commerce grew to 19 percent of
our sales mix in 2020, compared to 11 percent in 2019. If
you include our wholesale partners online businesses along
with our own e-commerce sites, we estimate online sales
were over 30 percent of our global net sales mix in 2020.
Gross margin contracted 90 basis points to 48.9 percent of
net sales and operating margin decreased 750 basis points
to 5.5 percent of net sales. This performance resulted in
diluted earnings per share of $1.62, a 66 percent decline
compared to 2019 diluted earnings per share of $4.83.
2020 BRAND PERFORMANCE
NET SALES AND GROWTH VS. PRIOR YEAR
TWELVE MONTHS ENDED DECEMBER 31, 2020
$1,997 MILLION
-20%
$293 MILLION
-7%
$80 MILLION
-11%
$132 MILLION
-13%
Columbia brand net sales declined 20 percent to $1,997 million
in 2020. The decline in net sales primarily reflects lower whole-
sale and DTC brick & mortar sales, partially offset by DTC
e-commerce growth. For the year, Columbia’s DTC e-commerce
business grew 39 percent.
On the product front, 2020 marked the 10th anniversary of the
launch of Columbia’s patented innovation, Omni-Heat Thermal
Reflective. Originally inspired by foil space blankets, Omni-Heat
is one of the best-selling winter technologies in the world. Since
it was launched in 2010, cumulative sales have far exceeded
$1 billion, and we still see tremendous opportunity in the years
ahead. The season-long 10th anniversary celebration featured
an array of online events, including interviews and live events
with Columbia brand ambassadors, and a global marketing
campaign. In 2021, we expect this momentum to continue with
the largest innovation launch in our Company’s history, Om-
ni-Heat Infinity. This newest addition to our Omni-Heat product
line features improved heat retention and a highly visible and
distinctive new look. Early retailer feedback and orders for Om-
ni-Heat Infinity have been very encouraging.
We also launched our 5th annual Star Wars collection. This
year’s collection, based on the hit Disney series, The Mandalori-
an, was our most extensive to date with several styles for adults
and children. The launch generated a phenomenal response
from our consumers with many styles selling-out in the first hour.
Our efforts to promote the collection earned dozens of online
and broadcast placements, creating over 300 million impres-
sions across media and social channels.
Footwear remains an important growth opportunity for the Co-
lumbia brand and was a top performing category in 2020. The
success of classic styles like the Newton Ridge hiking boot, PFG
footwear and a growing assortment of sneakers and modern
hiking styles are all expanding the brand’s popularity and reach
in this important category.
On the marketing front, we proudly announced Bubba Wallace
as Columbia’s newest brand ambassador. In addition to his rac-
ing talent, Bubba is an outdoor enthusiast whose courage and
charisma align with the Columbia brand’s Tested Tough ethos.
I’m excited to see what Bubba can achieve in 2021 with his new
NASCAR team 23XI, whose principal owners include Michael
Jordan and three-time Daytona 500 winner Denny Hamlin.
net sales down only 7 percent to $293 million, despite the
challenges presented by the pandemic. A bright spot for the
brand was its DTC e-commerce business which grew 44 percent
in 2020. As the pandemic took hold and category trends shifted
to reflect consumers at-home routines, brand affinity for SOREL
remained high as demand shifted towards versatile collections
such as Kinetic sneakers, Ella sandals and classic slippers.
Success in these new categories represents a significant growth
opportunity and validates SOREL’s evolution beyond its legacy
winter utility business to become a year-round function first
fashion footwear brand.
prAna net sales declined 13 percent to $132 million in 2020,
primarily reflecting lower wholesale sales, partially offset by DTC
e-commerce growth. The brand’s DTC e-commerce business
grew 37 percent in 2020, including robust new customer
acquisition growth. It is clear that prAna’s commitment to being
an industry leader in sustainability and its mission to create
clothing for positive change is driving new consumers to the
brand. prAna is uniquely positioned at the intersection of
four growing consumer trends: rising participation in outdoor
activities, conscious consumerism, sustainability, and growing
demand for yoga and active apparel.
R E G I O N A L
P E R F O R M A N C E
2020 REGIONAL
GROWTH HIGHLIGHTS
NET SALES GROWTH VS. PRIOR YEAR
TWELVE MONTHS ENDED DECEMBER 31, 2020
( GROWTH CONSTANT-CURRENCY AND AS REPORTED )
CONSTANT
CURRENCY
( $US )
)
(
US
-17%
CANADA
-14%
EMEA
-20%
LAAP
-20%
AS REPORTED ( $US )
US
-17%
CANADA
-14%
EMEA
-19%
LAAP
-20%
*NON-GAAP MEASURE
Reviewing 2020 net sales by geographic region, declines
across all regions primarily reflect the impacts of the ongoing
COVID-19 pandemic resulting in temporary store closures,
including our wholesale customers’ stores, and lower consumer
demand.
U.S. net sales decreased 17 percent to $1.60 billion in 2020, in-
cluding a low-20 percent decline in our wholesale business and
a mid-teens percent decline in our DTC business.
Net sales outside of the U.S. decreased 18 percent (19 percent
constant-currency) to $898 million in 2020 and represented 36
percent of total net sales.
Latin America and Asia Pacific (“LAAP”) net sales decreased 20
percent to $425 million in 2020.
•
Japan net sales decreased mid-teens percent (high-teens
percent constant-currency).
• Korea net sales decreased mid-single-digit percent.
•
• China net sales decreased mid-20 percent.
LAAP Distributor net sales decreased high-30 percent.
Mountain Hardwear net sales decreased 11 percent to $80
million in 2020, primarily reflecting lower wholesale sales,
partially offset by DTC e-commerce growth. The brand’s DTC
e-commerce business grew 31 percent in 2020. We believe the
investments we’ve made in recent years into Mountain Hard-
wear’s re-energized product line and modernized messaging and
look are sparking consumer and retailer interest. Looking at the
Fall 2021 orderbook, strong growth at key wholesale accounts
as well as meaningful new distribution demonstrates retailers are
embracing the brand’s direction.
Europe, Middle East and Africa (“EMEA”) net sales decreased
19 percent (20 percent constant-currency) to $299 million in
2020, with declines in both our EMEA distributor and Europe-di-
rect businesses.
• EMEA distributor net sales decreased mid-30 percent
• Europe-direct net sales decreased low-double-digit per-rr
cent (low-teens percent constant currency).
Canada net sales decreased 14 percent to $174 million in 2020.
g
Strategic Initiatives
We are committed to driving sustainable and profitable long-
term growth and investing in our strategic priorities to:
• drive global brand awareness and sales growth through
increased, focused demand creation investments;
• enhance consumer experience and digital capabilities in all
of our channels and geographies;
• expand and improve global DTC operations with support-
•
ing processes and systems; and
invest in our people and optimize our organization across
our portfolio of brands.
In 2020, we remained focused on demand creation to leverage
our compelling brand portfolio and to connect with consumers.
While overall demand creation expenses were down compared
to 2019, demand creation increased as a percent of sales to 5.7
percent in 2020, compared to 5.5 percent in 2019. We antic-
ipate demand creation expenses as a percent of net sales to
increase further to 6.0 percent of net sales in 2021. This rep-
resents the highest level of demand creation investment, as a
percent of sales, in our history as a public company. Within our
demand creation spending, we are prioritizing digital marketing
and social media investments to amplify our brand messaging
and create clear paths to purchase.
The hardships of 2020 required an acute focus on cost contain-
ment and warranted a reduction in capital expenditures. With
that said, we were able to continue investing in top strategic pri-
orities including the implementation of our mobile-first e-com-
merce platform Experience First, or “X1”. Following the imple-
mentation of X1 across 10 countries in Europe-direct and for
the prAna brand in 2019, we went live on the platform in North
America for the Columbia, SOREL and Mountain Hardwear
brands in 2020, prior to the peak holiday sales season. The new
aesthetically enhanced sites are performing exceptionally well,
offering improved search, browsing, checkout, payment options,
loyalty and customer care experience to mobile shoppers.
In 2020, we also made changes to optimize our organization
to capitalize on Columbia’s omni-channel growth potential. We
believe by aligning our organizational structure globally we can
accelerate our business transformation with a focus on e-com-
merce and digital. As part of these changes, Franco Fogliato
transitioned to Executive Vice President, Global Omni-Channel.
In this role, Franco leads the Company in focusing on the om-
ni-channel experience and oversees all Columbia brand sales in
direct markets globally. We also demonstrated our commitment
to enhancing digital capabilities by creating a new Chief Digital
Information Officer position responsible for leading our global
technology organization. In early 2021, we announced Skip
Potter joined us in this new role, where he will play a pivotal role
in evolving our digital footprint and omni-channel and supply
chain capabilities across the enterprise.
As the pandemic took hold, we did not back down on our
commitment to product design and innovation. I’m excited with
our robust pipeline of innovative product, including the launch
of Columbia Omni-Freeze ZERO Ice and Omni-Heat Infinity in
2021.
Lastly, I would like to note that the turmoil and adversity of 2020
did not dampen our commitment to “doing the right thing,”
while still seeking to drive returns for our shareholders. We
recognized this commitment to “doing the right thing”, through
our environmental, social and governance (“ESG”) efforts. In
2020, we worked with peers across the industry to advocate for
the outdoors and the environment. In addition, we committed
to reducing the manufacturing portion of our carbon footprint
by 30% by 2030.
2020 also brought a call to action for organizations across the
world with respect to diversity and inclusion and we responded.
We took several steps to strengthen our commitment to diver-rr
sity and inclusion, including establishing a Diversity, Equity and
Inclusion (“DEI”) Leadership Team to lead our efforts toward a
more diverse, equitable, and inclusive workplace. This team is
focused on listening and learning, diversifying talent, creating
and sponsoring opportunity, and being a force for good. We
also partnered with our retail, distribution center and brand
teams to create engagement and develop department-level DEI
activities. Moving into 2021, we are dedicated to living DEI daily
and being inclusive beyond our own thoughts, ideas, culture,
beliefs and status.
I encourage you to review our most recent Corporate Responsi-
bility report posted to our website which highlights our strategy
and recent accomplishments that we’ve made empowering
people, sustaining places and promoting responsible practices.
As we look ahead, it is clear that consumer interest in outdoor
experiences has surged during the pandemic. In this environ-
ment, our mission to connect active people with their passions
is even more important and relevant than ever before. We look
forward to equipping these new and life-long outdoor enthusi-
asts with our innovative footwear and apparel in the seasons to
come.
Thank you for your continued confidence and support.
Sincerely,
Timothy P. Boyle
Chairman, President and Chief Executive Officer
This letter contains forward-looking statements. Actual results may differ
materially from those projected in these forward-looking statements as a
result of a number of risks and uncertainties, including those described in the
Company’s Annual Report on Form 10-K for the year ended December 31,
2020, and subsequent periodic reports, under the heading “Risk Factors.”
This letter includes references to constant-currency net sales, which is a
non-GAAP financial measure, to provide a framework to assess how the
business performed excluding the effects of changes in the exchange rates
used to translate net sales generated in foreign currencies into U.S. dollars.
We provide a reconciliation of constant-currency net sales to net sales as
reported under U.S. GAAP in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2020.
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