Columbia Sportswear Co. shares slipped 5 percent in afterhours trading today after the company said growth would slow dramatically this year.
“We believe our brands continue to gain strength in the market; however, our business is not fully insulated from the effects of this year’s unusually warm winter globally, or from the macro-economic challenges that continue to cloud the European and U.S. marketplaces,” said Tim Boyle, president and chief executive officer. “Due to those factors, we have built our preliminary outlook for 2012 around low single-digit sales growth, compared with the 19 percent and 14 percent growth that we achieved in 2010 and 2011, respectively.”
The company said it is taking steps to cut expenses in response to the weaker outlook, but its stock fell $2.41 to $45.49 following the aftermarket report.
Columbia also said net income last year increased 34.3 percent to $103.5 million on a 14.2 percent gain in sales to $1.69 billion.