Columbia Sportswear Names Jenny Keenan as prAna President Amid Challenging Q1
Columbia Sportswear has appointed Jenny Keenan as the new president of its prAna brand, effective August 2023. The company's Q1 net sales stood at $770 million, marking a 6% year-over-year decrease.
Despite a challenging fiscal outlook, Columbia Sportswear's Latin America and Asia Pacific region grew by 2%. Mountain Hardwear was the sole bright spot, with sales surging 17%. However, the company's namesake brand, Sorel, and prAna saw sales decline by 6%, 24%, and 4% respectively.
The quarter saw wholesale results drop by 14%, while direct-to-consumer (DTC) channels grew by 3%. Inventory levels ended the quarter 37% lower. Looking ahead, the company expects its U.S. business to dip by mid-single-digit percentages for the full year.
In positive news, Columbia Sportswear is on track to achieve its savings target of $125 million to $150 million by 2026, with $75 million to $90 million expected this year.
Despite a challenging quarter and fiscal outlook, Columbia Sportswear is making progress towards its cost-saving goals. The appointment of Jenny Keenan as prAna's president signals a strategic move to navigate the company's diverse brand portfolio.
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