Outdoor apparel brand Prana posted sales of $30.7 million for the third quarter ended Sept. 30, down 18% from the prior-year period.
“The Prana team remains focused on re-positioning the brand for growth in future seasons,” said Columbia Sportswear CEO Tim Boyle on a conference call with investors. “Our new brand President, Tricia Shumavon, is quickly assessing promise opportunities and charting a path to unlock the brand’s growth potential.”
Prana’s sale decline is due to lower consumer demand, according to the company.
Parent company Columbia Sportswear reported a 3% increase in sales for the third quarter of 2023, but reduced its full-year guidance based on inventory challenges, retailer caution, and looming product regulations.
For the first nine months of 2023, Prana had $90.8 million in net sales, down 18% from the same period last year in reported currency.
Columbia announced that Shumavon would be joining the company as president of Prana in August, tasked with turning around the brand, which has not met expectations since acquisition.
In February, Columbia announced it had incurred a $35.6 million non-cash impairment charge against Prana, in part because the brand had not performed as well as expected since it was acquired in 2014.
Columbia acquired Prana for $190 million in 2014. In 2015, its first full year under Columbia, Prana’s revenue totaled $125 million, according to Columbia financial reports.
Prana’s full-year sales in fiscal 2022 totaled $143.1 million.
Read more about Columbia Sportswear’s Q3 results here.
