Columbia Sportswear Company (Nasdaq:COLM), a leading innovator in active outdoor apparel, footwear, accessories and equipment, today announced that its Board of Directors has authorized the repurchase of up to an additional $200 million of company common stock in market or negotiated transactions. The authorization is effective immediately. Year-to-date, the company has repurchased 939,560 shares, including 398,518 shares since our last earnings release on July 26, 2018. Currently, the company has $59.7 million remaining available under the current share repurchase authorization.
“Because of market opportunities we were on a path to exhausting the existing authorization more swiftly than anticipated. Our share repurchase program is an important part of our capital allocation strategy, and we are pleased we have been able to deliver additional returns to shareholders by repurchasing shares in the marketplace. Since 2014, we have repurchased over 3.4 million shares at approximately $58 per share,” said President and CEO Tim Boyle. “We remain confident in our long-term sustainable profitable growth potential and ability to increase total return to shareholders in the years ahead.”
The repurchase program does not obligate the company to acquire any specific number of shares or acquire shares over any specified period of time, and the share repurchase program may be commenced, modified, suspended, or discontinued at any time by the company at its discretion.
About Columbia Sportswear Company
Columbia Sportswear Company has assembled a portfolio of brands for active lives, making it a leader in the global active lifestyle apparel, footwear, accessories, and equipment industry. Founded in 1938 in Portland, Oregon, the company’s brands are today sold in approximately 90 countries. In addition to the Columbia® brand, Columbia Sportswear Company also owns the Mountain Hardwear®, SOREL® and prAna® brands. To learn more, please visit the company’s websites at www.columbia.com, www.mountainhardwear.com, www.sorel.com, and www.prana.com.
