February 27, 2020 / 10:33 PM / a month ago

BRIEF-Columbia Sportswear Says Will Have Material Impact On Near-Term On Covid-19 Outbreak

Feb 27 (Reuters) - Columbia Sportswear Co:

* MPANY PROVIDES UPDATE ON COVID-19 IMPACTS

* OUTBREAK WILL HAVE A MATERIAL IMPACT ON NEAR-TERM FINANCIAL PERFORMANCE IN CHINA

* HAVE NO REPORTED INCIDENTS OF EMPLOYEES CONTRACTING VIRUS TO DATE

* COLUMBIA SPORTSWEAR- WHILE STORES HAVE BEGUN TO REOPEN IN CHINA, APPROXIMATELY HALF OF OUR OWNED AND PARTNER STORES THERE REMAIN TEMPORARILY CLOSED

* STORES THAT ARE OPEN IN CHINA HAVE EXPERIENCED A MATERIAL DECLINE IN TRAFFIC AND CORRESPONDING SALES

* UNTIL NORMALITY RETURNS, WE EXPECT A CONTINUED UNFAVORABLE IMPACT ON SALES IN OUR ASIA-DIRECT BUSINESS

* COLUMBIA SPORTSWEAR- TEMPORARY FACTORY CLOSURES AND PACE OF WORKERS RETURNING TO WORK IMPACTED CONTRACT MANUFACTURERS’ ABILITY TO SOURCE RAW MATERIALS

* OUTBREAK IS ALSO IMPACTING DISTRIBUTION AND LOGISTICS PROVIDERS’ ABILITY TO OPERATE IN NORMAL COURSE OF BUSINESS

* SUPPLY CHAIN IMPACTS WILL LIKELY AFFECT OUR ABILITY TO TIMELY FULFILL ORDERS AND MEET CONSUMER DEMAND

* COLUMBIA SPORTSWEAR- GIVEN CO ALREADY RECEIVED SUBSTANTIALLY ALL SPRING 2020 PRODUCT, POTENTIAL ORDER FULFILLMENT DELAYS WOULD IMPACT FUTURE SEASONS

* AS OF DATE OF THIS RELEASE WE EXPECT OUR 2020 RESULTS TO BE SIGNIFICANTLY AFFECTED Source text for Eikon: Further company coverage:

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