Columbia Sportswear Had A Flat Quarter, But Underlying Trends Are Not That Good

Impact · against what's priced in

COLM faces a negative outlook as marginal Q3 beats are eclipsed by multi-year margin erosion and weakening US DTC trends. The expectation of declining operating margins into FY26 suggests a fundamental deterioration in earnings power.

COLM−0.40

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In context

The slight Q3 beat is offset by expectations of declining operating margins through FY25 and FY26, driven by tariffs, rising SG&A, and weakness in the US DTC market.

Read from the article alone

• retail
• earnings
• guidance
• COLM
• apparel
• direct to consumer
• margins
• tariffs

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