Columbia Sportswear believes its Sorel footwear brand is on its way to becoming a $1 billion brand.
For the fiscal year ended Dec. 31, Sorel’s revenue totaled $347.3 million, an 11% increase in constant currency compared to the prior year.
If not for supply chain issues that caused late deliveries, Columbia believes Sorel sales would have grown more for the year.
Those supply chain issues led to order cancellations, which contributed to a 9% sales decrease in constant currency for Q4.
“Early season sell-through was challenged given delivery delays,” Columbia Sportswear CEO Tim Boyle said on an earnings conference call Thursday.
However, as product availability improved, “Consumer demand for the brand was evident on Sorel.com, which generated robust growth in December,” Boyle said. “Growth categories, including sneakers and sandals, were top performers in the quarter.”
Going forward, the brand has shop-in-shops planned with key wholesale partners, and Columbia expects Sorel to be the fastest growing brand in the company’s portfolio in 2023.
“We believe Sorel is on its way. … to becoming the next global footwear force,” Boyle said.