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.
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.