NEW YORK (AP) — Columbia Sportswear is buying yoga and climbing clothing maker PrAna Living for $190 million, saying it wants to cut its dependence on cold-weather shoes, clothing and gear.
The Portland, Ore., company behind the Columbia, Mountain Hardware, Sorel and Montrail brands said Tuesday that prAna's annual sales are on track to surpass $100 million in 2014. It said the deal will add to its net income in 2015.
Columbia Sportswear Co. said it expects revenue to grow 16 to 18 percent this year, excluding PrAna. That suggests sales of $1.95 billion to $1.99 billion. Analysts expect $1.96 billion, on average.
For the first quarter, net income more than doubled, to $22.3 million, or 63 cents per share. Revenue rose 22 percent to $424.1 million.
FactSet says analysts expected net income of 33 cents per share and $397.6 million in revenue.
Columbia Sportswear expects the purchase of Carlsbad, Calif.-based PrAna to close in the second quarter. Steelpoint Capital Partners is the primary owner.
Shares rose 2.9 percent to $81.94 Tuesday and were unchanged in aftermarket trading.