Columbia Sportswear CEO Tim Boyle told CNBC on Thursday the coronavirus pandemic’s acceleration of online shopping trends will not lead to the ultimate demise of physical retail.
But the longtime apparel executive acknowledged the health crisis altered the company’s outlook on how large e-commerce will be going forward.
“I think the move to digital purchasing on all sorts of products, but especially apparel and footwear, is here to stay and will probably be bigger than we had originally thought,” Boyle said on “Closing Bell.”
In its July quarterly earnings report, Columbia reported a 40% decline in overall net revenues due in part to pandemic-related store closures. However, the outdoor apparel maker’s e-commerce sales spiked 72% compared with the year-ago period.
Underscoring the importance of a strong online shopping experience for customers, Boyle said the company’s “only surviving” capital expenditure project in 2020 was “a real complete redo on our own