Outerwear manufacturer Columbia Sportswear (NASDAQ:COLM) will be announcing earnings results tomorrow after market close. Here’s what investors should know.

Columbia Sportswear met analysts’ revenue expectations last quarter, reporting revenues of $570.2 million, down 8.2% year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ constant currency revenue estimates but underwhelming earnings guidance for the next quarter.

Is Columbia Sportswear a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Columbia Sportswear’s revenue to decline 4.9% year on year to $937.2 million, a reversal from the 3.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.36 per share.

Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 3 downward revisions over the last 30 days (we track 8 analysts). Columbia Sportswear has missed Wall Street’s revenue estimates three times over the last two years.

Looking at Columbia Sportswear’s peers in the apparel, accessories and luxury goods segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Carter’s revenues decreased 4.2% year on year, meeting analysts’ expectations, and VF Corp reported a revenue decline of 5.6%, topping estimates by 1.8%. Carter's traded down 14.1% following the results.

Read our full analysis of Carter’s results here and VF Corp’s results here.

Investors in the apparel, accessories and luxury goods segment have had steady hands going into earnings, with share prices flat over the last month. Columbia Sportswear is down 8.6% during the same time and is heading into earnings with an average analyst price target of $80.13 (compared to the current share price of $76).

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