(Note: All per-share amounts have been adjusted to reflect the 2-for-1 stock split completed on September 26, 2014.)

PORTLAND, Ore. — October 30, 2014 — Columbia Sportswear Company (NASDAQ: COLM) today announced record net sales of $675.3 million for the quarter ended September 30, 2014, an increase of $152.2 million, or 29 percent, compared with net sales of $523.1 million for the same period in 2013. Third quarter operating income increased 28 percent to $98.3 million and net income grew 20 percent to $65.6 million, or $0.93 per diluted share.

Tim Boyle, Columbia’s president and chief executive officer, commented, “I’m thrilled to announce these outstanding third quarter results which reflect strong performance by our Columbia and Sorel brands in North American wholesale and direct-to-consumer channels. In addition, strengthening of the Columbia brand in our Europe-direct markets and incremental sales from our new China JV and newly-acquired prAna brand further bolstered top-line growth.

“In response to our strong year-to-date performance, we raised our full year 2014 financial outlook to anticipate consolidated net sales growth of approximately 22 percent and a 35 percent increase in net income. In addition, we raised our quarterly dividend for the second time this year, bringing the cumulative increase in the dividend during 2014 to 20 percent.

“We see solid momentum continuing into 2015, assuming seasonal weather prevails in key global markets. Our confidence is based on strong early Fall 2014 sell-through, coupled with growth in Spring 2015 advance wholesale orders, and our plans for continued growth in our direct-to-consumer channels.”

Boyle concluded, “The efforts of our global teams over the last several years to deliver meaningful innovation, performance and compelling styling through our products, while increasing our investments in demand creation, are resonating with wholesale customers and, more importantly, with consumers, positioning us to generate double-digit net sales growth again in 2015, and to make further progress toward our goal of mid-teen operating margin.”

(All comparisons are between third quarter 2014 and third quarter 2013, unless otherwise noted.)

Third quarter consolidated net sales growth of $152.2 million included organic growth of approximately $73.3 million, or 14 percent, coupled with incremental net sales of approximately $50.7 million from the company’s China joint venture (JV) and approximately $28.2 million from the newly-acquired prAna brand. Changes in currency exchange rates negatively affected the year-over-year net sales comparison by less than 1 percentage point.

Net sales in the U.S. increased 26 percent to $406.3 million, including $28.2 million of incremental prAna net sales; Latin America/Asia Pacific (LAAP) region net sales increased 72 percent to $123.5 million, including $50.7 million of incremental sales from the company’s new China joint venture and a 1 percentage point benefit from changes in currency exchange rates; Europe/Middle East/Africa (EMEA) region net sales increased 1 percent to $78.8 million, including a 1 percentage point benefit from changes in currency exchange rates; and net sales in Canada increased 34 percent to $66.7 million, including a 6 percentage point negative effect from changes in currency exchange rates. (See “Geographical Net Sales” table below.)

Apparel, Accessories & Equipment net sales grew 28 percent to $549.4 million. Footwear net sales increased 33 percent to $125.9 million. (See “Categorical Net Sales” table below.)

Columbia brand net sales increased 29 percent to $555.4 million, Sorel brand net sales increased 23 percent to $58.2 million, and the newly-acquired prAna brand contributed $28.2 million of incremental net sales. Those increases were partially offset by a 24 percent decline in Mountain Hardwear net sales to $31.0 million. (See “Brand Net Sales” table below.)

Third quarter income from operations increased 28 percent to $98.3 million, or 14.6 percent of sales, including approximately $3.9 million of amortization of certain acquired assets, costs associated with the step-up in acquired inventory, and other integration costs related to the prAna acquisition. Excluding prAna’s operating results and the $3.9 million of expenses related to the prAna acquisition, adjusted operating income increased to 15.1 percent of net sales, compared with $76.9 million, or 14.7 percent of net sales, for the same period in 2013.

Third quarter net income increased 20 percent, to $65.6 million, or $0.93 per diluted share, compared with net income of $54.6 million, or $0.79 per diluted share, for the same period in 2013.

The company ended the third quarter with $185.8 million in cash and short-term investments, compared with $303.2 million at September 30, 2013. Approximately 76 percent of cash and short-term investments were held in foreign jurisdictions where a repatriation of those funds to the United States would likely result in a significant tax cost to the company.

Consolidated inventory totaled $494.8 million at September 30, 2014, approximately 21 percent higher than the $410.1 million balance at September 30, 2013. Excluding incremental inventory of the China JV and newly-acquired prAna, inventory was 9 percent higher than one year ago.

During the third quarter and through October 20, 2014, the company repurchased approximately 420,500 shares of common stock at an aggregate purchase price of approximately $15.0 million, including 54,600 shares ($2.0 million) purchased during the third quarter. Approximately $43.6 million remains under the current repurchase authorization, which does not obligate the company to acquire any specific number of shares or to acquire shares over any specified period of time.

The board of directors authorized a 7 percent increase in the company’s regular quarterly dividend to $0.15 per share from the prior $0.14 per share, payable on December 4, 2014 to shareholders of record on November 20, 2014, bringing the cumulative increase in the dividend during 2014 to 20 percent.

All projections related to anticipated future results are forward-looking in nature and are subject to risks and uncertainties that may cause actual results to differ, perhaps materially. The company’s annual net sales are weighted more heavily toward the second half of the fiscal year, while operating expenses are more equally distributed, resulting in a highly seasonal profitability pattern weighted toward the second half of the fiscal year.

All per-share amounts in the following outlook are based on outstanding shares that reflect the two-for-one stock split which took effect after the close of business on September 26, 2014.

A more detailed version of the company’s 2014 financial outlook and preliminary 2015 indications can be found in the “CFO Commentary on Third Quarter 2014 Financial Results, Upward-Revised 2014 Outlook, and Preliminary 2015 Indications”, available on the company’s investor relations website: http://investor.columbia.com/results.cfm.

Including prAna’s anticipated operating results for the June through December period, as well as non-recurring transaction costs of $3.4 million, and a total of approximately $7.6 million of amortization of certain acquired assets, costs associated with the step-up in acquired inventory, and other integration costs related to the prAna acquisition, we expect full year 2014 financial results to include:

We currently expect 2015 net sales to grow at a double-digit rate compared with our current 2014 net sales outlook of approximately $2.06 billion, and are planning the business to realize further improvement toward our long-term goal of returning to a mid-teen operating margin.

These expectations are based on the following preliminary factors, and assume that normal seasonal weather patterns prevail during the 2014 fall/winter season, and that macro and market conditions in key markets do not worsen materially:

At approximately 4:15 p.m. ET today, a commentary by Tom Cusick, senior vice president and chief financial officer, reviewing the company’s third quarter 2014 financial results and fourth quarter and full year 2014 financial outlook will be furnished to the SEC on Form 8-K and published on the company’s website at http://investor.columbia.com/results.cfm. Analysts and investors are encouraged to review this commentary prior to participating in the conference call.

The company will host a conference call on Thursday, October 30, 2014 at 5:00 p.m. ET to review its third quarter financial results and full year 2014 financial outlook. Dial 877-407-9205 to participate. The call will also be webcast live on the Investor Relations section of the Company’s website at http://investor.columbia.com where it will remain available until October 29, 2015.

Columbia Sportswear plans to report fourth quarter and full year 2014 financial results on Thursday, February 12, 2015 at approximately 4:00 p.m. ET. Following issuance of the earnings release, a commentary reviewing the results will be furnished to the SEC on Form 8-K and published on the investor relations section of the company’s website at http://investor.columbia.com/results.cfm. A public webcast of Columbia’s earnings conference

call will follow at 5:00 p.m. ET at www.columbia.com. To receive email notification of future announcements, please visit http://investor.columbia.com/events.cfm and register for E-Mail Alerts.

Columbia Sportswear Company is a leader in the global outdoor and active lifestyle apparel, footwear, accessories and equipment industry. Founded in 1938 in Portland, Oregon, the company has assembled a portfolio of global brands whose products are sold in approximately 100 countries. In addition to the Columbia® brand, Columbia Sportswear Company also owns the Mountain Hardwear®, Sorel®, prAna®, Montrail® and OutDry® brands. To learn more, please visit the company's websites at www.columbia.com, www.mountainhardwear.com, www.sorel.com, www.prana.com, www.montrail.com, and www.outdry.com.

This document contains forward-looking statements within the meaning of the federal securities laws, including statements regarding anticipated results, net sales and net sales growth, gross margins, operating expenses and leverage, licensing income, operating income, operating margins, anticipated acquisition effects (including accretive earnings, operating margins, projected net sales, advance order expectations, transaction and integration expenses, and purchase accounting amortization), tax rates, projected growth in global direct-to-consumer businesses, performance of our China joint venture in future periods, and net income. Forward-looking statements often use words such as “will,” “anticipate,” “estimate,” “expect,” “should,” and “may” and other words and terms of similar meaning or reference future dates. The company’s expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis; however, each forward-looking statement involves a number of risks and uncertainties, including those set forth in this document, those described in the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and those that have been or may be described in other reports filed by the company, including reports on Form 8-K. Potential risks and uncertainties that may affect our future revenues, earnings and performance and could cause the actual results of operations or financial condition of the company to differ materially from the anticipated results expressed or implied by forward-looking statements in this document include: our ability to realize the forecasted benefits of the prAna acquisition; loss of key customer accounts; our ability to effectively implement IT infrastructure and business process initiatives; the effects of unseasonable weather; unfavorable economic conditions generally, the financial health of our customers, and changes in the level of consumer spending and apparel preferences; changes in international, federal or state tax policies and rates; risks inherent in doing business in foreign markets; our ability to attract and retain key employees; higher than expected rates of order cancellations; increased consolidation of our retail customers; our ability to effectively source and deliver our products to customers in a timely manner; unforeseen increases and volatility in the cost of raw materials; our reliance on product innovations; our dependence on independent manufacturers and suppliers and our ability to source finished products and components at competitive prices from them; the effectiveness of our sales and marketing efforts; intense competition in the industry; business disruptions and acts of terrorism, cyberattacks, or military activities around the globe; and our ability to establish and protect our intellectual property. The company cautions that forward-looking statements are inherently less reliable than historical information. The company does not undertake any duty to update any of the forward-looking statements after the date of this document to conform them to actual results or to reflect changes in events, circumstances or its expectations. New factors emerge from time to time and it is not possible for the company to

predict or assess the impact of all such factors or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

	September 30,
	2014		2013
Current Assets:
Cash and cash equivalents	$	185,247	$	274,160
Short-term investments		537		29,049
Accounts receivable, net		458,844		378,032
Inventories, net		494,795		410,111
Deferred income taxes		50,710		50,342
Prepaid expenses and other current assets		42,916		38,514
Total current assets		1,233,049		1,180,208

Property, plant and equipment, net		289,480		280,682
Intangibles and other non-current assets		239,348		73,412
Total assets	$	1,761,877	$	1,534,302

Current Liabilities:
Short-term borrowings	$	2,185	$	-
Accounts payable		218,804		141,755
Accrued liabilities		140,660		119,654
Income taxes payable		18,922		9,257
Deferred income taxes		39		67
Total current liabilities		380,610		270,733

Note payable to related party		15,897		-
Other long-term liabilities		38,835		43,847

Equity:
Columbia Sportswear Company shareholders' equity		1,316,059		1,211,912
Non-controlling interest		10,476		7,810
Total equity		1,326,535		1,219,722

Total liabilities and equity	$	1,761,877	$	1,534,302

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Net sales	$	675,296		$	523,084		$	1,423,626		$	1,151,886
Cost of sales		368,515			290,735			775,734			645,949
Gross profit		306,781			232,349			647,892			505,937
		45.4	%		44.4	%		45.5	%		43.9	%

Selling, general and administrative expenses		210,659			162,951			536,214			437,789
Net licensing income		2,160			7,501			5,066			11,482
Income from operations		98,282			76,899			116,744			79,630

Interest income, net		238			56			861			403
Interest expense on note payable to related party		(282	)		-			(769	)		-
Other non-operating income (expense)		666			417			161			(686	)
Income before income tax		98,904			77,372			116,997			79,347

Income tax expense		(30,972	)		(22,822	)		(32,127	)		(22,025	)
Net income		67,932			54,550			84,870			57,322
Net income (loss) attributable to non-controlling interest		2,288			(36	)		3,300			(289	)
Net income attributable to Columbia Sportswear Company	$	65,644		$	54,586		$	81,570		$	57,611

Earnings per share attributable to Columbia Sportswear Company:
Basic	$	0.94		$	0.79		$	1.17		$	0.84
Diluted		0.93			0.79			1.15			0.83
Weighted average shares outstanding:
Basic		70,093			68,904			69,811			68,650
Diluted		70,818			69,506			70,693			69,280

	Nine Months Ended September 30,
	2014			2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	84,870		$	57,322
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		38,625			30,337
Loss on disposal or impairment of property, plant and equipment		350			370
Deferred income taxes		82			2,173
Stock-based compensation		8,136			6,532
Excess tax benefit from employee stock plans		(4,029	)		(1,083	)
Changes in operating assets and liabilities:
Accounts receivable		(139,578	)		(43,712	)
Inventories		(163,874	)		(46,795	)
Prepaid expenses and other current assets		(7,990	)		114
Other assets		303			330
Accounts payable and accrued liabilities		68,732			10,133
Income taxes payable		1,846			7,530
Other liabilities		3,998			472
Net cash provided by (used in) operating activities		(108,529	)		23,723

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of business, net of cash acquired		(188,467	)		-
Net sales of short-term investments		91,424			15,880
Capital expenditures		(42,843	)		(49,157	)
Proceeds from sale of property, plant, and equipment		58			49
Net cash used in investing activities		(139,828	)		(33,228	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facilities		15,287			36,896
Repayments on credit facilities		(12,999	)		(37,052	)
Proceeds from issuance of common stock under employee stock plans		19,293			14,199
Tax payments related to restricted stock unit issuances		(2,969	)		(2,144	)
Excess tax benefit from employee stock plans		4,029			1,083
Repurchases of common stock		(7	)		-
Proceeds from related party note payable		16,072			-
Capital contribution from non-controlling interest		-			8,000
Cash dividends paid		(29,369	)		(22,665	)
Net cash provided by (used in) financing activities		9,337			(1,683	)

NET EFFECT OF EXCHANGE RATE CHANGES ON CASH		(13,222	)		(5,433	)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(252,242	)		(16,621	)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		437,489			290,781
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	185,247		$	274,160

SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures incurred but not yet paid	$	5,796		$	1,259
Repurchases of common stock not yet paid		1,950			-

	Three Months Ended September 30,							Nine Months Ended September 30,
	2014		2013		% Change			2014		2013		% Change

Geographical Net Sales:
United States	$	406.3	$	323.1		26	%	$	793.8	$	663.4		20	%
Latin America & Asia Pacific		123.5		72.0		72	%		336.4		236.3		42	%
Europe, Middle East, & Africa		78.8		78.1		1	%		190.9		172.1		11	%
Canada		66.7		49.9		34	%		102.5		80.1		28	%
Total	$	675.3	$	523.1		29	%	$	1,423.6	$	1,151.9		24	%

Categorical Net Sales:
Apparel, Accessories and Equipment	$	549.4	$	428.6		28	%	$	1,166.1	$	958.6		22	%
Footwear		125.9		94.5		33	%		257.5		193.3		33	%
Total	$	675.3	$	523.1		29	%	$	1,423.6	$	1,151.9		24	%

Brand Net Sales:
Columbia	$	555.4	$	431.5		29	%	$	1,222.4	$	985.1		24	%
Mountain Hardwear		31.0		40.6		(24	)%		85.2		95.2		(11	)%
Sorel		58.2		47.4		23	%		74.1		62.7		18	%
prAna		28.2		-	-				33.7		-	-
Other		2.5		3.6		(31	)%		8.2		8.9		(8	)%
Total	$	675.3	$	523.1		29	%	$	1,423.6	$	1,151.9		24	%