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<br /> 2011<br /> ANNUAL REPORT<br /> TO SHAREHOLDERS<br /> Dear Fellow Shareholders:<br /> INNOVATION.<br /> ENHANCED DESIGN.<br /> COMPELLING MARKETING.<br /> Those three simple ideas explain how<br /> Columbia Sportswear Company has<br /> succeeded for 74 years, and how we will<br /> continue to succeed in the future.<br /> In 2011, we achieved many of the financial and operational goals<br /> we set for the company at the beginning of the year. Record sales<br /> of $1.69 billion, up 14 percent from 2010, were driven by<br /> double-digit growth from the Columbia, Sorel and Mountain<br /> Hardwear brands, as well as from each of our international regions.<br /> More importantly, we improved the company’s profitability,<br /> increasing operating margins to 8.1 percent, compared to 7.0<br /> percent in 2010, and expanding net income by 34 percent, to<br /> $103.5 million, or $3.03 per share, compared to $77.0 million, or<br /> $2.26 per diluted share in 2010. We c<a title="COLM-20120403-AR-EJK.pdf page 1" href="http://viewer.zmags.com/publication/ed0392bc?page=1"> 2011 ANNUAL REPORT TO SHAREHOLDERS</a> <a title="COLM-20120403-AR-EJK.pdf page 2" href="http://viewer.zmags.com/publication/ed0392bc?page=2"> Dear Fellow Shareholders: INNOVATION. ENHANCED D</a> <a title="COLM-20120403-AR-EJK.pdf page 3" href="http://viewer.zmags.com/publication/ed0392bc?page=3"> As pleased as we are with the growth of Sorel, it</a> <a title="COLM-20120403-AR-EJK.pdf page 4" href="http://viewer.zmags.com/publication/ed0392bc?page=4"> 2011 Annual Report to Shareholders</a> <a title="COLM-20120403-AR-EJK.pdf page 5" href="http://viewer.zmags.com/publication/ed0392bc?page=5"> UNITED STATES SECU</a> <a title="COLM-20120403-AR-EJK.pdf page 6" href="http://viewer.zmags.com/publication/ed0392bc?page=6"> COLUMBIA SPORTSWEAR COMPANY DECEMBER 31, 2011 T</a> <a title="COLM-20120403-AR-EJK.pdf page 7" href="http://viewer.zmags.com/publication/ed0392bc?page=7"> PART I Item 1. BUSINESS General F</a> <a title="COLM-20120403-AR-EJK.pdf page 8" href="http://viewer.zmags.com/publication/ed0392bc?page=8"> For further discussion regarding the eff</a> <a title="COLM-20120403-AR-EJK.pdf page 9" href="http://viewer.zmags.com/publication/ed0392bc?page=9"> Product Design and Innovation We are com</a> <a title="COLM-20120403-AR-EJK.pdf page 10" href="http://viewer.zmags.com/publication/ed0392bc?page=10"> support the brand's positioning with fixtures and</a> <a title="COLM-20120403-AR-EJK.pdf page 11" href="http://viewer.zmags.com/publication/ed0392bc?page=11"> EMEA Sales in our EMEA region accounted for</a> <a title="COLM-20120403-AR-EJK.pdf page 12" href="http://viewer.zmags.com/publication/ed0392bc?page=12"> Our global internet marketing sites are </a> <a title="COLM-20120403-AR-EJK.pdf page 13" href="http://viewer.zmags.com/publication/ed0392bc?page=13"> and the risk of non-delivery, we place a signific</a> <a title="COLM-20120403-AR-EJK.pdf page 14" href="http://viewer.zmags.com/publication/ed0392bc?page=14"> of Manufacturing Practices (“SMP”). Columbia sour</a> <a title="COLM-20120403-AR-EJK.pdf page 15" href="http://viewer.zmags.com/publication/ed0392bc?page=15"> Our Success Depends on Our Business Strategies </a> <a title="COLM-20120403-AR-EJK.pdf page 16" href="http://viewer.zmags.com/publication/ed0392bc?page=16"> We also have license agreements that permi</a> <a title="COLM-20120403-AR-EJK.pdf page 17" href="http://viewer.zmags.com/publication/ed0392bc?page=17"> We Rely on Our Highly Customized Information Mana</a> <a title="COLM-20120403-AR-EJK.pdf page 18" href="http://viewer.zmags.com/publication/ed0392bc?page=18"> Factors that could affect our ability to accurate</a> <a title="COLM-20120403-AR-EJK.pdf page 19" href="http://viewer.zmags.com/publication/ed0392bc?page=19"> In addition, many of our imported products a</a> <a title="COLM-20120403-AR-EJK.pdf page 20" href="http://viewer.zmags.com/publication/ed0392bc?page=20"> We May be Adversely Affected by the Financial Hea</a> <a title="COLM-20120403-AR-EJK.pdf page 21" href="http://viewer.zmags.com/publication/ed0392bc?page=21"> As we strive to achieve technical innovatio</a> <a title="COLM-20120403-AR-EJK.pdf page 22" href="http://viewer.zmags.com/publication/ed0392bc?page=22"> necessary to defend against such claims or to enf</a> <a title="COLM-20120403-AR-EJK.pdf page 23" href="http://viewer.zmags.com/publication/ed0392bc?page=23"> Our Investments May be Adversely Affected by Mark</a> <a title="COLM-20120403-AR-EJK.pdf page 24" href="http://viewer.zmags.com/publication/ed0392bc?page=24"> Our Products Are Subject to Increasing Product Re</a> <a title="COLM-20120403-AR-EJK.pdf page 25" href="http://viewer.zmags.com/publication/ed0392bc?page=25"> In addition, as of December 31, 2011, we</a> <a title="COLM-20120403-AR-EJK.pdf page 26" href="http://viewer.zmags.com/publication/ed0392bc?page=26"> Timothy P. Boyle joined Columbia in 1971 as </a> <a title="COLM-20120403-AR-EJK.pdf page 27" href="http://viewer.zmags.com/publication/ed0392bc?page=27"> Daniel G. Hanson joined Columbia in Septe</a> <a title="COLM-20120403-AR-EJK.pdf page 28" href="http://viewer.zmags.com/publication/ed0392bc?page=28"> Patrick J. Werner joined Columbia in April</a> <a title="COLM-20120403-AR-EJK.pdf page 29" href="http://viewer.zmags.com/publication/ed0392bc?page=29"> PART II Item 5. MARKET FOR REGISTRANT'S COM</a> <a title="COLM-20120403-AR-EJK.pdf page 30" href="http://viewer.zmags.com/publication/ed0392bc?page=30"> Our current dividend policy is dependent</a> <a title="COLM-20120403-AR-EJK.pdf page 31" href="http://viewer.zmags.com/publication/ed0392bc?page=31"> Issuer Purchases of Equity Securities </a> <a title="COLM-20120403-AR-EJK.pdf page 32" href="http://viewer.zmags.com/publication/ed0392bc?page=32"> Item 6. SELECTED FINANCIAL DATA Selected Co</a> <a title="COLM-20120403-AR-EJK.pdf page 33" href="http://viewer.zmags.com/publication/ed0392bc?page=33"> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS</a> <a title="COLM-20120403-AR-EJK.pdf page 34" href="http://viewer.zmags.com/publication/ed0392bc?page=34"> subject to substantial cyclical fluctuation, the </a> <a title="COLM-20120403-AR-EJK.pdf page 35" href="http://viewer.zmags.com/publication/ed0392bc?page=35"> As our business model and strategies have</a> <a title="COLM-20120403-AR-EJK.pdf page 36" href="http://viewer.zmags.com/publication/ed0392bc?page=36"> Year Ended December 31, 2011 Compared to Year End</a> <a title="COLM-20120403-AR-EJK.pdf page 37" href="http://viewer.zmags.com/publication/ed0392bc?page=37"> and equipment, followed by a net sales increase i</a> <a title="COLM-20120403-AR-EJK.pdf page 38" href="http://viewer.zmags.com/publication/ed0392bc?page=38"> Gross Profit: Gross profit as a percenta</a> <a title="COLM-20120403-AR-EJK.pdf page 39" href="http://viewer.zmags.com/publication/ed0392bc?page=39"> Year Ended December 31, 2010 Compared to Year End</a> <a title="COLM-20120403-AR-EJK.pdf page 40" href="http://viewer.zmags.com/publication/ed0392bc?page=40"> shift in the timing of shipments as a higher perc</a> <a title="COLM-20120403-AR-EJK.pdf page 41" href="http://viewer.zmags.com/publication/ed0392bc?page=41"> Gross Profit: Gross profit as a percenta</a> <a title="COLM-20120403-AR-EJK.pdf page 42" href="http://viewer.zmags.com/publication/ed0392bc?page=42"> 2011 compared to 2010 Net cash provided</a> <a title="COLM-20120403-AR-EJK.pdf page 43" href="http://viewer.zmags.com/publication/ed0392bc?page=43"> We expect to fund our future capital expendi</a> <a title="COLM-20120403-AR-EJK.pdf page 44" href="http://viewer.zmags.com/publication/ed0392bc?page=44"> Our negotiated credit facilities generally c</a> <a title="COLM-20120403-AR-EJK.pdf page 45" href="http://viewer.zmags.com/publication/ed0392bc?page=45"> creditworthiness of customers based on ongoi</a> <a title="COLM-20120403-AR-EJK.pdf page 46" href="http://viewer.zmags.com/publication/ed0392bc?page=46"> Stock-Based Compensation Stock-based co</a> <a title="COLM-20120403-AR-EJK.pdf page 47" href="http://viewer.zmags.com/publication/ed0392bc?page=47"> Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSUR</a> <a title="COLM-20120403-AR-EJK.pdf page 48" href="http://viewer.zmags.com/publication/ed0392bc?page=48"> Report of Independent Registered Public Accountin</a> <a title="COLM-20120403-AR-EJK.pdf page 49" href="http://viewer.zmags.com/publication/ed0392bc?page=49"> COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED BALANCE</a> <a title="COLM-20120403-AR-EJK.pdf page 50" href="http://viewer.zmags.com/publication/ed0392bc?page=50"> COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEME</a> <a title="COLM-20120403-AR-EJK.pdf page 51" href="http://viewer.zmags.com/publication/ed0392bc?page=51"> COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEME</a> <a title="COLM-20120403-AR-EJK.pdf page 52" href="http://viewer.zmags.com/publication/ed0392bc?page=52"> COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEME</a> <a title="COLM-20120403-AR-EJK.pdf page 53" href="http://viewer.zmags.com/publication/ed0392bc?page=53"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 54" href="http://viewer.zmags.com/publication/ed0392bc?page=54"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 55" href="http://viewer.zmags.com/publication/ed0392bc?page=55"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 56" href="http://viewer.zmags.com/publication/ed0392bc?page=56"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 57" href="http://viewer.zmags.com/publication/ed0392bc?page=57"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 58" href="http://viewer.zmags.com/publication/ed0392bc?page=58"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 59" href="http://viewer.zmags.com/publication/ed0392bc?page=59"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 60" href="http://viewer.zmags.com/publication/ed0392bc?page=60"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 61" href="http://viewer.zmags.com/publication/ed0392bc?page=61"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 62" href="http://viewer.zmags.com/publication/ed0392bc?page=62"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 63" href="http://viewer.zmags.com/publication/ed0392bc?page=63"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 64" href="http://viewer.zmags.com/publication/ed0392bc?page=64"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 65" href="http://viewer.zmags.com/publication/ed0392bc?page=65"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 66" href="http://viewer.zmags.com/publication/ed0392bc?page=66"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 67" href="http://viewer.zmags.com/publication/ed0392bc?page=67"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 68" href="http://viewer.zmags.com/publication/ed0392bc?page=68"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 69" href="http://viewer.zmags.com/publication/ed0392bc?page=69"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 70" href="http://viewer.zmags.com/publication/ed0392bc?page=70"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 71" href="http://viewer.zmags.com/publication/ed0392bc?page=71"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 72" href="http://viewer.zmags.com/publication/ed0392bc?page=72"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 73" href="http://viewer.zmags.com/publication/ed0392bc?page=73"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 74" href="http://viewer.zmags.com/publication/ed0392bc?page=74"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 75" href="http://viewer.zmags.com/publication/ed0392bc?page=75"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 76" href="http://viewer.zmags.com/publication/ed0392bc?page=76"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 77" href="http://viewer.zmags.com/publication/ed0392bc?page=77"> COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATE</a> <a title="COLM-20120403-AR-EJK.pdf page 78" href="http://viewer.zmags.com/publication/ed0392bc?page=78"> SUPPLEMENTARY DATA—QUARTERLY FINANCIAL DATA (Unau</a> <a title="COLM-20120403-AR-EJK.pdf page 79" href="http://viewer.zmags.com/publication/ed0392bc?page=79"> Integrated Framework. Based on our assessment we </a> <a title="COLM-20120403-AR-EJK.pdf page 80" href="http://viewer.zmags.com/publication/ed0392bc?page=80"> Report of Independent Registered Public Accountin</a> <a title="COLM-20120403-AR-EJK.pdf page 81" href="http://viewer.zmags.com/publication/ed0392bc?page=81"> PART III Item 10. DIRECTORS, EXECUTIVE OFFICE</a> <a title="COLM-20120403-AR-EJK.pdf page 82" href="http://viewer.zmags.com/publication/ed0392bc?page=82"> PART IV Item 15. EXHIBITS AND FINANCIAL STATE</a> <a title="COLM-20120403-AR-EJK.pdf page 83" href="http://viewer.zmags.com/publication/ed0392bc?page=83"> SIGNATURES Pursuant to the requirements o</a> <a title="COLM-20120403-AR-EJK.pdf page 84" href="http://viewer.zmags.com/publication/ed0392bc?page=84"> EXHIBIT INDEX In reviewing the agreements </a> <a title="COLM-20120403-AR-EJK.pdf page 85" href="http://viewer.zmags.com/publication/ed0392bc?page=85"> Exhibit No. Exhibit Name +10.2(d) </a> <a title="COLM-20120403-AR-EJK.pdf page 86" href="http://viewer.zmags.com/publication/ed0392bc?page=86"> Exhibit No. Exhibit Name 31.2 </a>