Columbia Sportswear Co (COLM) delivered a strong Q3 2024 EPS of $1.56, surpassing Citi's estimate of $1.29 and consensus of $1.36, driven by improved gross margins (GM) and SG&A efficiencies. Despite this, North American sales were sluggish due to warm weather, a trend persisting into October. Management adjusted full-year EPS guidance to $3.70-$4.05, up from $3.65-$4.05, but lowered sales guidance to a decline of 3-5% from 2-4%. The company anticipates a challenging winter season but expects cleaner inventories to reduce clearance sales, supporting GM. International sales remained robust, with EMEA up 10% and LatAm/Asia up 17%. Citi maintains a "Neutral" rating, citing a balanced risk/reward profile amid a choppy macroeconomic backdrop and weather-related sales volatility. "With the stock trading at 9x our F24E EBITDA, and with the choppy macro backdrop, we believe the risk/reward is balanced," Citi notes.