Cautious Outlook on Columbia Sportswear: Hold Rating Amid Sales Weakness and Rising CostsWe continue to view consensus estimates as too high as higher tariffs hit in 1H:26, though management did sound somewhat optimistic on mitigation. However, the sales outlook for 4Q is below consensus and continues to imply weakness into 1H:26, cautious behavior from wholesale partners in the U.S., and tepid traffic demand in the COLM's DTC segment. SG&A growth remains a sizable headwind in 4Q.