UPDATE 2-Columbia Sportswear earns down, shares drop

* EPS 20 cents vs Street's 7 cents

* Revenue was $271.97 mln vs $297.36 mln year ago.

* Shares drop nearly 8 percent in after-hours trade

* Expects decline in '09 net sales low double-digits. (Adds share activity, financial details)

CHICAGO, April 23 (Reuters)- Outerwear maker Columbia Sportswear Co (COLM.O) on Thursday reported a sharply lower quarterly profit as the recession and a stronger U.S. dollar hurt overseas sales, but results beat analysts' and company forecasts by a large margin.

Investors seemed unimpressed sending the shares down 7.8 percent in after-hours trade.

Results were helped by sales gains in outwear, accessories, and equipment, which partially offset lower sales in sportswear and footwear.

The company, whose brands include Columbia Sportswear, Montrail and Pacific Trail, said net profit in the first quarter was $6.9 million, or 20 cents per share, from $19.9 million, or 56 cents per share, a year earlier.

On that basis, Wall Street expected 7 cents, according to Reuters Estimates. In January, the company had forecast a profit of 4 to 8 cents per share.

Revenue fell nearly 9 percent to $272 million, the company said. The impact of the stronger U.S. dollar reduced revenue by 5 percent.

Overall sales in United States, its largest market, inched higher to $156.3 million versus $155.8 million a year earlier, but were down in Canada and overseas.

Columbia Sportswear's orders for fall product through March 31, a measure called its backlog, fell 15 percent, including a 4 percent negative effect from currency exchange rates.

In recent quarters, Columbia Sportswear has seen more cancellations from retailers that carry its products due to deteriorating consumer spending, and some of its customers have filed for bankruptcy.

The company, which has been opening its own stores and has had to cut jobs, said that in 2009 it expects total net sales to decline in the low "double digits" on a percentage basis, compared with 2008, due to the global backlog and the effect of changes in foreign exchange rates.

Earlier this year the company tabled plans to open branded stores in some metropolitan areas.

Columbia Sportswear's shares dropped $2.93, or 7.8 percent, to $34.60 in after-hours trade after closing at $37.53 during Nasdaq's normal hours. (Additional reporting by Alexandria Sage, editing by Leslie Gevirtz)