* Q3 EPS $1.69 beats Street view of $1.41

* Raises 2008 EPS view to $2.80 to $2.90

* Shares rise 8 pct after hours to $33.50 from $31.04

SAN FRANCISCO, Oct 23 (Reuters) - Columbia Sportswear Co posted lower quarterly net income on Thursday that beat Wall Street estimates, and the company raised its profit outlook for 2008, sending its shares up 8 percent.

www.columbia.com

The outerwear maker said net profit in the third quarter fell 7 percent to $58.3 million, or $1.69 per share, from $62.6 million, or $1.72 per share, a year earlier.

Sales fell 4 percent in the quarter to $452.4 million.

Both profit and sales were above Wall Street average expectations of earnings of $1.41 and revenue of $451.3 million, according to Reuters Estimates.

The company has been hit by a drop in consumer spending and fewer orders by its retail customers as they scale back inventory.

The company predicted that fourth-quarter sales could fall between 6 percent to 10 percent, with earnings per share expected to range between 60 cents and 70 cents.

Analysts, on average, had been expecting fourth-quarter earnings of 66 cents per share.

But Columbia raised its full-year earnings outlook to a range of $2.80 to $2.90 from an earlier range of $2.60 to $2.70, well above average analyst expectations of $2.59.

The company said 2008 sales were expected to decline between 3 percent and 4 percent.

Columbia shares rose 8 percent to $33.50 in after-hours trade after closing at $31.04, up 1.5 percent. (Reporting by Alexandria Sage; Editing by Tim Dobbyn)