Exhibit 99.3

GRAPHIC

CONTACT:
(206) 622-4191
Fran Conley, CEO
Ernie Johnson, CFO

Cutter & Buck Announces Third Quarter Results
and Conference Call March 13, 2003

SEATTLE,
March 12, 2003. /PRNewswire-FirstCall/Cutter & Buck Inc. (Nasdaq: CBUK) today announced results of its third quarter ended January 31, 2003.

Results of Third Quarter Fiscal 2003

For
the quarter ended January 31, we had the following results:

2003

2002(unaudited)In millions, except per share dataNet Sales

$
34.6

$
33.3Gross Profit %


43.0
%

33.2
%Net Loss

$
(9.7
)
$
(8.5
)Loss Per Share

$
(0.91
)
$
(0.80
)


For
the 9 months ended January 31, we had the following results:

2003

2002(unaudited)In millions, except per share dataNet Sales

$
110.5

$
118.3Gross Profit %


42.5
%

38.3
%Net Loss

$
(11.0
)
$
(9.3
)Loss Per Share

$
(1.04
)
$
(0.88
)


January 31,
2003

April 30,
2002

January 31,
2002(unaudited)

(audited)

(unaudited, restated)In millionsAccounts receivable

$
15.9

$
41.9

$
22.9Inventories

$
37.8

$
26.2

$
47.8Working Capital

$
67.5

$
71.9

$
70.1Shareholders' Equity

$
73.0

$
83.4

$
83.8


"We
entered our fourth quarter with a strong balance sheet," said Ernie Johnson, CFO. "With $68 million in working capital and $73 million in shareholders' equity, we have
ample resources for our business. In addition, we are very pleased with the decrease in inventory, from $48 million a year ago to $38 million in January; and in accounts receivable,
which decreased from $23 million to $16 million. We believe the quality of these receivables is high in spite of the economic climate."

"These
financial results reflect four major activities," said Fran Conley, CEO. "We are running a wholesale sportswear business, shutting down our own retail stores, restructuring other
businesses, and dealing with the legacy of restating our earnings. Our wholesale business includes designing, sourcing, and selling high quality sportswear to golf and specialty retailers, to
corporations, and to our

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international distributors and licensees. This is our main business, accounting for 86% of our sales for the last nine months. However, the other three activities also affected our financial results,
and we look at each of these activities in order to get a clearer view of our operating results and the trends. That is why we are presenting in Table B supplementary data showing the results of each
of these activities, and we will discuss each below.

"Our
strategy is simple: to improve the performance of our wholesale* business, while disposing of unprofitable businesses and resolving pending litigation," continued Conley. "We have
made progress in implementing that strategy."

In
the wholesale* business, before the charges for restatement and restructuring, the Company decreased operating costs and improved margins, so that both the quarter and the nine months
show improved performance over last year, in spite of lower sales. For the nine months the wholesale* business before the charges produced $1.9 million pre-tax income, as compared
with a pre-tax loss of $1.8 million last year. For the quarter, which is Cutter & Buck's seasonally low quarter, the wholesale* business before the charges produced a
pre-tax loss of $1.7 million, compared to a pre-tax loss of $3.1 million last year. (Table B) The company believes that this wholesale business will
continue to be profitable on an annual basis, before any restructuring or restatement charges.

Within
this wholesale* business, Cutter & Buck experienced a decrease in sales of 12% for the 9 months and 10% for the quarter. "We'd prefer to see growth," continued
Conley, "but given both company-specific and industry-wide events, we believe that these sales results show the continuing strength of the brand." Company-specific events include some
retailer concerns related to the recent restatement. Industry-wide events include the ongoing weakness both in retail and in travel; the latter has a significant impact on the golf
business in general, and on corporations' demand. "It is noteworthy that in spite of all of these factors, our business with corporations grew during the quarter," said Conley.

---

Footnote
*"Wholesale" refers to our business designing, sourcing, and selling high quality sportswear to golf and specialty retailers, to corporations, and to our
international distributors and licensees.

"We
are satisfied with our progress in disposing of our retail stores," said Conley. The liquidation sales in the stores went well, and the company has reached agreements with a majority
of the stores' landlords, with six deals not yet finalized. "We currently expect that the costs of the shutdown will be at the low end of our previous estimates, which were: $12 to $15 million
pre-tax charges, after-tax charges of $10 to $13 million, and an after-tax cash impact of $5 to $7 million," said Conley. As Table B shows, for the
nine months year to date the retail stores show a pre-tax loss of $10 million (which includes both operating and shutdown). $9 million of this pre-tax loss was
recorded in the January quarter.

"We
believe that the bulk of the company's restructuring is now behind us," said Conley. The nine months restructuring charges were $3.8 million, compared with $4.9 million
last year. Most of this year's charge is the previously reported abandonment of unneeded warehouse space.

To
date, the Company has incurred $2.5 million in costs related to the October restatement of its financial history. $1.3 million of these costs were incurred in the
January quarter. The Company expects that the costs related to the restatement will exceed $5 million, but cannot estimate the specific amounts or timing. Costs of restatement include the costs
of dealing with governmental investigations and lawsuits, as well as retention incentives for certain employees. At present, the SEC is continuing its investigation. The securities class action
lawsuits have been combined into one, and a lead plaintiff has been named. The derivative lawsuit to recoup costs associated with the restatement is still pending. Cutter & Buck is seeking
legal redress against Genesis, the company which carried and then attempted to rescind our D&O coverage.

Conference call:

Cutter & Buck invites investors to listen to a broadcast of the company's conference call to discuss these matters. The conference call will be broadcast
live over the Internet at 8 AM Pacific Time March 13, 2003. To listen to the conference call, go to http://www.cutterbuck.com. At the website select

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"investor relations". The call will be archived shortly after its completion and will be available on the web through March 27, 2003. The call can also be accessed at
1-800-839-0860, PIN 1125, through March 27, 2003.

Statements made in this news release that are not historical facts are forward-looking statements. Actual results may differ materially from those projected in
any forward-looking statements. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking statements.
Those factors include, but are not limited to the following: the ability of the company to successfully negotiate the remaining lease termination agreements for its retail stores; the exposure of the
company to additional costs resulting from the termination of retail operations, including costs associated with any related litigation; the ability of the company to control costs and expenses; the
Company's ability to utilize tax losses; relations with and performance of suppliers; the Company's ability to carry out successful designs and effectively advertise and communicate with the
marketplace and to penetrate chosen distribution channels; competition; access to capital; risks related to the timely performance of third parties, such as shipping companies, including risks of
strikes or labor disputes involving these third parties; the ability to retain key employees and to maintain the integrity of the Company's technology and information systems; maintaining satisfactory
relationships with our banking partners; political and trade relations; the overall level of consumer spending on apparel; global economic conditions and additional threatened terrorist attacks and
responses thereto, including war. Additional information on these and other factors, which could affect the company's financial results, are included in its Securities and Exchange Commission filings.
Finally, there may be other factors not mentioned above or included in the company's SEC filings that may cause actual results to differ materially from any forward-looking statements. You should not
place undue reliance on these forward-looking statements. The company assumes no obligation
to update any forward-looking statements as a result of new information, except as may be required by securities laws.

About Cutter & Buck

Cutter & Buck designs and markets upscale sportswear and outerwear under the Cutter & Buck brand. The Company sells its products primarily through
golf pro shops and resorts, corporate sales accounts and specialty retail stores. Cutter & Buck products feature distinctive, comfortable designs, high quality materials and manufacturing, and
rich detailing.

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Cutter & Buck  FINANCIAL HIGHLIGHTS  Table A  Condensed Consolidated Statements of Operations  (unaudited, unless otherwise stated)(in thousands, except per share data)

|                                 |                                     | Three Months Ended
January 31, |         | Nine Months Ended
January 31, |  
|-------------------------------- | ----------------------------------- | ------------------------------ | ------- | ----------------------------- | -
|
|
|Net sales                        |                                     | $                              | 34,583  |                               | $
|Cost of sales                    |                                     |                                | 19,720  |                               |  
|                                 |                                     |                                |         |                               |  
|Gross profit                     |                                     |                                | 14,863  |                               |  
|Operating expenses:              |                                     |                                |         |                               |  
|                                 | Selling, general and administrative |                                |         | 15,762                        |  
|                                 | Restructuring and asset impairment  |                                |         | (45                           | )
|                                 | Costs to close retail stores        |                                |         | 9,556                         |  
|                                 | Restatement expenses                |                                |         | 1,275                         |  
|                                 |                                     |                                |         |                               |  
|                                 | Total operating expenses            |                                |         | 26,548                        |  
|                                 |                                     |                                |         |                               |  
|Operating loss                   |                                     |                                | (11,685 | )                             |  
|Other expense                    |                                     |                                | (95     | )                             |  
|                                 |                                     |                                |         |                               |  
|Loss before income taxes         |                                     |                                | (11,780 | )                             |  
|Income tax benefits              |                                     |                                | (2,080  | )                             |  
|                                 |                                     |                                |         |                               |  
|Net loss                         |                                     | $                              | (9,700  | )                             | $
|                                 |                                     |                                |         |                               |  
|Basic and diluted loss per share |                                     | $                              | (0.91   | )                             | $
|                                 |                                     |                                |         |                               |  
|Shares used in computation of:   |                                     |                                |         |                               |  
|Basic and diluted loss per share |                                     |                                | 10,626  |                               |  

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Cutter & Buck, Inc.  Table B:  Segment results  (in thousands) (unaudited)

|                         |                              | Three months ended January 31, 2003 |        | Three months ended January 31, 2002 |  
|------------------------ | ---------------------------- | ----------------------------------- | ------ | ----------------------------------- | -
|
|Net sales                |                              | $                                   | 25,583 |                                     | $
|Gross profit             |                              |                                     | 9,975  |                                     |  
|Operating expenses:      |                              |                                     |        |                                     |  
|                         | Depreciation & amortization  |                                     |        | 1,383                               |  
|                         | Other SG&A                   |                                     |        | 10,153                              |  
|                         | Restructuring                |                                     |        | (45                                 | )
|                         | Costs to close retail stores |                                     |        |                                    |  
|                         | Restatement                  |                                     |        | 1,275                               |  
|                         |                              |                                     |        |                                     |  
|                         | Total operating expenses     |                                     |        | 12,766                              |  
|Interest expense         |                              |                                     | 157    |                                     |  
|Other (income)           |                              |                                     | (62    | )                                   |  
|                         |                              |                                     |        |                                     |  
|Loss before income taxes |                              | $                                   | (2,886 | )                                   | $

To
understand the performance of our underlying business, management considers it useful to review our operating results excluding restructuring and restatement expenses, and the former European
operations.

|Other (income) expense of European operations(A)                                         |  |   |       |   |  |  |  |  |   | 2,166  |   |  |  | 
|---------------------------------------------------------------------------------------- |  | - | ------ | - |  |  |  |  | - | ------ | - |  |  | 
|Restructuring expenses                                                                   |  |   | (45    | ) |  |  |  |  |   | 4,879  |   |  |  | 
|Restatement expenses                                                                     |  |   | 1,275  |   |  |  |  |  |   |       |   |  |  | 
|                                                                                         |  |   |        |   |  |  |  |  |   |        |   | 
|Wholesale* business loss excluding restructuring, restatement and European operations(B) |  | $ | (1,656 | ) |  |  |  |  | $ | (3,096 | ) |  |  | 

|                         |                              | Nine months ended January 31, 2003 |        | Nine months ended January 31, 2002 |  
|------------------------ | ---------------------------- | ---------------------------------- | ------ | ---------------------------------- | -
|
|Net sales                |                              | $                                  | 95,395 |                                    | $
|Gross profit             |                              |                                    | 38,688 |                                    |  
|Operating expenses:      |                              |                                    |        |                                    |  
|                         | Depreciation & amortization  |                                    |        | 3,935                              |  
|                         | Other SG&A                   |                                    |        | 31,822                             |  
|                         | Restructuring                |                                    |        | 3,845                              |  
|                         | Costs to close retail stores |                                    |        |                                   |  
|                         | Restatement                  |                                    |        | 2,529                              |  
|                         |                              |                                    |        |                                    |  
|                         | Total operating expenses     |                                    |        | 42,131                             |  
|Interest expense         |                              |                                    | 528    |                                    |  
|Other (income)           |                              |                                    | (207   | )                                  |  
|                         |                              |                                    |        |                                    |  
|Loss before income taxes |                              | $                                  | (3,764 | )                                  | $

To
understand the performance of our underlying business, management considers it useful to review our operating results excluding restructuring and restatement expenses, and the former European
operations.

|Other (income) expense of European operations(A)                                                  |  |   | (689  | ) |  |  |  |  |   | 2,967  |   |  |  | 
|------------------------------------------------------------------------------------------------- |  | - | ----- | - |  |  |  |  | - | ------ | - |  |  | 
|Restructuring expenses                                                                            |  |   | 3,845 |   |  |  |  |  |   | 4,879  |   |  |  | 
|Restatement expenses                                                                              |  |   | 2,529 |   |  |  |  |  |   |       |   |  |  | 
|                                                                                                  |  |   |       |   |  |  |  |  |   |        |   | 
|Wholesale* business income (loss) excluding restructuring, restatement and European operations(B) |  | $ | 1,922 |   |  |  |  |  | $ | (1,830 | ) |  |  | 

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Cutter & Buck, Inc.  Condensed Consolidated Balance Sheets  (in thousands) (unaudited, unless otherwise stated)

|                                                              |                                              | January 31,
2003 |        | April 30,
2002 |  | January 31,
2002
|------------------------------------------------------------- | -------------------------------------------- | ---------------- | ------ | -------------- |  | ----------------
|
|Assets                                                        |                                              |                  |        |                |  |                 
|Current Assets:                                               |                                              |                  |        |                |  |                 
|                                                              | Cash and cash equivalents                    |                  | $      | 15,847         |  | $               
|                                                              | Accounts receivable                          |                  |        | 15,905         |  |                 
|                                                              | Inventories                                  |                  |        | 37,811         |  |                 
|                                                              | Other current assets                         |                  |        | 17,100         |  |                 
|                                                              |                                              |                  |        |                |  |                 
|                                                              | Total current assets                         |                  | $      | 86,663         |  | $               
|                                                              | Furniture and equipment, net                 |                  |        | 9,529          |  |                 
|                                                              | Other assets                                 |                  |        | 852            |  |                 
|                                                              |                                              |                  |        |                |  |                 
|                                                              | Total assets                                 |                  | $      | 97,044         |  | $               
|                                                              |                                              |                  |        |                |  |                 
|Liabilities and Shareholders' Equity                          |                                              |                  |        |                |  |                 
|Current Liabilities:                                          |                                              |                  |        |                |  |                 
|                                                              | Accounts payable                             |                  | $      | 8,994          |  | $               
|                                                              | Short-term borrowings                        |                  |        |               |  |                 
|                                                              | Accrued liabilities                          |                  |        | 7,359          |  |                 
|                                                              | Current portion of capital lease obligations |                  |        | 2,401          |  |                 
|                                                              | Other current liabilities                    |                  |        | 446            |  |                 
|                                                              |                                              |                  |        |                |  |                 
|                                                              | Total current liabilities                    |                  |        | 19,200         |  |                 
|Long-term debt, net of current portion, and other liabilities |                                              |                  | 4,879  |                |  | 5,909           
|Total shareholders' equity                                    |                                              |                  | 72,965 |                |  | 83,395          
|                                                              |                                              |                  |        |                |  |                 
|                                                              | Total liabilities and shareholders' equity   |                  | $      | 97,044         |  | $               
|                                                              |                                              |                  |        |                |  |                 

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Cutter & Buck, Inc.  Summary of Net Sales by Strategic Business Unit  (in thousands) (unaudited)

|                                    |                    | Three Months Ended January 31, |        |        |   |        |       
|----------------------------------- | ------------------ | ------------------------------ | ------ | ------ | - | ------ | ------
|
|
|In Thousands, except percent change |                    |                                |        |        |   |        |       
|Golf                                |                    | $                              | 5,808  |        | $ | 7,021  |       
|Corporate                           |                    |                                | 12,963 |        |   | 11,668 |       
|Specialty                           |                    |                                | 4,020  |        |   | 5,126  |       
|International                       |                    |                                | 674    |        |   | 1,867  |       
|Other                               |                    |                                | 2,118  |        |   | 2,719  |       
|                                    |                    |                                |        |        |   |        |       
|                                    | Total Wholesale    |                                |        | 25,583 |   |        | 28,401
|Retail                              |                    |                                | 9,000  |        |   | 4,882  |       
|                                    |                    |                                |        |        |   |        |       
|                                    | Total Consolidated |                                | $      | 34,583 |   | $      | 33,283
|                                    |                    |                                |        |        |   |        |       

|                                    |                    | Nine Months Ended January 31, |        |         |   |        |        
|----------------------------------- | ------------------ | ----------------------------- | ------ | ------- | - | ------ | -------
|
|
|In Thousands, except percent change |                    |                               |        |         |   |        |        
|Golf                                |                    | $                             | 29,734 |         | $ | 33,372 |        
|Corporate                           |                    |                               | 41,330 |         |   | 42,197 |        
|Specialty                           |                    |                               | 16,358 |         |   | 19,067 |        
|International                       |                    |                               | 2,353  |         |   | 6,048  |        
|Other                               |                    |                               | 5,620  |         |   | 7,727  |        
|                                    |                    |                               |        |         |   |        |        
|                                    | Total Wholesale    |                               |        | 95,395  |   |        | 108,411
|Retail                              |                    |                               | 15,144 |         |   | 9,901  |        
|                                    |                    |                               |        |         |   |        |        
|                                    | Total Consolidated |                               | $      | 110,539 |   | $      | 118,312
|                                    |                    |                               |        |         |   |        |        

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