US-based maker of outdoor leather footwear, Timberland, has plummeted the most in more than 23 years after saying profit declined 30% because of higher costs.

Profit fell to $18 million from $25.7 million, according to a statement. The decrease is believed to be due higher leather, labour and transportation costs.

However, first-quarter sales for Timberland gained 10% to $349 million from $317 million in the year-ago period, the company said.

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