US footwear and apparel company Timberland reported results for the fourth quarter showing domestic revenue up 0.3% to $259.5 million, and exports up 13.5% to $81.6 million compared with the same period in 2000. Earnings for the quarter were $30.2 million, a fall of over $10 million compared with the year before.

Full year figures for 2001 showed revenue up 8.4% to $1,183.6 million, but earnings fell to $106.7 million, compared with net income of $122.0 million for 2000.

Jeffrey B. Swartz, Timberland's president, blamed the fall in profits on a difficult retail environment, explaining: "Profit results for the year fell below strong 2000 levels, reflecting higher sales returns and allowances in a softer and more promotional U.S. market, as well as negative impacts from higher leather costs and foreign currency translation."