Timberland announces income fall

19/07/2002

Timberland Co. has stated that its second-quarter net income tumbled 53 % on weaker sales, though the drop was less than analysts anticipated.

Net income was $4.9 million, or 13 cents a share, compared with $10.5 million, or 26 cents a share, a year earlier. Revenue fell 4.6 % to $191.5 million from $200.9 million, as domestic comparable-store sales slumped 13 %. Domestic revenue slipped 11 % to $125.9 million and international revenue jumped 11 % to $65.7 million. The gain would have been 8.5 % excluding foreign-currency fluctuations.

Worldwide footwear sales fell 6.2 percent to $145.4 million.