Timberland revenues take a step down
The Timberland Company has reported third-quarter net income of $25.9 million compared with $55.6 million in the same quarter of 2006, partly due to costs associated with store closures.
Third quarter revenue fell 13.9% to $433.3 million as a result of anticipated declines in the boots and kids' businesses and declines in the Timberland apparel business.
International revenue decreased 4.4% driven by declines in Europe and Canada, which offset strong growth in Asia. US revenues decreased 23.3% and global footwear revenues dropped 15.7% to $310.3 million.
The company anticipates revenue declines in the mid-single digit range in the fourth quarter, reflecting soft market conditions in the US and Europe. It is also expecting revenue declines in the mid-single digit range for the full year.
