Timberland Spikes, Brown Shoes Are Back
Tuesday, February 3, 2004; 10:21 AM
NEW YORK (Reuters) - Timberland Co. , a maker of
hiking boots and outdoor clothing, on Tuesday said quarterly
profit rose sharply, beating analysts' forecasts, on strong
overseas sales and better shoe prices, sending its stock up 5
Timberland said earnings for the fourth quarter were $39.4
million, or $1.10 a share, 15 cents better than the average
forecast among analysts polled by Reuters Research, a unit of
Reuters Group Plc.
A year earlier, Timberland, which also makes dress and
casual shoes, earned $27.1 million, or 73 cents a share.
Footwear sales climbed about 21 percent, led by growth in
boots and casual and outdoor shoes, the company said.
In a conference call, Timberland officials said orders
scheduled for delivery through June totaled $332 million, up 16
percent from a year earlier. Excluding foreign currency
adjustments, the rise was 7 percent.
Timberland stood by its previous forecast that profit would
grow in the double digits on a percentage basis this year, with
revenue up in the high single digits.
Fourth-quarter sales rose 16.4 percent to $415.3 million.
Excluding the effect of the weak dollar, which makes U.S. goods
cheaper overseas, sales climbed 13 percent.
Timberland's U.S. wholesale and retail revenue rose about
11 percent, while overseas sales grew 31 percent. Excluding
foreign currency adjustments, sales abroad rose 17 percent.
Shares of Timberland, based in Stratham, New Hampshire,
were up $2.57 at $53.20 in early trade on the New York Stock
Exchange. The stock has risen about 25 percent in the past four
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