Timberland Down in Q2
STRATHAM, N.H – The Timberland Company’s second quarter numbers are down for the second year in a row with a net loss of $19.2 million (31 cents per share) compared to a net loss of $16.6 million (26 cents per share) a year ago. With the exclusion of restructuring costs, losses were 30 cents per share.
Declines in boots and kids’ businesses, along with restructuring costs, contributed to the 1% drop in quarterly revenue ($224.1 million) over last year. The company experienced some gains though – casual footwear was up, and international revenue grew by 7.5 percent.
“Our product development efforts focused on key consumer segments are enabling us to create more relevant products that better reflect the needs of our key consumer groups,” said CEO Jeffrey B. Swartz in a press release. “At the same time, we are working to drive better returns for our shareholders and improve the efficiency of our entire organization to deliver against our long-term objectives for strong revenue growth and a 15% operating margin.”
Timberland expects boot and kids’ department sales to continue to fall the rest of the year. Full year revenue is expected to be in the single digits below last year’s revenue.
