Men's Marretto Chukka

STRATHAM, N.H. (Apr. 30, 2009)—For the first quarter of 2009, The Timberland Company (TBL) is off to a bumpy start with net income down more than 11 percent from the same period last year to $15.9 million.

The company’s total revenue also declined during the quarter, dropping 12.9 percent to $296.6 million. This figure reflects declines in Timberland brand apparel and casual footwear, as well as negative foreign exchange rate changes. Partially offsetting these factors was the continued growth of SmartWool brand products.

Significantly impacted by declines in casual footwear, Timberland saw global footwear revenue decrease 10.5 percent to $211.6 million in the first quarter. Despite the overall drop, sales of men’s and women’s boots were strong in Europe, and men’s boots were a bright spot for the Asian market.

Despite decreased financials, the company feels well-positioned in the market, ending the quarter with $159.2 million in cash and no debt.

“As 2009 begins to unfold, we are seeing consumers becoming more selective in their purchases, and turning increasingly to trusted authentic brands like Timberland,” says president and CEO Jeffrey B. Swartz. “The Timberland brand heritage, known for quality, durability and values—coupled with our long held financial conservatism—provides a strong foundation that gives us stability in this difficult economic environment. This foundation allows us to continue to stay committed to our brand-invigorating strategies and positions us well for growth when the economy recovers.”

  More Latest News Articles