Profits fall for Timberland
The Timberland Company, maker of footwear and apparel for outdoor enthusiasts, reported Thursday that net income fell 65 percent to $9.3 million in the first quarter of 2007, compared to first-quarter 2006 net income of more than $26 million.
First-quarter earnings per share were 15 cents — 22 cents when adjusted for restructuring costs. Earnings per share for the first quarter of 2006 were 41 cents.
Company officials said the decline in profit was caused by lower sales of boots and children’s footwear and restructuring costs, which totaled $6.5 million, up $481,000 for first quarter 2006.
The company’s revenue fell 3.9 percent to $336.3 million, compared to $349.8 reported for first quarter 2006. – TRACIE STONE