Team Taylor
Taylor Community President & CEO Michael Flaherty discusses his experience growing the continuing care retirement community to three campuses in the Lakes Region ... and more
Timberland reports weak first quarter
The Timberland Company of Stratham reported Tuesday that its first-quarter profit fell 31 percent due to higher operating expenses and lower revenue.
A weak second-quarter performance also is expected, according to company forecasts.
Net income for the first quarter ended March 31 was $29.2 million, or 45 cents per share. Net income for the same period in 2005 was $42.2 million, or 61 cents per share. Revenue for the first quarter of 2006 declined by 1.2 percent to $349.8 million from $354.2 million in the first quarter of 2005.
Warm weather in the United States, a late Easter holiday and lower outlet sales are credited with the 10.8 percent decline in same-store sales. Footwear revenue fell 4.5 percent to $253.9 million.
Timberland officials project a 20 to 25 percent decrease in 2006 earnings on flat to modest revenue growth, in part because of the effects of anti-dumping duties on European Union footwear imported from China and Vietnam.
Analysts expect 2006 earnings of $2.20 per share on $1.63 billion in revenue. Last year Timberland earned $2.43 per share on $1.57 billion in revenue. – TRACIE STONE
