The Timberland Co. posted double-digit declines in fourth-quarter profits and revenues.
For the three months ended Dec. 31, income dropped 45.5 percent to $13.1 million, or 23 cents a share, from $24.1 million, or 40 cents, in the year-ago quarter.
Revenues decreased 11.8 percent to $390.6 million from $442.7 million, reflecting in part the closure of 28 stores globally as the firm transitions to a licensing model for its North American apparel business, as well as declines in its global Timberland branded footwear and international apparel businesses.
North American revenue fell 13.4 percent to $230.6 million and European revenue was down 13.8 percent to $109.6 million. However, Asian revenue advanced 2.3 percent to $50.4 million. The company said global footwear revenues decreased 7.6 percent to $281.2 million because of declines in the casual footwear and women’s boots businesses.
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Domestic comparable-store sales were down 16.4 percent in the quarter, and outside North America, retail comps decreased 8.4 percent.
“We have strategies in place to reinvigorate our brand and strengthen our position in the global market and a strong balance sheet with $217 million in cash and no debt,” said Jeffrey Swartz, president and chief executive officer.
For the year, income grew 7.3 percent to $42.9 million, or 73 cents, from $40 million, or 65 cents, in the year-ago period. Revenues were down 5 percent to $1.36 billion from $1.44 billion.