Reuters
Jul 29, 2009
Timberland second quarter loss wider than estimates
Reuters
Jul 29, 2009
July 29 (Reuters) - Bootmaker Timberland Co (TBL.N) posted a wider-than-expected quarterly loss, hurt by weakness in its casual footwear and apparel business and a stronger U.S. dollar, and sees the back half of 2009 to continue to be challenging.
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The company, which believes there is insufficient visibility to set expectations for the remainder of 2009, said a stronger U.S. dollar versus the British pound and the euro hurt quarterly sales by about $11 million.
The company posted a net loss of $19.2 million, 34 cents a share, for the second quarter, compared with $18.9 million, or 32 cents a share, a year earlier.
Revenue fell 14 percent to $179.7 million. Global footwear revenue decreased 11.2 percent, while revenue from apparel and accessories declined about 25 percent for the period.
Analysts on average were expecting a loss of 30 cents a share, before special items, on revenue of $191 million, according to Reuters Estimates.
Timberland's shares closed at $14.82 Tuesday 28 July on the New York Stock Exchange. (Reporting by Amitha Rajan in Bangalore; Editing by Savio D'Souza)
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