Bootmaker and outdoor specialist Timberland reported a surge in third quarter profit up more
than 15% on the New York Stock Exchange.
Timberland's third quarter net income jumped to $52.20 per share from $37.76 million in the same quarter a year ago. Revenue for the quarter rose 2.5% to $432.34 million, helped by growth across Europe and Asia, partially offset by a decline in revenues from North America.
Product-wise, revenue from clothing and accessories emerged as the major contributor, recording an increase of 11.1% at $106.45 million. By region, revenue from Europe increased 5.0% to $204.1 million, Asia revenue increased 19.7% to $46.7 million, while North America revenue declined 3.6% to $181.5 million.
Operating income increased 13.8% to $66.5 million from $58.5 million in the prior year period, driven by a significant improvement in gross margin across all regions due to fewer and more profitable closeout sales as well as favorable mix.
The company ended the quarter with $108.8 million in cash and no debt.