A 7 percent rise in revenues helped Timberland Co. report Thursday increased first-quarter profits that blew past Wall Street estimates.
The Stratham, N.H.-based firm posted net income of $25.8 million, or 47 cents a diluted share, compared with earnings of $15.9 million, or 27 cents, the year earlier. Analysts, on average, were expecting earnings per share of 28 cents in the latest quarter.
Revenues rose to $317 million from $296.7 million. The company cited growth in North America, where sales rose 2 percent to $121.9 million, in addition to strong sales in Europe and Asia. Footwear sales worldwide increased 7 percent to $225.5 million.
“We have had a solid start to 2010, and we are pleased to see that our product and brand initiatives are gaining traction,” said Jeffrey Swartz, president and CEO of Timberland, in a Thursday written statement. “Our focus on these strategies is beginning to translate to top-line growth, and while we are encouraged by our revenue growth and earnings improvement, we are cautious about the pressures we are seeing on input costs such as leather and transportation as well as labor costs in China.”