Timberland Posts Loss in Second Quarter

Weakness in both footwear and apparel led to a $19.2 million loss for The Timberland Co. in the second quarter.
The Stratham, N.H.-based firm widened its loss by 2 percent for the quarter, to $19.2 million, or 34 cents a share, versus $18.9 million, or 32 cents, from the second quarter of 2008. Analysts had expected a 30-cent loss.
Sales decreased by 14 percent to $179.7, compared to $209.9 in the year-ago period. Trouble in the casual footwear business led to an overall footwear sales decline of 11 percent, to $127 million, while apparel and accessories revenue dropped 25 percent to $47.2 million.
For the first six months, Timberland’s net loss increased to $3.4 million, or 6 cents a share, from a loss of $900,000, or 2 cents, in the first half of last year. First-half sales rang in at $476.4 million, down 13 percent from the year-ago period.

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