Timberland Co. reported on Thursday fourth-quarter net earnings that beat Wall Street estimates, helped, in part, by strength in its European business.
The firm posted quarterly net income of $22.3 million, or 40 cents a share, up from $13.1 million, or 23 cents, the prior year. Analysts expected 37 cents.
Revenues slipped marginally to $387.8 million from $390.6 million. Wall Street, however, expected revenues of $396.7 million.
Footwear sales fell about 3 percent to $273.4 million, while in North America, total sales were down 7 percent at $215.8 million. The firm cited, in part, soft boot sales. However, sales in Europe popped 17 percent to $128.4 million.
For the year, the firm earned $56.6 million, or $1.01, compared with $42.9 million, or 73 cents. Revenues totaled $1.29 billion, down from $1.36 million a year ago. Wall Street expected earnings per share of 96 cents.
“In 2009 we saw solid results in our classic boot business in Europe, substantial growth in our SmartWool brand and significant improvement during the fourth quarter in the performance footwear category, all indicative of Timberland’s strength as an authentic outdoor brand,” Jeffrey Swartz, president and CEO, said in a written statement. “During these difficult economic times we have worked hard to continue making great product, build our relationship with consumers around the world and maintain a strong balance sheet, all of which we believe leave us well-positioned to capture the long-term potential of the Timberland brand.”