Thursday, apparel maker and distributor Timberland, Co. (TBL) reported a rise in fourth-quarter profit from a year ago due to better margins on supply chain cost favorability, and benefits from foreign exchange translation.
Timberland's fourth-quarter profit increased to $22.25 million from $13.13 million in the year-ago period. Earnings per share increased to $0.40 from $0.23. Analysts polled by Thomson Reuters expected fourth-quarter earnings of $0.37 per share. Analysts' estimates typically exclude one-time items.
Fourth-quarter revenue declined marginally to $387.76 million from $390.62 million in the prior-year period.
Analysts had a consensus revenue estimate of $396.69 million for the quarter.
Revenue was positively impacted by strong growth in the SmartWool brand and performance footwear and foreign exchange rate changes by approximately $12.3 million due to the weakening of the U.S. dollar relative to the Euro, Japanese Yen, and British Pound. It was negatively impacted by a decline in the boots business.
Timberland operating income for the fourth quarter was $37.2 million, compared to operating income of $23.1 million in the prior year period, driven by an increase in gross margin primarily due to supply chain cost favorability as well as benefits from foreign exchange, partially offset by increased operating expenses due to higher incentive-based compensation costs.
For the full-year, Timberland's profit increased to $56.64 million or $1.01 per share from $42.90 million or $0.73 per share last year. Revenues declined to $1.28 billion from $1.36 billion. Analysts expected full-year earnings of $0.96 per share on revenues of $1.29 billion.
TBL is currently trading at $16.02, down $2.28 or 12.46%, on a volume of 896,988 shares on the NYSE.
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