Timberland's operating income improves in Q3

31 Oct '08

4 min read

For the full year, the Company is still targeting mid-single digit revenue declines, consistent with economic conditions and due in part to its closure of certain underperforming retail stores and the licensing of its North America wholesale apparel business. The Company expects that weaker consumer spending globally will result in additional margin pressure and now anticipates flat to modest declines in operating margins for the full year. It continues to expect an effective tax rate in the range of 40%.

Jeffrey B. Swartz, Timberland's President and Chief Executive Officer, stated, “The continued deepening of the global financial crisis, worsening economic conditions and the impact of these events on consumer confidence have reinforced the importance of financial strength and liquidity access for all companies."

"At Timberland, we have always been focused on maintaining a strong balance sheet, and we believe our demonstrated strength in this area – we finished the third quarter with $63 million in cash and no debt – positions us well for the uncertainty of the future. We remain committed to our strategic investments aimed at reinvigorating our brand and strengthening our position in the global market.”

Timberland Company

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