Sales of SmartWool accessories up in North America

03 Aug '10

4 min read

• Operating loss for the second quarter of 2010 was $33.3 million compared to an operating loss of $36.4 million in the prior year period. A significant improvement in gross margin due primarily to favorable pricing and channel mix as well as lower input costs was partially masked by a non-cash impairment charge of $13.2 million primarily related to certain goodwill and intangible assets of the IPATH and howies brands.
• In the second quarter of 2010, the effective tax rate was 29.0% compared to 44.3% in the second quarter of 2009.
• In connection with its stock buyback program, the Company repurchased approximately 1.3 million shares in the second quarter of 2010 at a cost of approximately $25.0 million.
• The Company ended the quarter with $237.8 million in cash and no debt. Accounts receivable decreased 13.3% to $86.8 million compared to the prior year period. Inventory at quarter end was $177.2 million, down 1.8% versus 2009 second-quarter levels, reflecting the Company's continued focus on working capital.

Timberland is a global leader in the design, engineering and marketing of premium-quality footwear, apparel and accessories for consumers who value the outdoors and their time in it.

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