Outdoor financials: Timberland’s Q4 profit up 41 percent, plus Johnson Outdoors, Sport Chalet
Timberland's fourth-quarter profit jumped 41 percent, thanks to increased European business, while Johnson Outdoors narrowed its net loss for the first quarter and Sport Chalet saw same-store sales for the third quarter drop 10.8 percent.
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Timberland’s Q4 profit up 41 percent
Fourth-quarter profit for Timberland (NYSE: TBL), parent of SmartWool, jumped 41 percent, benefitting from a substantial increase in sales from its European business.
For the quarter ended Dec. 27, its net income was $22.3 million, or $0.40 a share, compared with $13.1 million, or $0.23 a share, a year earlier.
Revenue remained relatively flat at $387.8 million compared to the prior year period, but was down 3.9 percent on a constant dollar basis.
Revenue from its European operations rose 17 percent to $128.4 million, helped by the continued strength of its boots business and growth in all categories of women’s footwear. North America revenue dropped 6.5 percent to $215.7 million compared to the prior year period.
Global footwear revenue was down 2.8 percent to $273.4 million. Apparel and accessories revenue increased 2.9 percent to $106.8 million compared to the prior year period, due to solid growth in the SmartWool apparel and accessories businesses, it said.
Operating income was $37.2 million compared to operating income of $23.1 million in the prior year period.
For the full-year 2009, Timberland reported net income of $56.6 million and diluted EPS of $1.01. These results compare to full-year 2008 net income of $42.9 million and diluted EPS of $0.73.
Johnson Outdoors records slight uptick in Q1 sales
Johnson Outdoors (Nasdaq: JOUT) narrowed its net loss for the first quarter — a time when it typically records a loss due to lackluster interest in its warm-weather products in colder months.
Its net loss was $4.2 million, or $0.45 per diluted share, compared to a net loss of $6.9 million, or $0.75 per diluted share, in the same quarter last year.
Sales for the quarter increased 1 percent to $70.5 million from $69.8 million.
Outdoor gear sales were 22.0 percent below last year. While it reported solid growth in consumer camping, it said it could not overcome a decline in military sales.
Watercraft sales were 7.0 percent below the prior year, primarily affected by a change in pre-season sales programs.
Marine electronics revenues were up 3.5 percent, and diving revenues jumped 18.9 percent.
The company said it is seeing expected savings from a restructuring plan, and noted that its net debt and inventory levels were lower compared with the year before.
“Early indications are that outdoor recreational markets will begin a slow, yet steady recovery in 2010, and we feel good about our ability to grow share, improve profitability and enhance shareholder value going forward,” said Helen Johnson-Leipold, Johnson Outdoors’ chairman and CEO, in a statement.
Johnson Outdoors is parent of Old Town, Ocean Kayak, Necky, Lendal and Eureka tents, among others.
Sport Chalet narrows Q3 loss
Sport Chalet (Nasdaq: SPCHA and SPCHB) said its same-store sales for the third quarter dropped 10.8 percent hurt by “macro-economic weakness” in Southern California.
Sales decreased 8.9 percent to $95.3 million from $104.6 million for the same period last year.
The company also narrowed its quarterly loss to $3.8 million, or $0.27 per diluted share, versus a loss of $32.4 million, or $2.29 per diluted share, last year.
Gross profit as a percent of sales increased to 25.2 percent compared to 22.3 percent for the third quarter of last year. Selling, general and administrative expenses as a percent of sales decreased to 23.1 percent from 27.8 percent in the same period last year.
–Compiled by Wendy Geister
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