STRATHAM, N.H. (AP) – Apparel and footwear maker Timberland Co. said Thursday it expects weaker consumer spending will further pressure margins this year.
Timberland said it still anticipates mid-single-digit revenue declines for the full year, given the economic slump spreading worldwide.
The company lowered its expectations for operating margins, saying “weaker consumer spending globally will result in additional margin pressure.” Timberland said it now expects flat to modest declines in operating margins for the year.
Analysts are expecting earnings per share of 79 cents for the year, according to Thomson Reuters, which would be down from the 92 cents per share the company earned last year.
Wall Street is expecting revenue of $1.4 billion, which would be on par with last year.
Timberland reported Thursday that its third-quarter profit rose more than 18 percent to beat analyst expectations but revenue dropped 2.2 percent as North American consumers continued to pull back on spending.
Shares of Timberland rose 56 cents, or 5 percent, to $11.68 in afternoon trading.
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