近日，美国知名户外品牌天木蓝（timberland）公司对外公布了其07年第四季度的财务报表。该报表显示，天木蓝第四季度净盈余为2410万美元，合稀释后每股0.40美元，如若排除设备改造及相关项目的花费外，调整后的每股稀释盈余为0.52美元，同比下降33.4%（2006年第四季度净盈余为3620万美元，合稀释后每股0.58美元，或者若排除设备改造及相关项目的花费外，调整后的每股稀释盈余为0.61美元）。

　　同时，天木蓝公司宣布将采取多项额外措施提高其全球业务运营效率，缩减运营支出3000万美元。为达此目标，接下来天木蓝公司将结合先前的决定，实施一系列行动，其中包括；授权其美国服饰部门关闭销售业绩不佳的零售店，重组美国的销售及全球的生产基地，此举每年将为该公司节省6500万美元的开支。同时加大在产品开发、国际市场开拓及其他盈利项目的投入。经调整，天木蓝2008年度的运营开支将维持在5亿5000万美元左右。

　　对于第四季度盈余下滑的原因，天木蓝公司主要归结为美国市场方面靴子及儿童鞋类产品销售量的减少，同时美元的疲软，汇率的变化也是其重要因素。

　　原文：Timberland Sees Net Income Down 33.4% on Sales Decline

　　The Timberland Company recorded fourth quarter net income $24.1 million and diluted earnings per share (EPS) of 40 cents. Fourth quarter diluted EPS was 52 cents when adjusted to exclude restructuring and related costs. These results compare to fourth-quarter 2006 net income of $36.2 million and diluted EPS of 58 cents, or 61 cents when adjusted to exclude restructuring and related costs.

　　Timberland also announced today that it has taken several additional actions to streamline its global operations which will result in incremental operating expense savings of $30 million. These actions, when combined with the company's previously announced decisions to license its U.S. apparel business, close underperforming retail stores and reorganize its U.S. sales and global product organizations, will result in $65 million of annual operating expense savings. The company plans to invest incrementally in consumer-facing marketing spend, international expansion and other growth initiatives resulting in a recalibrated operating expense base for 2008 in the range of $550 million.

　　Fourth-Quarter Results Summary:

　　Revenue fell 9.3% to $442.7 million as declines in boots and kids' footwear and decreases in Timberland apparel revenue in the U.S. offset strong gains in SmartWool products, Timberland casual and Timberland PRO series footwear. FoREIgn exchange rate changes increased fourth-quarter 2007 revenues by approximately $13 million, or 2.6%, due to the strength of the Euro and the British Pound, and increased operating income by approximately $3 million.

　　International revenue increased 5.0% to $184.1 million, but decreased 2.2% on a constant dollar bASIs. U.S. revenues declined 17.3% to $258.6 million, as soft retail conditions added to pressures on boots and kids' sales.

　　Apparel and accessories revenue grew 2.6% to $133.5 million, driven by double-digit growth of SmartWool socks and apparel. These gains offset declines in Timberland brand apparel, as the company has experienced soft retail response while it transitions its North American apparel business to a licensing arrangement. Global footwear revenue fell 14.1% to $304.4 million as declines in boots and kids' sales offset gains in casual footwear and the Timberland PRO series.

　　Global wholesale revenue decreased 14.9% to $289.3 million reflecting declines in boots and kids' sales. Worldwide consumer direct revenue increased 3.4% to $153.4 million, as global door expansion was partially offset by a 6% comparable store sales decline.

　　Restructuring and related charges of $9.6 million in the fourth quarter included $6.7 million for severance and related costs associated with Timberland's initiative to rationalize its operating expense structure and transition to a more efficient global organization. The remaining $2.9 million of restructuring and related charges in the fourth quarter relate to lease termination and severance costs from the company's decision to close certain retail loCATions.

　　Operating income for the quarter was $32.4 million, down 44.2% from $58.0 million in the prior year. Operating income excluding restructuring and related costs was $42.0 million, 31.3% below the comparable prior year level. Profit declines reflected the revenue declines as well as gross margin pressures from higher levels of off-price sales and markdowns and increased product costs, which offset a 5% reduction in operating expenses excluding restructuring and related costs. During the fourth quarter, the company reversed approximately $8 million in accruals, primarily related to incentive compensation as its annual operating performance fell below minimum requirements.

　　For the fourth quarter 2007, the tax rate was 24.3%, due to the release of approximately $8 million of specific tax reserves related to the closure of certain audits during the quarter as anticipated. The full-year tax rate was 33.0%.

　　In connection with its continuing stock buyback program, Timberland repurchased approximately 1.1 million shares in the fourth quarter at a total cost of $19.4 million. It ended the year with $143.3 million in cash and no debt. Inventory at quarter end was $201.9 million, up 8.1% versus 2006 fourth-quarter levels. Accounts receivable decreased 7.8% to $188.1 million.

　　For the full-year 2007, Timberland reported net income of $40.0 million and diluted EPS of 65 cents, or 92 cents when adjusted to exclude restructuring and related costs. These results compare to full-year 2006 net income of $101.2 million and diluted EPS of $1.59, or $1.63 when adjusted to exclude restructuring and related costs.

　　For 2008, Timberland is targeting low-single digit revenue declines, operating expenses in the range of $550 million and flat to modest operating margin improvement excluding restructuring costs, compared with 2007 comparable results. As defined, 2007 comparable results exclude $24.7 million in restructuring and related costs, and approximately $30 million in revenues associated with stores targeted for closure that generated an operating loss of approximately $2 million. The company believes that actions taken to rationalize its operating expense structure should offset continued soft market trends. Timberland anticipates its full year 2008 tax rate to be in the range of 40%.

　　The company continues to target mid-single digit revenue declines and improved operating contribution excluding restructuring costs for the first half of 2008, compared with 2007 first half comparable results. As defined, 2007 first-half comparable results exclude $7.5 million in restructuring and related costs, and approximately $8 million in revenues associated with stores targeted for closure that generated an operating loss of approximately $2 million. Timberland also anticipates an additional $6 million in restructuring costs to be incurred in the first half of 2008 for charges associated with its retail closure plan and now believes total plan costs will be in the range of $16 million, slightly below its initial estimate.

　　Jeffrey B. Swartz, Timberland's president and CEO, stated, "2007 was a disappointing year for Timberland, and the results that we delivered to shareholders are below standard and unacceptable for an authentic brand with a deep and unique connection to consumers. However, during the year we made difficult decisions to simplify our business, including licensing our North American apparel business, closing underperforming retail stores globally and streamlining our global operations; actions that should enhance profitability going forward. Now we begin 2008 with a clear sense of where our strategy has missed the mark and a plan to address the chAllenges we are confronting as we rebuild Timberland's strong relationship with consumers. We believe we are well positioned to compete in a challenging and uncertain business environment as we ended the year with no debt and a strong balance sheet."

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　　http://www.sportsonesource.com/news/spec/spec_article.asp?section=4&Prod=2&id=22024