Timberland Co. (NYSE: TBL) said Thursday its third-quarter profit rose an unexpected 23 percent to top analyst estimates as the company trimmed costs and demand improved for its boots and Smartwool apparel, according to Associated Press.
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Shares soared in midday trading following the announcement.
Profit for the three months ended Oct. 2 rose to $37.8 million, or 68 cents per share, from $30.7 million, or 52 cents per share, in the same quarter a year ago. Analysts polled by Thomson Reuters had forecast income of only 45 cents per share.
Revenue edged down 1 percent to $421.7 million from $423.6 million. Analysts predicted revenue of $386.3 million.
In North America, kids' boots and SmartWool sales were popular. Boots were also strong sellers in Europe, offset by casual shoes and apparel.
Operating expense fell 5 percent on lower selling, general and administrative costs.
Shares rose $3.15, or 23.7 percent, to $16.46 during midday trading. The stock has traded between $7.19 and $18 over the past year.
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