Leading rugged footwear and outerwear firm, The Timberland Company, today posted a 21 per cent fall in first quarter net income as it was hit by higher leather prices and a dip in sales. The New Hampshire-based company earned net income of $13.9 million, or 36 cents a diluted share, compared with net income of $17.5m, or 43 cents per share, in the year-ago period.