Record Setting 2nd Quarter For VF |
|
| Wednesday, 16 July 2008 | |
 In spite of the weak economy and sales drops in the retail industry, VF Corporation, a global leader in branded lifestyle apparel, today announced record results for the second quarter of 2008. Second quarter revenues rose 11% to a record $1,677.5 million , compared with $1,517.4 million in
the second quarter of 2007. Income from continuing operations in the current quarter was $104.0 million, compared with $105.8 million in the prior year's quarter. Earnings per share from continuing operations reached $.94 in the second quarter, compared with $.93 last year. But Eric Wiseman, president and chief executive officer, was cautious about overall business conditions during a conference call with analysts. "Make no mistake, it is tough out there, but it is in times like these that the VF business model really proves itself". That model is based on powerful brands, excellent geographic and retail channel diversity, and consistent execution. International markets are proving key to VF's growth, as economic conditions worsen in the U.S. and shrink consumer spending. International revenues increased 23 percent during the quarter. Owned-retail is providing a second pillar for growth. The outdoor segment, containing brands such as The North Face, Vans, Napapijri and Kipling, did exceptionally well in the second quarter. Revenues for the segment rose 17 % with double digit growth in both VF’s domestic and international businesses. Imagewear revenues increased 4.9 percent and the sportswear segment experienced a decline of 3.5 percent. VF's jeanswear coalition is one area reflecting the weakened state of the U.S. retail environment. Jeanswear revenues fell 1.4 percent "As I look at the balance of the year, I am cautious and know it will not be easy," Wiseman concluded. Image: FV Corporation
|
