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VF Corp on way to deliver another year of record revenues
28
Apr '12
VF Corporation announced results for its first quarter ended March 31, 2012. All per share amounts are presented on a diluted basis. All references to “organic” financial data exclude the Timberland and Smartwool brands (“Timberland”), acquired on September 13, 2011. “Adjusted amounts” refer to non-GAAP measures that exclude Timberland acquisition-related expenses and the anticipated gain on the sale of John Varvatos Enterprises, Inc. as described in the “Adjusted Amounts” paragraph at the end of this release.

• Revenues rise 31%, with organic growth of 12%; Timberland adds $356 million to revenues
• Double-digit revenue increases in all coalitions (constant dollars)
• International business posts 15% organic revenue growth (constant dollars)
• Direct-to-consumer business achieves 16% organic revenue growth
• Adjusted EPS increases to record $1.94 ($1.91 on a GAAP basis)
• 2012 guidance raised by $0.15 per share to $9.45 ($9.42 on a GAAP basis)

“Our excellent first quarter performance spotlights our success in driving brand growth across our portfolio and the ability of VF's diversified business model to deliver healthy, sustainable growth on both the top and bottom lines,” said Eric Wiseman, VF Corporation Chairman and Chief Executive Officer. “Our momentum is strong, and we are excited about the prospects for delivering another year of record revenues and earnings to our shareholders.”

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Courtesy: Business wire

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