Home / Knowledge / News / Apparel/Garments / Marginal rise in VF Corp Q1 sales
Marginal rise in VF Corp Q1 sales
27
Apr '13
VF Corporation reported financial results for its first quarter ended March 30, 2013. All per share amounts are presented on a diluted basis.

“VF’s first quarter performance is a great example of our strong business model, disciplined execution and our ability to leverage all aspects of our portfolio,” said Eric Wiseman, VF Chairman and Chief Executive Officer.

“The combination of powerful brands and strong operating platforms creates a unique engine capable of delivering consistent, long-term shareholder value. With a strong start to the year, we’re well positioned to achieve our full year goals.”

First Quarter 2013

Revenues rose 2 percent, as anticipated, to $2.6 billion compared with the same period of 2012, driven by strength in the Outdoor & Action Sports, international and direct-to-consumer businesses. The sale of John Varvatos in April 2012 negatively impacted VF’s revenue growth comparison by 1 percentage point in the first quarter.

Gross margin improved 240 basis points to 48.1 percent, an all-time high for any quarter in VF’s history. This performance, which includes improvements in nearly every coalition, compares with 45.7 percent in the same period of 2012. The higher gross margin reflects lower year-over-year product costs and the continued shift in our revenue mix towards higher margin businesses.

Operating income on an adjusted basis grew 13 percent to $360 million in the first quarter compared with $319 million in the same period of 2012. On a GAAP basis, first quarter operating income increased 14 percent to $358 million, compared with $314 million in last year’s same period.

Adjusted operating margin was 13.8 percent compared with 12.5 percent in the first quarter of 2012. On a GAAP basis, operating margin rose to 13.7 percent from 12.3 percent in the first quarter of 2012.

Net income on an adjusted basis grew by 25 percent to $273 million from $219 million in the first quarter of 2012. Adjusted earnings per share – which excludes Timberland acquisition-related items of $0.02 per share in the first quarter – increased 25 percent, to $2.43 from $1.94 during the same period last year.

This increase includes a $0.12 per share discrete tax benefit primarily related to the impact of U.S. tax law changes enacted in 2013, which are retroactive to 2012. On a GAAP basis, first quarter net income was $270 million, with a 26 percent increase in earnings per share to $2.41, including the $0.12 per share discrete tax benefit noted above.

VF Corporation

Must ReadView All

Textiles | On 6th Dec 2016

Garments, yarn export entitlement quota extended for 1 yr

Indian government has extended the export entitlement quota for...

Textiles | On 6th Dec 2016

Cash inflow will revive sales: Textile industry

The textile industry representatives are hopeful of revival of...

Courtesy: SIMA

Textiles | On 6th Dec 2016

Amma gave special attention for textile growth in TN: SIMA

Former Tamil Nadu chief minister J Jayalalithaa paid special...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search