Home / Knowledge / News / Apparel/Garments / 2014 adjusted EPS surges 20% at apparel marketer VF Corp
2014 adjusted EPS surges 20% at apparel marketer VF Corp
20
Feb '15
NYSE listed and apparel marketer with more than 30 brands in its portfolio, VF Corporation reported a 20 per cent hike in adjusted earnings per share for the fourth fiscal quarter ended January 3, 2015.

Adjusted earnings per share surged 20 percent to $0.98 per share compared with $0.82 per share during the same period last year, while on a GAAP basis, earnings per share were $0.28.

VF Corp said revenues rose 9 percent to $3.6 billion driven by strong growth in its Outdoor & Action Sports segment and its international and direct-to-consumer businesses.

On a currency neutral basis, revenues expanded 11 percent over the 2013 quarter.

VF uses a 52/53 week fiscal year and the fourth quarter of 2014 included a 53rd week, which added approximately $100 million in revenue, representing about 3 percentage points of growth.

For the fourth quarter of 2014, gross margin improved 80 basis points year-on-year to a record 49 percent, driven primarily by the continuing shift of its revenue mix toward higher margin businesses.

According to VF, a $396 million pre-tax noncash impairment charge of $0.70 per share was recorded to reduce the carrying value of the goodwill and intangible assets related to its 7 For All Mankind, Ella Moss and Splendid brands.

Operating income on an adjusted basis grew 14 percent from a year ago quarter to $578 million in the fourth quarter as against $508 million in the same period of 2013.

In the reporting quarter, adjusted operating margin improved to 16.2 per cent from 15.5 per cent in the fourth quarter of 2013 and on a GAAP basis, operating margin stood at 5.1 per cent in 2014.

Inventories at the end of the fourth quarter were up 6 per cent compared with December 2013 levels.

In 2014, VF’s cash generation from operations reached nearly $1.7 billion and the company returned over $1.2 billion to shareholders through dividends and share repurchases.

“Our powerful brands and the competitive advantage combined with our relentless focus on operational excellence delivered another year of strong returns for our shareholders,” said Eric Wiseman, VF Corp CEO.

“Our four largest brands; The North Face, Vans, Timberland and Wrangler along with other brands, were strong performers as we grew our business in every region and channel around the world,” he added.

“We are very pleased to report that Vans passed the $2 billion dollar mark in 2014 to become VF’s second $2 billion brand along with The North Face,” Wiseman continued.

For 2015, the apparel marketer expects revenue to rise by 8 per cent on a currency neutral basis and up 3 per cent on a reported basis.

Revenues for the Outdoor & Action Sports coalition, including The North Face, Vans and Timberland brands, are expected to increase at a low double-digit percentage rate currency neutral and in mid single-digit on a reported basis.

Imagewear and Sportswear coalition revenues are expected to grow at a mid single-digit rate, while Jeanswear is expected to grow at a low single-digit rate. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 25th Sep 2017

SVP Group to build $300 mn spinning plant in Sohar

ShriVallabh Pittie Industries (SVP) Group, a diversified yarn...

Apparel/Garments | On 25th Sep 2017

Vietnam textile sector to gain if EU FTA gets ratified

Experts feel the Vietnam-European Union (EU) free trade agreement...

Courtesy: Business Wire

Textiles | On 25th Sep 2017

Invista to use ADN technology at joint project in France

Invista, a leading producer of chemical intermediates, polymers, and...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Kevin Nelson
TissueGen

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

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search