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We're uniquely positioned for long-term success, VF CEO
23
Feb '11
VF Corporation announced results for the fourth quarter and full year 2010. All per share amounts are presented on a diluted basis. Revenues rose a stronger-than-expected 11% to $2,126.2 million from $1,915.4 million in 2009. On a constant currency basis, revenues increased 12%. Revenue growth in the quarter was driven primarily by strong growth in Outdoor & Action Sports, where revenues rose 20%. Reflecting solid organic growth in other coalitions, Jeanswear revenues grew 7%, Imagewear revenues rose 5% and Sportswear revenues increased 11%. Contemporary Brands revenues declined 9%.

Gross margins reached a record 46.6%, up from a previous high of 46.3% in the 2009 period. Operating margins on an adjusted basis declined to 12.9% from 13.6% in 2009, reflecting a disproportionately high level of incremental marketing investments made during the quarter.

Net income on an adjusted basis rose 8% to $196.1 million from $181.3 million, while adjusted earnings per share increased 10% to $1.78 per share from $1.62 per share. On a GAAP basis, net income was $54.2 million compared with $66.9 million in 2009, and earnings per share were $.49 compared with $.60 in the 2009 period.

"These results - in an economic environment that remains fragile - prove that VF has the right brands and strategies to win," said Eric Wiseman, Chairman and Chief Executive Officer. "We're uniquely positioned for long-term success, driven by our exceptionally powerful and diverse brand portfolio, substantial growth opportunities both domestically and internationally, and the balance sheet and cash to fuel our expansion."

Revenues increased 7% to $7,702.6 million from $7,220.3 million in 2009, with Outdoor & Action Sports revenues rising 14% during the year; Jeanswear revenues rose 1%, Imagewear and Contemporary Brands revenues each grew by 5%, and Sportswear revenues were flat.

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VF Corporation


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