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Formula for success continues to work at VF Corp

30 Apr '11
5 min read

Operating income increased 15%, with operating margin rising to 18.1% from 17.2% in the prior year's quarter. As anticipated, the domestic jeanswear operating margin declined 130 basis points in the quarter due to higher product costs, which were offset by profitability improvements in our international jeanswear business, primarily resulting from restructuring actions taken in the 2010 period that did not recur.

Imagewear: Imagewear had a tremendous quarter, achieving double-digit growth in both revenues and operating income. Revenues rose 12% in the first quarter, with strong gains in both our Image (uniform) and Licensed Sports businesses.

Operating income rose 62% and operating margin increased to 15.0% from 10.3%, with healthy improvements in both the Image and Licensed Sports businesses during the quarter.

Sportswear: Sportswear achieved a second consecutive quarter of double-digit top line growth, with revenues up 10% over prior year levels. Nautica brand revenues rose 6%, while Kiplingbrand revenues in the U.S. rose 46%.

Sportswear operating income rose 4% in the quarter, with operating margin down slightly from that in the prior year period.

Contemporary Brands: Revenues of our Contemporary Brands coalition, which consists of the 7 For All Mankind, John Varvatos, Splendid and Ella Moss brands, grew 8% in the quarter. Global revenues of the 7 For All Mankind brand rose 2% in the quarter, with 19% growth in Europe and a near-doubling of revenues in Asia. These gains drove a 26% increase in international revenues for the coalition. Domestic revenues for the coalition rose 3% driven by double-digit revenue growth in our Splendid, Ella Moss and John Varvatos brands. New stores, comp store growth and higher e-commerce revenue drove a 41% increase in global Contemporary Brands' direct-to-consumer revenues.

First quarter operating income for the Contemporary Brands coalition increased 15% while operating margin improved to 8.7% from 8.1%.

Expansion in International Revenues

International revenues increased 20%, with double-digit growth across our Outdoor & Action Sports, Jeanswear and Contemporary Brands' international businesses. Revenues in Asia were up 52% in the quarter, with our The North Face, Vans, 7 For All Mankind and Kiplingand jeanswear businesses all growing in excess of 30%. Our business in India continued to show great momentum, with revenues rising by over 80% in the quarter.

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VF Corporation

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