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Q2FY17 EPS down 10.2% at VF Corp
25
Jul '16
Earnings per share (EPS) for the second fiscal quarter ended July 2, 2016 at garment brands marketer VF Corp was $0.35, compared with $0.39 during the same period last fiscal, down 10.25 per cent.

“On a comparative basis, the second fiscal quarter of 2016-17 was negatively impacted by approximately $0.01 of net tax discretes while the comparable quarter of 2015-16 benefitted by $0.05 from net tax discrete,” the company explained.

“Excluding the negative impact of foreign currency, second quarter earnings per share was down 6 per cent,” it observed.

Revenue for the reporting quarter rose one percent year over year to $2.4 billion driven by positive results from its Outdoor & Action Sports, Jeanswear and Imagewear segments.

On a reported basis, gross margin was slightly up at 48.1 per cent in the quarter under review as against the second quarter of prior fiscal on a reported basis.

“This was achieved as benefits from lower product costs, pricing and mix were offset by changes in foreign currency and inventory management,” VF informed.

Operating income on a reported basis was down 3 per cent to $211 million compared with the same quarter of earlier period of earlier fiscal, while operating margin on a reported basis declined 40 basis points to 8.6 per cent.

VF Corp also revised the revenue guidance for the fill fiscal and now expects it to increase 3 to 4 per cent vis-à-vis the previous outlook of a mid-single-digit percentage rate increase. (AR)

Fibre2fashion News Desk - India

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