Home / Knowledge / News / Apparel/Garments / Reported EPS down 1% at VF Corp in Q3FY16
Reported EPS down 1% at VF Corp in Q3FY16
26
Oct '15
For its third quarter ended October 3, 2015, earnings per share on a reported basis were down 1 per cent year over year to $1.07 at apparel marketer VF Corporation.

Net sales for the third quarter of fiscal 2016 rose 3 per cent to $3.58 billion from $3.48 billion over the same period in the prior fiscal.

Gross margin was 48.9 per cent on a currency neutral basis in the reporting quarter, representing a 60 basis point improvement over the same quarter last fiscal.

“Reported gross margin was down 40 basis points to 47.9 per cent as benefits from more favourable product costs and continued mix shift to higher margin businesses,” the apparel marketer said.

“These were offset by foreign currency headwinds in the quarter, especially movements in the euro, Chinese renminbi, British pound sterling, Canadian dollar and Mexican peso,” it explained.

Currency neutral operating income was up 14 percent and 2 percent on a reported basis to $643 million compared with the same period in fiscal 2015.

Currency neutral operating margin stood at 19.0 per cent, a 100 basis point improvement over third quarter of fiscal 2014.

“Reported operating margin declined 20 basis points to 17.8 per cent due to the negative impact from changes in foreign currency,” the company added.

Inventories were up 12 per cent in the quarter under review compared to the third quarter from earlier fiscal reflecting order book timing and an increase, in line with expectations.

VF chairman Eric Wiseman said, “The results speak to the power of VF's brands and platforms to perform well in what is proving to be a mixed retail environment.”

“We delivered excellent operating results by staying focused on bringing relevant, innovative products to the marketplace and driving operational excellence into every area of our business,” he too added. (AR)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 20th Feb 2017

UK textile & apparel exports up 7.05% in 2016: UKFT

The exports of apparel and textiles from the UK have increased by...

Textiles | On 20th Feb 2017

Himatsingka Seide incorporates subsidiary in Europe

Himatsingka Seide Ltd, one of the largest producers of home textiles...

Textiles | On 20th Feb 2017

Sri Lanka's textile exports rise 2.3% in Jan-Oct '16

Exports of textiles and garments from Sri Lanka increased by 2.3 per...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search