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VF Jeanswear operating margins rise in Q1
23 Apr '08
3 min read
VF Corporation announced record results for the first quarter of 2008. All per share amounts are presented on a diluted basis and, unless otherwise noted, reflect continuing operations.
First quarter revenues rose 10% to a record $1,846.3 million, compared with $1,673.6 million in the first quarter of 2007. Income from continuing operations in the current quarter increased 11% to a record $149.0 million, compared with $134.1 million in the prior year's quarter.
Earnings per share from continuing operations rose 14% in the first quarter, to a record $1.33 from $1.17 last year. The benefit from foreign currency translation was $.09 per share in the current quarter.
"Our record results for the first quarter demonstrate the strength and diversity of the business platform we have built - in brands, geographies, product categories and channels of distribution," said Eric Wiseman, President and Chief Executive Officer.
"Our international and retail businesses, both of which grew by over 20% in the quarter, are proving to be very beneficial to us as we navigate through what are clearly challenging economic conditions in the U.S. Based on this strong performance and our confidence that we have the right strategic initiatives in place to achieve our goals, we are maintaining our guidance for 2008."
First Quarter Business Review:
Outdoor:
The strength of our Outdoor brands around the world contributed to another quarter of exceptionally strong performance. The performance of our Outdoor coalition has exceeded our expectations, and we remain confident that our business has excellent prospects for future growth.
First quarter revenues rose 10% to a record $1,846.3 million, compared with $1,673.6 million in the first quarter of 2007. Income from continuing operations in the current quarter increased 11% to a record $149.0 million, compared with $134.1 million in the prior year's quarter.
Earnings per share from continuing operations rose 14% in the first quarter, to a record $1.33 from $1.17 last year. The benefit from foreign currency translation was $.09 per share in the current quarter.
"Our record results for the first quarter demonstrate the strength and diversity of the business platform we have built - in brands, geographies, product categories and channels of distribution," said Eric Wiseman, President and Chief Executive Officer.
"Our international and retail businesses, both of which grew by over 20% in the quarter, are proving to be very beneficial to us as we navigate through what are clearly challenging economic conditions in the U.S. Based on this strong performance and our confidence that we have the right strategic initiatives in place to achieve our goals, we are maintaining our guidance for 2008."
First Quarter Business Review:
Outdoor:
The strength of our Outdoor brands around the world contributed to another quarter of exceptionally strong performance. The performance of our Outdoor coalition has exceeded our expectations, and we remain confident that our business has excellent prospects for future growth.
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