Home / Knowledge / News / Fashion / Wrangler, North Face, Lee & Vans continue to perform well
Wrangler, North Face, Lee & Vans continue to perform well
Apr '09
VF Corporation, a global leader in branded lifestyle apparel, announced results for the first quarter of 2009. All per share amounts are presented on a diluted basis.

On a constant currency basis, revenues were down 2%, net income decreased 25%, and earnings per share declined 24% to $1.01. Higher pension expense impacted constant dollar earnings by $.11 per share. Most of the remaining decline resulted from “transactional” impacts of foreign currency exchange rate fluctuations, related to the exceptional volatility in these rates during the quarter.

Revenues on a reported basis decreased 7% to $1,725.5 million, compared with $1,846.3 million in the first quarter of 2008. Foreign currency translation accounted for five percentage points of the decline, which was more than the four percentage points assumed in our prior guidance. Net income in the current quarter was $100.9 million compared with $149.0 million in the prior year's quarter. Earnings per share declined to $.91 from $1.33, with most of the decline due to the aforementioned higher pension expense and transactional currency impacts, in addition to foreign currency translation that reduced earnings by $.10 per share.

There is no question that global volatility and challenging economic conditions affected our businesses in the first quarter. It is important to note that our four largest and most powerful brands, which represent over 60% of VF's total revenues – Wrangler, The North Face, Lee and Vans – continue to perform well in this environment, with global sales for Wrangler and The North Face up on a constant currency basis during the quarter, and Lee and Vans brand revenues up domestically. These brands continue to gain or hold share in most markets, which gives us confidence in our ability to navigate successfully through these difficult times.

“We are pleased that we met our first quarter targets,” said Eric C. Wiseman, Chairman, President and Chief Executive Officer. “Our balance sheet, liquidity and cash flow remain very strong, inventories are down and we're on track with our cost reduction initiatives. However, changes in several key markets have led us to reduce our top and bottom line assumptions for the balance of the year.

He continued, “Times like these offer strong companies with strong brands like ours a unique opportunity to drive market share gains and improve their long-term competitive position. We intend to take advantage of this opportunity by continuing to invest behind our brands' core growth strategies to gain share, and we intend to emerge from these difficult times stronger than ever.”

First Quarter Business Review
Outdoor and Action Sports
Our Outdoor and Action Sports results reflect the strength of our brands, which continue to perform very well despite challenging global conditions. On a constant currency basis, total revenues increased 2%, with revenues in our Americas businesses rising 4% and international revenues down 1%. In Asia, our revenues grew at a strong double-digit rate in the quarter as we continue to aggressively expand our business there.

Must ReadView All

US commerce department finds dumping of low melt PSF

Textiles | On 20th Jun 2018

US commerce department finds dumping of low melt PSF

The US department of commerce (USDC) has announced affirmative final...

Courtesy: Aditya Birla

Textiles | On 20th Jun 2018

'Growth of VSF yarn industry is difficult'

Growth for the viscose filament yarn (VSF) yarn industry is...

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Apparel/Garments | On 20th Jun 2018

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Italian company Eurojersey Spa will present in 2019 new embossing...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Evelyne Cholet

‘France had a reputation of being big in new ideas, but poor in marketing...

C Kamatchisundaram

ITME is an occasion not only to receive new leads but also to work on...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Divvya and Nidhhi Gambhir

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

June 2018

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

news category

Related Categories:

Advanced Search