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Gross margin from continuing operations decreased 10 basis points to 50.1 per cent; on an adjusted basis, gross margin was in line with the prior year at 50.2 per cent. Excluding the impact of acquisitions, on an adjusted basis, gross margin increased 70 basis points to 50.9 per cent.
Earnings per share from continuing operations in the second quarter were $1.26. Adjusted earnings per share from continuing operations climbed 19 per cent (up 21 per cent in constant dollars) to $1.43, including $0.08 contribution from acquisitions.
Inventories were up 22 per cent compared with the same period last year. Excluding the impact of acquisitions, inventories increased 5 per cent. The company has $4 billion remaining under its current share repurchase authorisation.
"VF’s second quarter results were strong driven by our core brands, the company’s international and direct-to-consumer platforms, and our work businesses," said Steve Rendle, chairman, president and chief executive officer. "As we move into the second half of our fiscal year, we are confident in our growth engines as evidenced by the increase in both our dividend and full year outlook. We continue to invest behind our strategic growth priorities, and the actions we are taking continue to advance our journey toward transforming VF into a purpose-led, performance-driven, consumer centric organization focused on and committed to delivering superior returns to shareholders."
For fiscal 2019, revenue is expected to be at least $13.7 billion, reflecting an increase of at least 11 per cent which compares to the previous expectation of revenue between $13.6 billion and $13.7 billion. Cash flow from operations is projected to be around $1.8 billion versus the previous expectation of cash flow from operations to exceed $1.7 billion.
The adjusted gross margin is expected to approximate 51 per cent and adjusted operating margin is projected to rise 80 basis points to 13.5 per cent, versus the previous expectation of 13.4 per cent. Adjusted Earnings per share is likely to be $3.65, reflecting an increase of 16 per cent. This is in comparison to the previous expectation of $3.52 to $3.57. (RR)
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