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VF Corp achieves record revenues & earnings in 2011
17 Feb '12
4 min read
Net income on an adjusted basis rose 28% to $913 million from $713 million, while adjusted earnings per share increased 27% to $8.20 from $6.46. The Timberland acquisition was accretive to adjusted earnings by $0.60 per share. Organic earnings per share growth in 2011 was 18%. On a GAAP basis, net income and earnings per share in 2011 were $888 million and $7.98, respectively.
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Key points related to our 2012 outlook include:
•Solid revenue growth across all coalitions, highlighted by 25-to-30% growth in Outdoor & Action Sports including a full year of revenues from Timberland. On an organic basis, Outdoor & Action Sports revenues are expected to rise at a low-teen percentage rate in constant dollars. The North Face and Vans brands look forward to another year of strong growth, with both brands anticipating mid-teen revenue growth in constant dollars. Jeanswear, Imagewear, Sportswear and Contemporary Brands are each planning for mid-single-digit revenue growth in 2012.
•25-to-30% growth (constant dollars) in international revenues, with Timberland accounting for about half of the growth. International revenues as a percent of total revenues should approach 37% in 2012.
•25-to-30% growth in direct-to-consumer revenues, with Timberland accounting for about half of the growth. Growth will be driven by approximately 130 store openings in 2012 and low-single-digit comp store growth, in addition to continued rapid growth in e-commerce revenues. Direct-to-consumer revenues should exceed 20% of total revenues this year.
•Strong cash flow from operations, which could exceed $1.1 billion.
•Capital expenditures of approximately $375 million. 2012 will mark a year of investments to support VF's continued growth, including new headquarters for the Outdoor & Action Sports businesses in the U.S. and Europe, new distribution centers in the U.S., Europe and Asia, and a higher number of new retail store openings.
Click here to read more details:
Key points related to our 2012 outlook include:
•Solid revenue growth across all coalitions, highlighted by 25-to-30% growth in Outdoor & Action Sports including a full year of revenues from Timberland. On an organic basis, Outdoor & Action Sports revenues are expected to rise at a low-teen percentage rate in constant dollars. The North Face and Vans brands look forward to another year of strong growth, with both brands anticipating mid-teen revenue growth in constant dollars. Jeanswear, Imagewear, Sportswear and Contemporary Brands are each planning for mid-single-digit revenue growth in 2012.
•25-to-30% growth (constant dollars) in international revenues, with Timberland accounting for about half of the growth. International revenues as a percent of total revenues should approach 37% in 2012.
•25-to-30% growth in direct-to-consumer revenues, with Timberland accounting for about half of the growth. Growth will be driven by approximately 130 store openings in 2012 and low-single-digit comp store growth, in addition to continued rapid growth in e-commerce revenues. Direct-to-consumer revenues should exceed 20% of total revenues this year.
•Strong cash flow from operations, which could exceed $1.1 billion.
•Capital expenditures of approximately $375 million. 2012 will mark a year of investments to support VF's continued growth, including new headquarters for the Outdoor & Action Sports businesses in the U.S. and Europe, new distribution centers in the U.S., Europe and Asia, and a higher number of new retail store openings.
VF Corporation
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