Home / Knowledge / News / Apparel/Garments / VF Corp Q1'FY14 revenues climb 6.5% to $2.8bn
VF Corp Q1'FY14 revenues climb 6.5% to $2.8bn
26
Apr '14
VF Corporation reported financial results for its first quarter ended March 29, 2014. All per share amounts are presented on a diluted basis. Driven by continued momentum in its Outdoor & Action Sports coalition, earnings per share in the quarter were up 12 percent primarily due to strong demand for The North Face, Vans and Timberland brands and gross margin expansion in every coalition.
 
Highlights: 
-Revenues up 6.5 percent to $2.8 billion
-Outdoor & Action Sports revenues up 14 percent; double-digit growth in every region
-Direct-to-consumer revenues up 16 percent; double-digit growth in every region
-International revenues up 11 percent; double-digit growth in Europe and Asia Pacific
-Gross margin up 130 basis points to 49.4 percent
-Earnings per share up 12 percent to $0.67
-2014 revenues now expected to increase to high end of 7 to 8 percent range
-2014 earnings per share now expected to grow 13 percent to $3.06
 
“VF’s first quarter results reflect the continued strength of our brands and our global business platforms,” said Eric Wiseman, VF Chairman, President and Chief Executive Officer. “Led by outstanding performance from the Outdoor & Action Sports coalition, which had balanced growth across all channels and geographies, we delivered strong growth in revenue and profitability. Looking towards the balance of 2014 – we are confident in our business plan and look forward to delivering another record year for our shareholders.”
 
First Quarter 2014 Review
Revenues rose 6.5 percent to $2.8 billion, compared with the same period of 2013, driven by double-digit growth in our Outdoor & Action Sports, international and direct-to-consumer businesses.
 
Gross margin improved 130 basis points to 49.4 percent, an all-time high for any quarter in VF’s history, with improvements in every coalition. The higher gross margin is primarily driven by the continuing shift of our revenue mix toward higher margin businesses and includes 30 basis points related to the previously disclosed change in classification of retail concession fees.
 
SG&A as a percent of revenues rose 50 basis points to 34.9 percent in the first quarter. This increase includes 30 basis points related to the inclusion of retail concession fees.
 
Operating income increased 13 percent to $403 million in the first quarter, compared with $358 million in the same period of 2013. Operating margin was 14.5 percent compared with 13.7 percent in the first quarter of 2013.
 
Earnings per share increased 12 percent to $0.67 per share compared with $0.60 per share during the same period last year.
 
Click here to view full results.
 

VF Corporation


Interviews View All

Vidhyaa Shankar. S, A Ganapathi Chettiar

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Rajiv Sirohi, Shara

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Md Hanifur Rahman, Aman Group

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Joachim Maier,

Joachim Maier

Switzerland-based Uster Technologies AG is the leading high technology...

Shivani Swamy,

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Priyanka Gandhi,

Priyanka Gandhi

Established in 2016, Surat-based Shree Ganesh Yarns is a manufacturer of...

Mark Paterson, Technical Absorbents Ltd

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

S Ziya Gumuser, Teknomelt

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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

Leave your Comments


November 2019

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

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search