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VF Corp reports record Q2 revenues & earnings, ups FY guidance

Jul '06
VF Corporation, a global leader in branded lifestyle apparel, announced record results for the second quarter of 2006. All per share amounts are presented on a diluted basis.

Revenues rose 8 percent in the quarter to a record $1,566.8 million compared with $1,452.1 million in the second quarter of 2005, fueled by healthy organic growth across our Outdoor, Jeanswear, Imagewear and Sportswear coalitions.

Net income in the current quarter increased to a record $99.0 million compared with $96.7 million in the prior year's quarter, which benefited from $7.7 million, equal to $.07 per share, in special items as detailed on the last page. Accordingly, reported earnings per share increased 4 percent to $.88. Excluding the effect of the special items in 2005, second quarter earnings per share increased 13 percent.

For the first six months of 2006, revenues were up 7 percent to $3,232.6 million from $3,034.3 million in the 2005 period. Income rose 7 percent to $227.2 million from $211.4 million, while earnings per share increased 9 percent to $2.02 per share from $1.85 per share, before a $.10 per share cumulative effect of a change in accounting policy for stock compensation expense in the first quarter of 2005.

"This quarter is further evidence of the power of our brands, which are benefiting from continued investments in marketing, new talent and infrastructure designed to keep them strong and growing," said Mackey J. McDonald, Chairman and Chief Executive Officer.

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