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VF announces Q4 record results & dividend

07 Feb '07

2 min read

VF Corporation announced record results for the fourth quarter and full year 2006. All per share amounts are presented on a diluted basis.

On January 23, we announced that we had signed a definitive agreement to sell our global intimate apparel business, which is now accounted for as a discontinued operation.

Results for prior periods have been restated to reflect the intended sale, and the amounts expressed herein, unless otherwise noted, reflect continuing operations.

Revenues rose 9% to a record $1,598.8 million, compared with $1,462.4 million in the fourth quarter of 2005, driven by higher revenues across our Outdoor, Jeanswear and Sportswear businesses.

Income from continuing operations in the current quarter increased 12% to a record $141.4 million, compared with $125.7 million in the prior year's quarter.

Income in the quarter reflects two unusual items: a $16.9 million ($.15 per share) benefit from a favorable tax resolution, substantially offset by $14.7 million ($.12 per share) in expenses related to actions to reduce product costs and enhance our product development processes primarily in our international Jeanswear business. Earnings per share from continuing operations also rose 12%, to a record $1.24 from $1.11 last year.

Earnings per share were approximately $.03 higher than the guidance we provided on January 23, due to the net benefit of the above unusual items, which, due to their nature, were not included in our prior guidance.

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