News Flash

Outdoor, Jeanswear & Imagewear perk up at VF Corporation

25 Apr '07

3 min read

VF Corporation announced record results for the first quarter of 2007 ended March 31, 2007. All per share amounts are presented on a diluted basis and, unless otherwise noted, reflect continuing operations. Revenues rose 15% to a record $1,673.6 million, compared with $1,455.6 million in the first quarter of 2006, driven by higher revenues across our Outdoor, Jeanswear and Imagewear businesses.

Income from continuing operations in the current quarter increased 13% to a record $134.1 million, compared with $118.1 million in the prior year's quarter. Earnings per share from continuing operations also rose 11%, to a record $1.17 from $1.05 last year.

"We're off to a strong start for the year," said Mackey J. McDonald, Chairman and Chief Executive Officer. "We completed the sale of our Intimates business and made two acquisitions. Organic growth was 12% in the quarter - better than our initial guidance of 10% - while acquisitions added an additional three percentage points of growth to our top line."

The momentum continues in our Outdoor coalition, with total revenues up 40% to $538.8 million and strong gains across nearly every brand. The North Face, Vans, Kipling, Reef, Napapijri and Eastpak brands each posted double-digit revenue gains in the quarter. The acquisition of the Eagle Creek brand of adventure travel gear added $6 million to revenues in the quarter.

Our Jeanswear coalition, which includes our Wrangler(R), Lee(R) and Riders(R) brands, posted an 8% gain in revenues during the quarter. Domestic revenues rose 5%, with healthy increases in both our Mass Market and Lee businesses.

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