Outdoor, Jeanswear & Imagewear perk up at VF Corporation
25 Apr '07
3 min read
Total revenues of our Sportswear coalition, which includes our Nautica and John Varvatos brands as well as the Kipling brand in North America, declined 9% in the quarter.
Total revenues of our Imagewear coalition rose 10% due to the recent acquisition of the Majestic Athletic business. The leading global provider of authentic sports licensed apparel and branded team uniforms for Major League Baseball, Majestic Athletic contributed $27 million to revenues in the quarter. Imagewear operating income rose slightly in the quarter, largely due to the aforementioned acquisition.
Gross margins and operating margins were essentially flat with prior year levels, at 43.5% and 12.9%, respectively.
Leveraging our strong brands through a growing base of retail stores continues to be a strategic priority for VF. We ended the quarter with 533 owned retail stores. Our total retail revenues grew 19% in the quarter, with particularly strong growth in our Vans brand stores.
With the positive momentum of the first quarter and the acquisitions of the Majestic and Eagle Creek brands, we now believe revenues for the year will approximate $7 billion, an increase of over 12%.
The Board of Directors declared a cash dividend of $.55 per share, payable on June 18, 2007 to shareholders of record as of the close of business on June 8, 2007.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
