VF announces Q2 2007 sales results & dividend

19 Jul '07

3 min read

VF Corporation a global leader in branded lifestyle apparel, announced results for the second quarter and first six months of 2007 ended June 30, 2007. All per share amounts are presented on a diluted basis and, unless otherwise noted, reflect continuing operations.

Revenues rose 12% to a record $1,517.4 million, compared with $1,351.3 million in the second quarter of 2006, driven by higher revenues across our Outdoor, Jeanswear, Sportswear and Imagewear businesses.

Income from continuing operations in the current quarter increased 18% to a record $105.8 million, compared with $89.6 million in the prior year's quarter.

Earnings per share from continuing operations rose 16%, to a record $.93 from $.80 last year and included a $.04 gain from the sale of the H.I.S trademarks and related intellectual property in Europe.

Reflecting the impact of our discontinued intimate apparel business, the sale of which was concluded in the second quarter, net income was $81.7 million, or $.72 per share, compared with $99.0 million, or $.88 per share in the prior year quarter.

For the first half of 2007, revenues rose 14% to a record $3,191.0 million from $2,806.9 million. Income from continuing operations increased 15% to $239.9 million, compared with $207.7 million in the prior year period.

Earnings per share from continuing operations rose 14% to $2.10. Net income, including the effects of discontinued operations in both periods, was $220.0 million, or $1.93 per share, compared with $227.2 million, or $2.02 per share in the prior year period.

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