VF revenues flies in Q4 2007, to pay dividend on March 20

06 Feb '08

3 min read

VF Corporation, a global leader in branded lifestyle apparel, announced record results for the fourth quarter and full year 2007. All per share amounts are presented on a diluted basis and, unless otherwise noted, reflect continuing operations.

Fourth quarter revenues rose 22% to a record $1,955.2 million, compared with $1,598.8 million in the fourth quarter of 2006, driven by 12% organic growth and 10% growth from our 2007 acquisitions, including, most recently, Seven For All Mankind and lucy activewear.

Income from continuing operations in the current quarter increased 16% to a record $164.0 million, compared with $141.4 million in the prior year's quarter. Income in the quarter reflects two unusual items: a $12.0 million ($.11 per share) benefit from a favorable tax resolution, substantially offset by $13.3 million ($.09 per share) in special spending initiatives, more than half of which were related to our Jeanswear business, to enhance future growth and profitability.

Last year's fourth quarter results also included a favorable tax resolution and unusual expenses of $16.9 million ($.15 per share) and $14.7 million ($.12 per share), respectively, which resulted in a net benefit to earnings per share of $.03.

Earnings per share from continuing operations rose 18% in the fourth quarter, to a record $1.46 from $1.24 last year. Earnings per share were $.06 higher than our prior guidance, due to stronger than anticipated revenues and thenet benefit of the above unusual items, which, due to their nature, were not included in our prior guidance.

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