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VF Imagewear registers solid growth
Jul '08
VF Corporation, a global leader in branded lifestyle apparel, announced record results for the second quarter of 2008. All per share amounts are presented on a diluted basis and, unless otherwise noted, reflect continuing operations.

Second quarter revenues rose 11% to a record $1,677.5 million, compared with $1,517.4 million in the second quarter of 2007. Income from continuing operations in the current quarter was $104.0 million, compared with $105.8 million in the prior year's quarter. Earnings per share from continuing operations reached $.94 in the second quarter, compared with $.93 last year.

Current period results included a $.07 per share benefit from resolutions of certain income tax matters and the impact of $.04 per share in expenses related to actions designed to improve our cost structure. Prior year results included a $.04 per share gain from the sale of a business.

For the first half of 2008, revenues rose 10% to a record $3,523.8 million from $3,191.0 million. Income from continuing operations increased 5% to $253.0 million, compared with $239.9 million in the prior year period. Earnings per share from continuing operations rose 8% to $2.27.

"Our ability to deliver record revenues and earnings per share in the face of exceptionally challenging economic conditions clearly demonstrates the strength and resilience of VF's business model - which is based on powerful brands, excellent geographic and retail channel diversity, and consistent execution," said Eric Wiseman, President and Chief Executive Officer.

"We continue to see great momentum in brands such as The North Face, Vans and 7 For All Mankind as well as many of our smaller, emerging brands including Kipling, Napapijri, Eastpak and John Varvatos. We also are very pleased by the consistently strong performance achieved by our Imagewear coalition."

Mr. Wiseman continued, "Our success in building and expanding our international and owned retail platforms is also proving very beneficial to both our top and bottom lines, particularly in today's environment. We achieved double-digit growth in both our international and retail revenues in the second quarter and expect this momentum to continue during the second half of the year."

Second Quarter Coalition Performance:

The strength of our Outdoor brands around the world contributed to another quarter of exceptionally strong performance. Total revenues rose 17% with double-digit growth in both our domestic and international businesses. The North Face global brand revenues grew over 40% in the quarter, with comparable increases both domestically and internationally and growth across most product categories.

The brand's wholesale and retail revenues each rose in the quarter, with retail revenues up nearly 50% driven by strong same store sales gains as well as new store openings. Our Vans brand also enjoyed another quarter of exceptional growth, with global revenues up 14% reflecting double-digit increases both domestically and internationally.

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