VF Corporation income rises 17% in Q3 results & declares Qtly dividend

21 Oct '05

2 min read

Global leader in branded apparel, VF Corporation announced record results for its third quarter ended October 1, 2005. All per share amounts are presented on a diluted basis.

Net income increased 17 percent to $181.9 million from $155.4 million, with earnings per share rising 15 percent to $1.59 from $1.38. Last year's third quarter earnings included a $.08 per share impact from the recognition of certain costs related to the disposition of its Playwear business. Sales were $1,803.1 million in the quarter versus $1,792.6 million reported in last year's third quarter. The Reef and Holoubek businesses, which were acquired during 2005, added $29 million to sales and were neutral to earnings.

-- EPS up 15 percent on record sales

-- Gross margins up more than one full percentage point to 41.5 percent

-- Operating margins hit 16.2 percent versus 14.0 percent in '04 period

-- Quarterly dividend increased by 7 percent to $.29 per share

-- Another record year expected in 2006

For the first nine months of 2005, net income rose 16 percent to $404.7 million from $349.4 million, with earnings per share rising 14 percent to $3.55 from $3.11. Sales increased 7 percent to $4,802.5 million from $4,494.8 million.

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VF Corporation is a leader in branded apparel including jeanswear, outdoor products, intimate apparel, image apparel and sportswear. Its principal brands include Lee, Wrangler, Riders, Rustler, Vanity Fair, Vassarette, Bestform, Lily of France, Nautica, John Varvatos, JanSport, Eastpak, The North Face, Vans, Reef, Napapijri, Kipling, Lee Sport and Red Kap.

VF Corporation

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