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24 Oct. 2011

VF CORPORATION WITH STRONG GROWTH IN Q3

VF Corporation has achieved a strong growth in the third quarter according to its results that were released today. Total revenues rose by 23% to $2,750.1 million from $2,232.4 million in 2010. The acquisition of The Timberland Company, which was completed on Sep. 13, added $163.6 million to revenues. Excluding Timberland, organic revenue growth in the quarter was 16%. All VF coalitions achieved strong revenue gains: Outdoor & Action Sports revenues, which now include the Timberland and Smartwool brands, grew 37%; Jeanswear revenues rose 8%; Imagewear revenues increased 14%; Sportswear revenues grew 18%; and Contemporary Brands revenues were up 11%.

Net income grew 24% to $300.7 million from $242.8 million, while earnings per share increased 21% to $2.69 from $2.22. Gross margin declined to 45.3% from 46.5% in the 2010 period, reflecting the impact of higher product costs. Operating income of $430.1 million included a net benefit from the Timberland acquisition of $13.5 million, which included acquisition-related expenses of $26.6 million.
Eric Wiseman
Eric Wiseman

“The strength of VF’s diversified brand portfolio has never been more evident,” commented Eric Wiseman, Chairman and CEO. “These results – in this environment – clearly demonstrate that VF has the right brands and strategies for strong and sustainable long-term growth. Our businesses continue to post healthy and very profitable organic growth, and the acquisition of Timberland further strengthens our portfolio with the addition of two outstanding outdoor brands.”





Susannah Carey

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