24 Oct. 2011
VF CORPORATION WITH STRONG GROWTH IN Q3VF 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.
“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.”
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