Action sport and outdoor sales buck the trend at VF
Branded lifestyle apparel firm VF Corporation has posted a decline in sales for the second quarter of 2009. However, sales for the outdoor and action sports sales rose.
Second quarter revenues were $1.5 billion, down 11% compared with $1.7 billion for the second quarter of 2008. Net income for the quarter was $75.5 million compared with $104 million during the prior-year period.
For the first half of 2009, revenues were $3.2 billion, down 9% from $3.5 billion in the first half of 2008. Net income fell 30% to $176.5 million.
However, the company’s outdoor and action sports division saw revenues rise 2% during the second quarter on a constant currency basis. Global revenues for The North Face and Vans grew 4% and 14%, respectively, during the quarter. Revenues in for the
“Business remains undeniably tough across most categories, channels and geographies, but I am pleased that our largest brands—Wrangler, Lee, The North Face and Vans—continue to gain share in most markets,” said Eric Wiseman, chairman, president and chief executive officer.
