VF pleased with sports and outdoor brands
28/10/2009
VF Corporation, the parent group of sport and outdoor brands such as The North Face, Nautica, Eastpak, Jan Sport, Napapijri and Eagle Creek, has issued its results for the third quarter of 2009.
Third quarter revenues were just over $2 billion, a fall of 5% compared to the third quarter of 2008. Profits for the quarter this year were $217.9 million compared to $233.9 million in 2008.
The group's chairman and chief executive, Eric Wiseman, said on issuing the results: "We achieved an important improvement in our third quarter performance relative to the first half of the year as conditions have stabilised, giving us the confidence to move our earnings guidance toward the higher end of our prior range. Our relentless drive to control costs, reduce inventories and focus investments on our highest return opportunities has served us very well during these
difficult and volatile times. We will continue this disciplined approach through the balance of this year and into 2010 to maximise opportunities for both top and bottom line growth."
He said The North Face was one of the overall group's top four brands, which, collectively, bring in 60% of revenue. But he also mentioned Nautica, VF's fifth-largest brand, saying it had achieved "a significant improvement in profitability in the quarter with a return to double-digit margins".
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