VF Corp to invest in fast-growing brands
12/02/2010
Apparel group VF Corp has announced its full-year results for 2009.
The company, whose brands include The North Face, Jansport, Vans and Reef, achieved full-year revenues of $7.2 billion, down 6% from 2008. Foreign currency translation accounted for two percentage points of the decline, the company said. Net income was $461.3 million, compared with $602.7 million in 2008.
Fourth quarter revenues rose slightly to just over $1.9 billion, although profit was substantially lower than in the fourth quarter of 2008.
"Today's results speak to the strength and resiliency of VF's business model and diversified brand portfolio," said chief executive, Eric Wiseman. "Our focus on prudent brand investment, disciplined cost control, and inventory management has enabled us to deliver exceptionally strong performance in an exceptionally difficult environment. We look forward to resuming growth this year, fuelled by investments to accelerate growth in our fastest growing brands."
This should be good news for most of the groups brands in its Outdoor & Action Sports coalition. In total revenues among these brands grew by 8% in the fourth quarter, with operating income and margins each reaching record levels for the period. Global revenues of The North Face and Vans grew by 7% and 14%, respectively.
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