VF Corp reports 55% rise in profits for first half of 2010
23/07/2010
For the first half of 2010, revenues increased 4% to more than $3.3 billion from $3.2 billion in the same period in 2009. Net profit rose by 55% to $274.4 million from $176.5 million.
Chief executive, Eric Wiseman, commented: “This was another outstanding quarter: revenues grew across all coalitions, gross margins reached record levels and earnings per share hit an all-time high. While current indicators point to a pause in the economic recovery, strong, highly profitable brands with compelling products that speak to consumers’ needs can be successful regardless of the external environment.”
VF said its outdoor and action sports businesses achieved record revenues, operating income and operating margins in the second quarter. Global revenues rose 12%. Revenue growth in Asia was particularly strong, rising 28% in the quarter. Global revenues of The North Face and Vans grew by 12% and 24%, respectively.
Revenues of sportswear brand Nautica increased 4% with a double-digit increase in wholesale business with department stores. Also in sports Kipling brand revenues in the US increased 17% in the quarter, reflecting the successful launch of a new, exclusive programme with department store chain Macy’s.
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