VF Corp posts record Q3 results
21/10/2010
Revenues for the quarter rose by 7% to $2.2 billion from just under $2.1 billion in the same quarter in 2009. Net income rose by 11% to $242.8 million.
For the first nine months of 2010, revenues increased by 5% to nearly $5.6 billion from $5.3 billion in the same period in 2009. Net income rose by 31% to $517.1 million.
“This quarter’s strong organic revenue growth and record gross margins are a testament to VF’s diverse business model and powerful brands,” said chief executive, Eric Wiseman, on announcing the results. “The investments we’re making this year to drive growth in our strongest and most profitable businesses are clearly paying off.”
The momentum continues in the company’s outdoor and action sports businesses, VF said, which achieved record revenues, operating income and margins in the quarter. It said the strength of The North Face and Vans businesses was “clearly evidenced by another quarter of double-digit growth for each”, VF continued, with global revenues of these brands rising by 17% and 19%, respectively. Total global revenues in the outdoor and action sports businesses rose by 14% in the third quarter. Revenue growth in Asia was particularly strong, rising 38% in the quarter.
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