VF reports record Q2 sales and earnings
VF Corporation has announced record results for its second quarter ended
The acquisitions of the Vans, Napapijri, Kipling, Reef and Holoubek businesses added 156 million to sales in the 2005 quarter.
For the first six months of 2005 sales increased 11% to 2,999.5 million from 2,702.2 million. Net income rose 15% to 222.9 million from 194.0 million. The above acquisitions contributed $312 million to sales in the first half of 2005.
Mackey J. McDonald, chairman and chief executive officer, commented: "Earnings rose more than we anticipated during the quarter, due to particularly robust sales in our Outdoor and Sportswear coalitions, which in turn are driving higher gross margins. Two noteworthy examples in the quarter were our Vans brand, where we are benefiting from very strong product launches and the success of a new retail merchandising format, and our Nautica brand, where we experienced a double-digit sales gain and a big improvement in profitability."