VF scores positive result
Branded lifestyle
apparel group VF Corporation has announced record results for the third quarter of 2008.
Revenues for the period rose over 6% to a record $2.2 billion. Due primarily to the continued deterioration in market conditions, as well as the impact of the strengthening dollar on foreign currency translations, the company said this increase was below its expectation for 9% growth in revenues.
Income from continuing operations in the current quarter was $233.9 million, compared with $209.3 million in the prior year's quarter.
For the first nine months of 2008, revenues were up 9% to a record
$5.7 billion from $5.2 billion in the same period in 2007. Income from continuing
operations increased 8% to $486.9 million, compared with $449.2
million in the prior year period.
“The achievement of another quarter of record revenues and earnings is a tremendous accomplishment by our brands and businesses given the challenging market conditions,” said Eric Wiseman, chairman and chief executive officer. “We remain confident in our business model, which is built on a strong foundation of diversity across geographies, products and channels of distribution and supported by some of the best-known and most powerful apparel brands in the world.”
He continued: “However, global market conditions have continued to deteriorate beyond what we could have anticipated, with a marked change particularly during the last several weeks. While our brand portfolio is healthy, general economic conditions are not, necessitating that we take a much more conservative stance toward our fourth quarter guidance. Despite this additional caution, we continue to look forward to record revenues and earnings in the fourth quarter, and to delivering our sixth consecutive year of record performance in 2008.”
