Sponsors
Billabong ▼ 0.000 | PPR ▲ +0.45 | American Apparel ▼ -0.005 | The Buckle ▼ -0.01 | Columbia ▼ -0.04 | Deckers Outdoor ▼ -0.19 | Dicks ▲ +0.26 | Foot Locker ▲ +0.62 | Genesco ▲ +0.12 | Iconix Brand Group ▲ +0.06 | Jarden Corp ▲ +0.21 | Nordstrom ▲ +0.39 | Luxottica ▲ +0.57 | Nike ▲ +0.72 | Pacific Sunwear ▼ -0.04 | Skullcandy ▼ -0.01 | Sport Chalet - 0 | Urban Outfitters ▲ +0.38 | VF Corp ▲ +0.09 | Quiksilver ▲ +0.02 | Zumiez ▼ 0.00 | Macys ▲ +0.29 | Tillys ▼ -0.05 |
Ticker Sponsor
Readers Say
Useful on a daily basis
Useful on a daily basis

It's well balanced information that is useful on a daily basis. I'm very satisfied with the Executive Edition. I start each day with SES and a big cup of coffee!

- By Tom Ruiz, EVP Sales, Volcom
Always a good daily read
Always a good daily read

Shop-Eat-Surf creates a good source of timely information about the industry. The site makes all types and size companies feel part of a community where everyone is stoked to hear about other companies successes and ideas. It is always a good daily read.

- By Ted Li, VP of North America, Oakley
Industry Insight

SIA SNOW SHOW: New "Industry + Intelligence" seminar on January 28.
FSG LAWYERS: Represented Brixton in recent transaction with Altamont Capital.
Details on Industry Insight.


Tiffany Montgomery
Print This Article

How VF and Vans performed in Q3

By Tiffany Montgomery
October 26, 2009 2:05 PM

VF Corp. reported third quarter results after the market closed this afternoon. Here are the top-line highlights:

(SES members, click here to read a detailed report on VF CEO Eric Wiseman's comments this afternoon about Reef, Vans, possible acquisitions, inventory replenishment and more.)

Total revenue: down 5% to $2.1 billion, or down 3% in constant currency.

Net income: down 6.8% to $217.9 million.

Gross margins: 44.3%

International revenue: down 2% in constant currency, mainly from weakness in the jeanswear business in Europe. Vans and The North Face saw international revenues increase in constant currency. VF's international business in Asia rose 32%.

VF-owned retail revenues: up 6%, with strength from Vans, The North Face, 7 For all ManKind and Napapijri. VF retail revenue accounted for 15% of total company revenue in the quarter. The company ended the quarter with 733 stores.

Inventory: down 13% vs. Sept. 2008.

Cash and equivalents: $379 million.

Full year forecast: The company raised it estimate to the upper part of its previous range. VF now expects revenue to fall 6% for the year, with earnings per share ranging from $4.85 to $5.

Outdoor and action sports coalition (Vans, Reef, The North Face and more)

Total revenue: flat overall, up 3% in constant currency.

Operating income: 23.1%

Vans global revenue: up 4% in constant currency.

The North Face revenue: up 10% in constant currency.

Americas: up 1%

International: up 4% in constant currency with strong growth in Asia.

Owned-retail revenue: up 17%, with double-digit growth for The North Face and Vans. VF said Vans same-store sales rose in the mid-single digits in the third quarter.

Contemporary brands (7 For All Mankind, lucy, John Varvatos, Splendid, Ella Moss)

Revenue: up 3%, or 4% in constant currency, mainly from addition of Splendid and Ella Moss.

7 For All Mankind: Revenue fell in quarter as upper end department stores and boutiques struggled. However, VF was pleased with the brand's double-digit operating margin. The brand also saw strength in its direct-to-consumer business and its business in Asia. 7 For All Mankind has opened 13 stores so far this year and expects to open 20 by year-end.

For the full VF press release, click here.

 

 


More on: Vans, VF, Reef, earnings

Articles You Might Have Missed