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VF Announces Fourth Quarter and Full Year Results and Declares Dividend
2008 Marks Record Revenues and Earnings Per Share
GREENSBORO, N.C.--(BUSINESS WIRE)--February 10, 2009--VF Corporation (NYSE: VFC):
- Full year revenues up 6% with EPS reaching a record $5.42
- Strong 2008 cash flow from operations: $679 million
- Q4 revenues and EPS in line with prior guidance
- Outdoor momentum continued in Q4 with revenues up 13%
- 2009 EPS expected to be in line with 2008
Information regarding VF’s fourth quarter conference call webcast today at 4:30 p.m. can be found at the end of this release.
VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, today announced results for the fourth quarter and full year 2008. All per share amounts are presented on a diluted basis and reflect continuing operations.
Fourth quarter revenues decreased 2% to $1,912.2 million, compared with $1,955.2 million in the fourth quarter of 2007, with nearly all the decline attributed to the effects of foreign currency translation. Income from continuing operations in the current quarter was $115.9 million, compared with $164.4 million in the prior year’s quarter. Included in the most recent quarter was a previously announced charge of $41 million related to cost reduction actions. Earnings per share from continuing operations was $1.05 in the fourth quarter, compared with $1.46 last year and, as expected, included a negative $.30 per share impact from the charge. Foreign currency translation also impacted earnings by $.02 per share.
For the full year 2008, revenues increased 6% to a record $7,642.6 million from $7,219.4 million in 2007, driven by strong performance in our Outdoor coalition and a full year of revenues from our growing Contemporary Brands coalition. Including the aforementioned charge, income from continuing operations declined to $602.7 million from $613.2 million. Earnings per share from continuing operations reached a record $5.42, and includes the $.30 per share impact from the cost reduction initiatives, compared with $5.41 in 2007. The full year benefit from foreign currency translation to revenues and earnings per share was $109 million and $.15 per share, respectively.
“The strength of VF’s business model was reflected in our 2008 performance, with record revenues and strong earnings despite extraordinarily challenging economic conditions. Our powerful brands, diversity and strong financial condition, combined with a history of exceptional operational execution, should all work to our advantage as we continue to navigate through these uncertain times,” said Eric C. Wiseman, Chairman and Chief Executive Officer.
Fourth Quarter Business Review
The following information was filed by V F Corp (VFC) on Tuesday, February 10, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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