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VF Reports Record 2012 Fourth Quarter and Full Year Results, and Sets Guidance for Fiscal 2013
- Fourth quarter adjusted EPS up 32% to $3.07 (up 31% to $2.98 on a GAAP basis)
- Full year revenues up 15% to $10.9 billion (up 17% in constant dollars)
- Full year gross margin up 75 basis points to 46.5%
- Full year adjusted EPS up 17% to $9.63 (a record $9.70 on a GAAP basis)
- 2013 revenues expected to increase about 6%
- 2013 adjusted EPS expected to grow 11% to $10.70 (up 9% to $10.60 on a GAAP basis)
- Gross margin expected to improve by 100 basis points, while operating margin should improve by nearly 100 basis points in 2013
- 2013 cash flow from operations to approach $1.4 billion
GREENSBORO, N.C.--(BUSINESS WIRE)--February 15, 2013--VF Corporation (NYSE: VFC) today reported financial results for its fourth quarter and full year ended December 29, 2012. All per share amounts are presented on a diluted basis. All references to “Timberland” include theTimberland® and Smartwool® brands. “Adjusted” amounts refer to non-GAAP measures that exclude Timberland acquisition-related expenses and the gain on the sale of John Varvatos Enterprises, Inc. (“John Varvatos”) as described in the “Adjusted Amounts” paragraph at the end of this release.
“2012 was another year of record revenues and profits for VF, with solid results across nearly every coalition, channel and geography,” said Eric Wiseman, VF Chairman and Chief Executive Officer. “Our performance is confirmation of our greatest competitive advantage – the diversity of our portfolio. It’s this strength, along with our focus on driving operational excellence into all areas of our business, that enables our brands to deliver the industry’s most innovative and meaningful products while deepening relationships with our customers and consumers, and consistently returning value to our shareholders.”
Fourth Quarter 2012 Review
Revenues rose 4 percent (5 percent in constant dollars) to a record $3.0 billion from $2.9 billion in the same period of 2011 driven by strength in the Outdoor & Action Sports and Sportswear coalitions, and in our international and direct-to-consumer businesses. The sale of John Varvatos in April 2012 negatively impacted VF’s revenue growth by 1 percentage point in the fourth quarter.
Gross margin rose by 220 basis points to a record 47.4 percent, compared with 45.2 percent in the same period of 2011, reflecting improvements in every coalition. The higher gross margin reflects the continued shift in our revenue mix towards higher margin businesses and lower year over year product costs.
Operating income on an adjusted basis grew 28 percent to $457 million in the fourth quarter of 2012 compared with $358 million in the same period of 2011. On a GAAP basis, fourth quarter operating income increased 28 percent to $450 million, compared with $351 million in last year’s same period. Acquisition-related expenses for Timberland were $7 million in the fourth quarters of both 2012 and 2011. Adjusted operating margin was 15.1 percent compared to 12.3 percent in the fourth quarter of 2011. On a GAAP basis, operating margin rose to 14.8 percent from 12.1 percent in the fourth quarter of 2011.
The following information was filed by V F Corp (VFC) on Friday, February 15, 2013 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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