Exhibit 99

VF Reports 2013 Fourth Quarter and Full Year Results, and Announces Outlook For 2014

  • Full year 2013 adjusted EPS up 13 percent (up 12 percent on a GAAP basis)
  • Full year gross margin up 160 basis points to 48.1 percent
  • Full year revenues up 5 percent; fourth quarter revenues up 8 percent
  • 2014 revenues expected to increase 7 to 8 percent
  • 2014 gross margin expected to reach 49 percent; operating margin should reach 15 percent
  • 2014 EPS expected to grow 11 to 13 percent to $3.00 to $3.05
  • 2014 cash flow from operations expected to approach $1.65 billion
  • Expect to return more than $1 billion to shareholders in 2014 through share repurchases and dividends

GREENSBORO, N.C.--(BUSINESS WIRE)--February 14, 2014--VF Corporation (NYSE: VFC) today reported financial results for its fourth quarter and full year ended December 28, 2013. All per share amounts are presented on a diluted basis. “Adjusted amounts” refer to non-GAAP measures that exclude expenses related to the acquisition of the

Timberland® and Smartwool® brands (“Timberland”) 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.

“2013 was a terrific year for VF with record gross margin and earnings per share,” said Eric Wiseman, VF Chairman and Chief Executive Officer. “The combined power of our brands and platforms remains our greatest competitive advantage enabling us to push the envelope on product innovation to connect even more intensely with consumers and providing stellar returns to our shareholders.

“Among many noteworthy brand performances, two significant milestones included The North Face® brand passing $2 billion in global revenues and the Vans® brand surpassing the $1.7 billion revenue mark, becoming VF’s second largest brand,” Wiseman continued. “And with strong results from our direct-to-consumer and international businesses, supported by outstanding execution from our global supply chain, we’ve established excellent momentum that we expect to contribute to a strong year for VF in 2014.”

Fourth Quarter 2013 Review

Revenues rose 8 percent to $3.3 billion, compared with the same period of 2012, driven by double-digit growth in our Outdoor & Action Sports, Sportswear, international and direct-to-consumer businesses, and high single-digit percentage growth in our Imagewear coalition.

Gross margin improved 80 basis points to 48.2 percent, compared with 47.4 percent in the same period of 2012, with improvements in nearly every coalition. The higher gross margin reflects the continuing shift of our revenue mix toward higher margin businesses as well as lower year-over-year product costs.

SG&A as a percent of revenues rose 10 basis points to 32.7 percent in the fourth quarter. This increase includes the impact of an incremental investment of nearly $30 million in marketing to support growth in VF’s largest and fastest growing businesses.

Operating income on an adjusted basis grew 11 percent to $509 million in the fourth quarter, compared with $457 million in the same period of 2012. On a GAAP basis, fourth quarter operating income increased 13 percent to $508 million, compared with $450 million during last year’s same period. There were no material Timberland acquisition-related expenses in the fourth quarter of 2013 while the fourth quarter of 2012 included $7 million of such expenses. Adjusted operating margin was 15.5 percent, compared with 15.1 percent in the fourth quarter of 2012. On a GAAP basis, operating margin rose to 15.5 percent from 14.8 percent in last year’s period.

Net income on an adjusted basis grew 7 percent to $368 million in the fourth quarter, compared with $344 million in the same period of 2012. Adjusted earnings per share increased 6 percent to $0.82 per share compared with $0.77 per share during the same period last year. Fourth quarter 2012 adjusted earnings per share of $0.77 excluded $0.02 per share in Timberland acquisition-related expenses. On a GAAP basis, fourth quarter 2013 net income was up 10 percent to $368 million or $0.82 per share.

Full Year 2013 Review

Revenues increased 5 percent to a record $11.4 billion compared with $10.9 billion in 2012. International revenues were up 8 percent driven by 7 percent growth in Europe and Asia Pacific, and a 9 percent increase in the Americas (non-U.S.) region.

Gross margin rose by 160 basis points to a record 48.1 percent, compared with 46.5 percent in 2012, with improvements in nearly every business. For the full year, the improvement in gross margin reflects the continued shift in our revenue mix toward higher margin businesses as well as lower product costs.

SG&A as a percent of full year revenue rose 50 basis points to 33.6 percent. This increase includes the impact of higher marketing expense that increased the SG&A ratio by 60 basis points, including the nearly $40 million in incremental marketing investments in the second half of 2013 that increased the SG&A ratio by 40 basis points.


The following information was filed by V F Corp (VFC) on Friday, February 14, 2014 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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