Please wait while we load the requested 10-K report or click the link below:
VF Reports 2014 Fourth Quarter and Full Year Results; Announces Outlook for 2015
- 2014 revenues up 8 percent to $12.3 billion
- 2014 gross margin up 70 basis points to 48.8 percent
- 2014 adjusted EPS, excluding a $396 million pre-tax noncash impairment charge, was up 14 percent to $3.08 ($2.38 on a GAAP basis)
- 2015 currency neutral revenues expected to increase 8 percent (up 3 percent reported)
- 2015 gross margin expected to reach 49.2 percent; net of an anticipated 30 basis points of negative impact from changes in foreign currency
- 2015 currency neutral EPS expected to increase 12 percent (up 4 percent reported) compared to adjusted EPS of $3.08 in 2014
- Expect to return more than $1.2 billion to shareholders in 2015 through share repurchases and dividends
GREENSBORO, N.C.--(BUSINESS WIRE)--February 13, 2015--VF Corporation (NYSE: VFC) today reported financial results for its fourth quarter and full year ended January 3, 2015. All per share amounts are presented on a diluted basis. Discussions in this release that refer to “adjusted”, “currency neutral” and “reported” amounts are described under the “Adjusted Amounts – Excluding Noncash Impairment Charge” and “Currency Neutral – Excluding the Impact of Foreign Currency” paragraphs that follow. Reconciliations of GAAP measures to adjusted and currency neutral amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items.
“Our powerful brands and the competitive advantage of our business platforms combined with our relentless focus on operational excellence delivered another year of strong returns for our shareholders,” said Eric Wiseman, VF Chairman, President and Chief Executive Officer. “Our four largest brands: The North Face®, Vans®, Timberland®, and Wrangler®, along with many of our other brands, were strong performers as we grew our business in every region and channel around the world.
“We are very pleased to report that Vans® passed the $2 billion dollar mark in 2014 to become VF’s second $2 billion brand along with The North Face®,” Wiseman continued. “As we end the second year of our five-year plan we’re on track with our 2017 targets.”
Fourth Quarter 2014 Review
- Revenues rose 9 percent to $3.6 billion driven by strong growth in our Outdoor & Action Sports coalition and our international and direct-to-consumer businesses. On a currency neutral basis, revenues increased 11 percent over the 2013 quarter. VF uses a 52/53 week fiscal year and the fourth quarter of 2014 included a 53rd week, which added approximately $100 million in revenue, representing about 3 percentage points of growth.
- Gross margin improved 80 basis points to a record 49 percent driven primarily by the continuing shift of our revenue mix toward higher margin businesses.
- A $396 million pre-tax, noncash impairment charge ($0.70 per share) was recorded to reduce the carrying value of the goodwill and intangible assets related to our 7 For All Mankind®, Ella Moss® and Splendid® brands.
- SG&A as a percent of revenues was up 20 basis points to 32.9 percent.
The following information was filed by V F Corp (VFC) on Friday, February 13, 2015 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.
View differences made from one year to another to evaluate V F Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by V F Corp.