VF's sportswear Kipling brand sales up 22% in North America
22 Jul '05
7 min read
A leading online branded apparel retailer VF Corporation's announced record results for its second quarter ended July 2, 2005. All per share amounts are presented on a diluted basis.
Second quarter sales rose 13 percent to $1,435.8 million from $1,269.5 million in the prior year's second quarter. Net income increased 11 percent to $100.0 million from $90.1 million, with earnings per share rising 10 percent to $.88 from $.80. Second quarter earnings include a net benefit of $.07 per share from special items, detailed below.
Similarly, second quarter EPS in 2004 included a net benefit of $.04 per share related to the exit of our Playwear business. The acquisitions of the Vans, Napapijri, Kipling, Reef and Holoubek businesses added $156 million to sales and $.09 to earnings per share in the 2005 quarter.
For the first six months of 2005, sales increased 11 percent to $2,999.5 million from $2,702.2 million. Net income rose 15 percent to $222.9 million from $194.0 million, with earnings per share rising 13 percent to $1.95 from $1.73. The acquisitions contributed $312 million to sales and $.20 to earnings per share in the first half of 2005.
"Company is delighted to report another record quarter," commented Mackey J McDonald, Chairman and Chief Executive Officer.
"Company strategy to transform VF into a higher growth, more dynamic company is working. They are investing behind company core brands to maintain their leadership positions and at the same time using their operational and brand management skills to effectively integrate and grow their new brands. Most of their core businesses are strong, healthy and operating at very profitable levels, and their acquisitions are clearly delivering on their potential," adds McDonald.
marketing@alchempro.com
