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VF Corp posts record Q1 results Saturday, 28th April 2012
Photo credit: Wrangler AW 12 campaign
Lifestyle and apparel company VF Corporation has posted record first quarter revenues and earnings driven by strong organic growth and its acquisition of the Timberland brand.
Revenues rose 31 per cent to USD 2.556 million from USD 1.959 million in 2011, with Timberland bringing in an addition USD 356 million in revenues.
As expected, VF Corp’s gross margin declined, primarily due to the continued negative impact of higher jeanswear product costs, which was 45.7 per cent compared with 47.2 per cent in 2011. Operating income was USD 319 million on an adjusted basis in the first quarter. This included earnings from Timberland of USD 22 million and excluded acquisition-related expenses of USD 5 million.
The North Face, Wrangler and Lee owner experienced a solid growth in revenue across the quarter. Outdoor and action sports saw the strongest increase with total revenues up 60 per cent and organic growth rising 15 per cent.
With more than 30 brands, VF Corp is a global leader in lifestyle apparel, retailing in over 150 countries.