×
6 930
Fashion Jobs
VIVIENNE WESTWOOD
PA to Creative Director
Permanent · LONDON
DR. MARTENS
eu HR Administrator - French And/or German Speaking
Permanent · LONDON
HARRODS
Cleaning Operative- Day or Night
Permanent · LONDON
HARRODS
Uniform Security Officer (Cctv Operator)
Permanent · LONDON
FLANNELS
Beauty Brand Manager - Pat Mcgarth
Permanent · BELFAST
HUGO BOSS UK LTD.
Sales Executive - Shoes & Accessories + Bodywear & Hosiery
Permanent ·
HUGO BOSS UK LTD.
Womenswear Sales Manager
Permanent ·
HUGO BOSS UK LTD.
Ecommerce Marketplace Manager Northern Hub
Permanent ·
HUGO BOSS UK LTD.
Finance Manager (Maternity Contract)
Permanent ·
HUGO BOSS UK LTD.
Sales Executive Boss Menswear
Permanent ·
GANT
Brand Consultant - Full Time - Gant House of Fraser Manchester - mw/lw
Permanent · MANCHESTER
CANADA GOOSE
Security Ambassador, Full-Time
Permanent · MANCHESTER
NEXT
Delivery Coordinator - Northampton Outlet
Permanent · NORTHAMPTON
NEXT
Sales Manager - York Vangarde
Permanent · YORK
EVERLAST GYMS
General Assistant - Everlast Gyms
Permanent ·
EVERLAST GYMS
General Assistant - Everlast Gyms
Permanent · NEWCASTLE UPON TYNE
AVON
Indirect Procurement Junior Manager
Permanent · NORTHAMPTON
AVON
Internal Audit Manager Natura &CO
Permanent · LONDON
HEAD OFFICE
Customer & Marketing Planning Manager – Technology
Permanent · LONDON
PRIMARK
Visual Merchandising Manager (Level 1)
Permanent · Cambridge
ALL SAINTS
Franchise Account Executive
Permanent · London
FRASERS GROUP
Warehouse Supervisor - Night Shift
Permanent · SHIREBROOK
Ads
By
Reuters
Published
Jul 15, 2008
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

VF Corp 2nd-quarter profit jumps; raises outlook

By
Reuters
Published
Jul 15, 2008

By Alexandria Sage

SAN FRANCISCO, July 15 (Reuters) - Apparel maker VF Corp said on Tuesday quarterly net profit jumped 27 percent, helped by tax breaks, better profit margins and strength in its outdoor divisions.


VF Corp - campaign Lee

But its shares dropped 4 percent, as VF's view for the third quarter fell below Wall Street expectations and one analyst cited disappointment that second-quarter earnings were not even higher.

The company, whose brands include Vans, Seven For All Mankind and Wrangler, said second-quarter net profit increased to $104.0 million, or 94 cents per share, from $81.6 million, or 72 cents per share, a year earlier.

Earnings were 91 cents per share, excluding a benefit of 7 cents related to income taxes and a charge of 4 cents from one- time expenses designed to help the company improve its cost structure.

On that basis, the company beat analysts' average expectations of 88 cents, according to Reuters Estimates.

Morningstar analyst Brady Lemos said some on Wall Street expected VF to post higher earnings than the company forecast.

"Maybe they didn't raise (their outlook) as much as people thought they would," he added.

VF Corp said earlier this month that its second-quarter earnings would be 10 percent to 12 percent higher than its previously issued view of 80 cents per share.

"Conditions have been even more difficult than we could have foreseen and we are affected by this environment," said Chief Executive Eric Wiseman in a conference call with analysts. "Make no mistake, it is tough out there."

Revenue rose 11 percent in the quarter to $1.68 billion, while analysts looked for total revenue of $1.67 billion. Revenues were boosted by a 17 percent increase in its outdoor division, including North Face. Jeans sales slipped 1 percent, while sportswear fell 4 percent.

Gross profit margins rose to 43.8 percent from 42.9 percent as a percentage of sales.

VF set its full-year earnings target to $6.05 per share, an increase of 12 percent versus its earlier target of a rise of 10 percent.

Revenues in 2008 are expected to rise over 9 percent to $7.9 billion, the company said.

Wall Street, on average, expected earnings of $6.02 on revenues of $7.9 billion.

For the third quarter, VF sees sales and earnings rising about 9 percent, falling below current Wall Street expectations.

A 9 percent rise in earnings and sales would translate into earnings of about $2.03 and revenues of about $2.26 billion, below the $2.15 and $2.28 billion expected by Wall Street, on average.

In extended trading shares fell to $67.25 after closing on the New York Stock Exchange at $70.28, up nearly 1 percent.

The company also declared a dividend of 58 cents per share payable on Sept. 19. (Reporting by Alexandria Sage, editing by Jeffrey Benkoe and Andre Grenon)

© Thomson Reuters 2022 All rights reserved.