×
39 570
Fashion Jobs
H&M
Logistics Wms Manager
Permanent · Burlington
CLINIQUE
Retail Beauty Sales Manager - Clinique - (Midrivers) - st. Peter's, mo
Permanent · Saint Charles
AVEDA
Director, Retail Marketing (Fss), Aveda North America
Permanent · Blaine
TAPESTRY
sr. Manager, Merchandising - Women's Outlet Bags
Permanent · New York
TAPESTRY
Project Manager, Store Construction
Permanent · New York
TAPESTRY
Senior Art Director - Brand Creative
Permanent · New York
TAPESTRY
Buyer, Men's Outlet
Permanent · New York
TAPESTRY
Director, Creative Project Management
Permanent · New York
ROSS STORES
IT Senior Manager (Supply Chain Warehouse Core Systems)
Permanent · Fort Mill
ROSS STORES
IT Manager i (New Store Openings, Store Systems)
Permanent · Dublin
ROSS STORES
Real Estate Law Attorney, Director
Permanent · Dublin
ROSS STORES
Merchant Operations Manager (Compliance)
Permanent · New York
ROSS STORES
Loss Prevention Associate
Permanent · Rock Hill
ROSS STORES
Coordinator, Legal Compliance
Permanent · New York
ROSS STORES
IT Manager i (Host Security Delivery)
Permanent · Dublin
ROSS STORES
Loss Prevention Associate
Permanent · Fort Mill
ROSS STORES
Director, Merchandise Finance
Permanent · New York
ROSS STORES
IT Manager i (Store Systems Security)
Permanent · Dublin
ROSS STORES
Loss Prevention Associate
Permanent · Fort Mill
ROSS STORES
Director, Corporate Human Resources Business Partner (Hrbp)
Permanent · Dublin
ROSS STORES
Loss Prevention Associate
Permanent · Fort Mill
ROSS STORES
Area Loss Prevention Manager (Alpm)
Permanent · Littleton

VF Corp EPS up 13% in unsatisfactory third quarter

By
Published
today Oct 24, 2016
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

VF Corporation on Monday released its third quarter 2016 results, which marks as its first quarter without its contemporary brands business including 7 For All Mankind, Splendid and Ella Moss. The company sold its contemporary brands business to Delta Galil on August 26, 2016 and incurred a net loss of $5 million.


The North Face, one of the brands under VF Corporation that increased its European business by 20%. - The North Face


 
Total revenue from continued operations fell 1% to $3.5 billion. Outdoor and Action Sports revenue, Direct-to-Consumer revenue, and International revenue all increased by 2%, 6% and 5%, respectively. The North Face brand revenue fell 1% though European business increased more than 20%, Vans revenue increased 7% and Timberland was down 1% currency neutral.
 
Revenue for Jeanswear, Imagewear, and Sportswear fell 6%, 3% and 13%, respectively with Wrangler and Lee revenue dropping 6% and Nautica decreasing 15%.

Gross margin was up 70 basis points to 48.4% for the quarter and earnings per share were up 13% to $1.20 compared to $1.06 in the previous third quarter. In addition, operating income was down 1% to $635 million and operating margin increased 10 basis points on a reported basis. Changes in foreign currency negatively impacted reported operating margin by 40 basis points.
 
“We continue to operate in an uneven, global economic environment including especially sluggish retail conditions in the Americas, our largest market,” said Eric Wiseman, VF Chairman and Chief Executive Officer. “With a strong balance sheet, powerful brands, and a growing global presence, we have great confidence in our ability to maintain near-term profitability, yet we’re not satisfied with our third quarter results. We remain sharply focused on operational improvements and taking advantage of this environment to accelerate strategies to create sustainable, long-term growth opportunities for our brands.”
 
VF Corp also released its adjusted 2016 outlook and now expects total revenue to increase 2% to $12.2 billion compared to the previous estimate of 3% to 4%. Outdoor & Action Sports and Jeanswear revenues are expected to increase at a low single-digit percentage rate and Direct-to-Consumer revenue is now expected to increase at a high single-digit percentage rate. Lastly, the earnings per share are expected to increase 3% to $3.13 compared to the previous expectation of a 5% increase to $3.20.

Copyright © 2019 FashionNetwork.com All rights reserved.