VF Corporation Announces Four-for-One Stock Split And a 21 Percent Increase in Its Quarterly Dividend Rate
October 21 2013 - 7:02AM
Business Wire
Marks VF’s 41st Consecutive
Year of Higher Dividend Payments to Shareholders
VF Corporation (NYSE: VFC) today announced that on Oct. 16,
2013, its Board of Directors approved a four-for-one split of the
company’s shares of common stock to be payable in the form of a
stock dividend. Shareholders of record as of the close of business
on Dec. 10, 2013 will receive three additional shares of common
stock for each share of common stock they own, payable on Dec. 20,
2013. The New York Stock Exchange is expected to begin reporting
the adjusted number of shares outstanding and adjusted per-share
stock price on Dec. 23, 2013.
“During the past decade, VF has returned nearly $5 billion to
shareholders through dividend payments and share repurchases,” said
Eric Wiseman, VF Chairman and Chief Executive Officer. “Today’s
announcement is the result of VF’s strong financial and stock price
performance, and the confidence we have in our ability to create
long-term profitable growth and returns for our shareholders.”
Upon completion of the split, the number of issued and
outstanding shares of VF common stock will increase from
approximately 110 million to approximately 440 million. In
connection with the stock split, the Board of Directors amended
VF’s Articles of Incorporation to increase the number of authorized
shares of common stock from 300 million to 1.2 billion and reduce
the stated value applicable to the common stock from $1.00 per
share to $0.25 per share. These changes did not require shareholder
approval under the laws of Pennsylvania where VF is
incorporated.
Additionally, on a pre-split basis, VF’s Board of Directors
declared a quarterly dividend of $1.05 per share, reflecting an
$0.18 or 21 percent increase over the previous quarter’s dividend.
This dividend will be payable on Dec. 20, 2013 to shareholders of
record at the close of business on Dec. 10, 2013. For more
information, please visit the investor relations page at
www.vfc.com.
About VF
VF Corporation is a global leader in branded lifestyle apparel
and footwear with more than 30 brands. The company’s largest five
brands are The North Face®, Vans®, Wrangler®, Timberland®, and
Lee®. Other brands include 7 For All Mankind®, Bulwark®, Eagle
Creek®, Eastpak®, Ella Moss®, JanSport®, Kipling®, lucy®,
Majestic®, Napapijri®, Nautica®, Red Kap®, Reef®, Riders®,
Splendid® and SmartWool®. For more information, please visit
www.vfc.com.
Forward Looking Statements
Certain statements included in this release and the attachments
are "forward-looking statements" within the meaning of the federal
securities laws. Forward-looking statements are made based on our
expectations and beliefs concerning future events impacting VF and
therefore involve a number of risks and uncertainties. You can
identify these statements by the fact that they use words such as
“will,” “anticipate,” “estimate,” “expect,” “should,” and “may” and
other words and terms of similar meaning or use of future dates. We
caution that forward-looking statements are not guarantees and that
actual results could differ materially from those expressed or
implied in the forward-looking statements. Potential risks and
uncertainties that could cause the actual results of operations or
financial condition of VF to differ materially from those expressed
or implied by forward-looking statements in this release include,
but are not limited to, the level of consumer confidence and
overall level of consumer demand for apparel; fluctuations in the
price, availability and quality of raw materials and contracted
products; disruption to VF’s distribution system; disruption and
volatility in the global capital and credit markets; VF's reliance
on a small number of large customers; the financial strength of
VF's customers; VF’s response to changing fashion trends;
increasing pressure on margins; VF's ability to implement its
growth strategy; VF's ability to grow its international and
direct-to-consumer businesses; VF's ability to successfully
integrate and grow acquisitions, including the Timberland
acquisition; VF's ability to maintain the strength and security of
its information technology systems; adverse unseasonable weather
conditions; stability of VF's manufacturing facilities and foreign
suppliers; continued use by VF's suppliers of ethical business
practices; VF's ability to accurately forecast demand for products;
continuity of members of VF's management; VF's ability to protect
trademarks and other intellectual property rights; maintenance by
VF's licensees and distributors of the value of VF's brands;
foreign currency fluctuations; changes in tax liabilities, and
legal, regulatory, political and economic risks in international
markets. More information on potential factors that could affect
VF's financial results is included from time to time in VF's public
reports filed with the Securities and Exchange Commission,
including VF's Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q.
VF Corporation
Contacts:Lance Allega, 336-424-6082Director,
Investor RelationsorCarole Crosslin, 336-424-7836Director,
Corporate Communications
VF (NYSE:VFC)
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