UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported):
|
October 20, 2014
|
V.F.
Corporation
(Exact
Name of Registrant as Specified in Charter)
Pennsylvania
|
1-5256
|
23-1180120
|
(State or Other Jurisdiction
of Incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
105 Corporate Center Boulevard
Greensboro, North Carolina
|
|
27408
|
(Address
of Principal Executive
Offices)
|
|
(Zip
Code)
|
Registrant’s telephone number, including area code
|
336-424-6000
|
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
Item 7.01. Regulation FD Disclosure.
The following information is furnished pursuant to Item 2.02, “Results
of Operations and Financial Condition,” and Item 7.01, “Regulation FD
Disclosure.”
On October 20, 2014, V.F. Corporation issued a press release setting
forth its third quarter 2014 earnings. A copy of the press release is
attached hereto as Exhibit 99 and hereby incorporated by reference.
In accordance with General Instruction B.2 of Form 8-K, the information
in this Current Report on Form 8-K, including Exhibit 99, shall not be
deemed to be “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise
subject to the liability of that section, and shall not be incorporated
by reference into any registration statement or other document filed
under the Securities Act of 1933, as amended, or the Exchange Act,
except as shall be expressly set forth by specific reference in such
filing.
Item 9.01. Financial Statements and Exhibits.
(d)
|
Exhibits.
|
|
|
|
|
|
The following is furnished as an exhibit to this report:
|
|
|
|
|
99
|
V.F. Corporation press release dated October 20, 2014.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
V.F. CORPORATION
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ Robert K. Shearer
|
|
|
|
|
Robert K. Shearer
|
|
|
|
|
Senior Vice President & Chief
Financial Officer
(Chief Financial Officer)
|
|
|
|
|
|
|
|
Date:
|
October 20, 2014
|
|
|
|
|
EXHIBIT INDEX
Exhibit No.
|
Description
|
|
|
99
|
V.F. Corporation press release dated October 20, 2014.
|
Exhibit 99
VF
Corporation Reports Third Quarter 2014 Results; Raises Full-Year 2014
Earnings Outlook; Announces 22 Percent Increase in Quarterly Dividend
-
Revenues
up 7 percent to $3.5 billion; earnings per share up 11 percent to
$1.08.
-
Outdoor
& Action Sports revenues up 11 percent including a 9 percent increase
in The
North Face®
brand revenues, a 12 percent increase in Vans®,
and a 15 percent increase in Timberland®.
-
Direct-to-consumer
revenues up 16 percent with growth from every brand and double-digit
growth in every region.
-
International
revenues up 9 percent (up 10 percent in constant currency) with
continued strong growth in Europe and Asia Pacific.
-
Quarterly
dividend increased by 22 percent to $0.32 per share.
-
Full-year
earnings per share outlook increased to $3.08, representing 14 percent
growth over 2013 results.
GREENSBORO, N.C.--(BUSINESS WIRE)--October 20, 2014--VF Corporation
(NYSE: VFC) today reported financial results for its third quarter ended
Sept. 27, 2014. All per share amounts are presented on a diluted basis.
The Timberland®, Vans®, The
North Face®, Kipling® and Wrangler®
brands drove a 7 percent increase in revenues and an 11 percent
increase in earnings per share in the third quarter.
“Our third quarter results validate our growth strategy and demonstrate
our ability to manage our powerful portfolio in ways that ensure we
deliver solid results,” said Eric Wiseman, VF Chairman, President and
Chief Executive Officer. “Led by another outstanding performance from
our Outdoor & Action Sports coalition, we delivered strong growth in
revenue and earnings. We are squarely on track to deliver another record
year for VF and our shareholders.”
Third Quarter 2014 Review
-
Revenues rose 7 percent to $3.5 billion driven by strong growth
in our Outdoor & Action Sports coalition and our international and
direct-to-consumer businesses.
-
Gross margin improved 70 basis points to 48.3 percent driven
primarily by the continuing shift of our revenue mix toward higher
margin businesses.
-
SG&A as a percent of revenues was up 40 basis points to
30.4 percent.
-
Operating income increased 9 percent to $633 million in the
third quarter, compared with $580 million in the same period of 2013. Operating
margin was 18 percent compared with 17.6 percent in the third
quarter of 2013.
-
Earnings per share increased 11 percent to $1.08 per share
compared with $0.97 per share during the same period last year.
Coalition Review
Revenues for the Outdoor & Action Sports coalition increased
11 percent in the quarter to $2.2 billion with double-digit growth in
the Americas, European and Asia Pacific regions.
Third quarter revenues for The North Face® brand
rose 9 percent globally. The North Face® brand’s
revenues were up at a low double-digit percentage rate in the Americas
region, up by a mid single-digit percentage rate in Asia Pacific and up
at a low single-digit rate in Europe. Global direct-to-consumer revenues
for The North Face® brand were up 32 percent.
Vans® brand revenues were up 12 percent with
continued, strong growth across all regions as well as in the brand’s
wholesale and direct-to-consumer businesses. Revenues in the Americas
region were up at a high single-digit rate, impacted by a shift in
timing of shipments; fourth quarter revenues are expected to grow at a
high-teen percentage rate. In Europe, Vans® brand
revenues were up at a mid-teen percentage rate in the quarter, and by
nearly 40 percent in the Asia Pacific region. Global direct-to-consumer
revenues for the Vans® brand were up 18 percent
in the quarter.
Revenues for the Timberland® brand were up 15
percent in the third quarter. In the Americas region, revenues were up
22 percent including more than 30 percent growth in its wholesale
business. In Europe, Timberland® brand revenues
were up at a mid-teen percentage rate and in Asia Pacific, revenues
increased at a low single-digit rate. Globally, the Timberland®
brand achieved 18 percent growth in wholesale revenues and a 6
percent increase in its direct-to-consumer business in the quarter.
In line with our expectations for sequential quarterly improvement,
Jeanswear third quarter revenues were up slightly to $750 million.
In constant currency, Jeanswear revenues increased 2 percent in the
quarter. Coalition revenues in the Americas region were down at a low
single-digit percentage rate due to ongoing challenges in the U.S.
mid-tier/department store channel and unfavorable consumer trends in
women’s denim, which, similar to the second quarter, primarily impacted
the Lee® brand. Jeanswear revenues were down
slightly in Europe and up more than 30 percent in the Asia Pacific
region.
Third quarter revenues for the Wrangler® brand
were up 3 percent driven by a low single-digit increase in the Americas
region, a mid single-digit percentage rate decline in European revenues
and more than 30 percent growth in the Asia Pacific region. Third
quarter revenues for the Lee® brand
were down 1 percent driven by a low double-digit percentage revenue
decline in the Americas region, partially offset by 30 percent growth in
Asia Pacific and a low single-digit increase in European sales.
We continue to expect fourth quarter revenue comparisons for the
Jeanswear coalition to be the strongest of the year with a mid-to-high
single-digit percentage increase.
Imagewear revenues were up 3 percent in the quarter to $293
million driven by a 10 percent increase in its Image business and a mid
single-digit percentage decrease in its Licensed Sports Group business.
Third quarter Sportswear revenues were up 5 percent to $163
million. Nautica® brand revenues grew 2 percent
and the Kipling® brand’s U.S. business was up
more than 22 percent. Globally, the Kipling®
brand grew 20 percent.
Contemporary Brands coalition revenues were down 5 percent, to
$99 million, reflecting continuing challenging consumer trends in
women’s contemporary apparel and premium denim.
International Review
International revenues in the third quarter grew 9 percent, or 10
percent excluding the impact of foreign currency. Revenues in Europe
increased 8 percent and in the Asia Pacific region were up 18 percent,
including 19 percent growth in China. Reported revenues in the Americas
(non-U.S.) region were up 4 percent (up 10 percent in constant
currency). International revenues were 41 percent of total VF third
quarter sales in 2014 compared with 40 percent in the same period of
2013.
Direct-to-Consumer Review
Direct-to-consumer revenues grew 16 percent in the third quarter with
double-digit increases in all regions of the world and growth in every
VF brand with a retail format. Forty-nine stores were opened during the
quarter bringing the total number of VF owned retail stores to 1,333.
Direct-to-consumer revenues reached 22 percent of total revenues in the
third quarter compared with 19 percent in the 2013 period. As previously
discussed, effective in 2014, VF now includes revenues from its
concession locations in its direct-to-consumer business; on a comparable
basis, direct-to-consumer revenues in the third quarter of 2013 would
have been 20 percent of total VF revenue. References to
direct-to-consumer and wholesale revenue growth rates reflect the change
in reporting of concessions in all periods.
Balance Sheet Review
Quarter end inventories were up 4 percent compared to the same period in
2013 reflecting VF’s rigorous operational discipline. For the full year,
VF continues to anticipate cash generation from operations to exceed
$1.65 billion.
2014 Outlook
Key points related to VF’s full year 2014 outlook include:
-
Revenues are expected to reach $12.3 billion, growing 8 percent
over 2013. Outdoor & Action Sports revenues are expected to
increase by 13 percent. The Timberland® brand’s
annual growth outlook has been strengthened to 13 percent versus the
previously anticipated 12 percent expectation.
-
Gross margin is expected to expand to approximately 49 percent,
and operating margin should reach 15 percent.
-
Earnings per share are now expected to reach $3.08 per share,
an increase of $0.02 over the previous outlook, representing a 14
percent increase over 2013 and slightly ahead of the company’s
long-term financial target. This new $3.08 outlook includes an
estimated $0.02 negative impact due to currency fluctuations since our
prior outlook.
Dividend Declared
On Oct. 16, 2014, VF’s Board of Directors declared a quarterly dividend
of $0.32 per share, reflecting a 22 percent increase over the previous
quarter’s dividend. This dividend will be payable on Dec. 19, 2014 to
shareholders of record at the close of business on Dec. 9, 2014.
Webcast Information
VF will hold its third quarter conference call and webcast today at 8:30
a.m. Eastern Time. Interested parties should call 888-542-0999
(domestic) or 719-325-2108 (international) to access the call. The
conference call will be broadcast live and accessible at www.vfc.com.
A replay of the conference call will be available from Oct. 20 through
Oct. 27, 2014, via telephone at 877-870-5176 (access code: 2986770) or
at www.vfc.com.
About VF
VF Corporation (NYSE: VFC) is a global leader in the design,
manufacture, marketing and distribution of branded lifestyle apparel,
footwear and accessories. The company’s highly diversified portfolio of
30 powerful brands spans numerous geographies, product categories,
consumer demographics and sales channels, giving VF a unique industry
position and the ability to create sustainable, long-term growth for our
customers and shareholders. The company’s largest brands are The
North Face®, Vans®,
Timberland®, Wrangler®, Lee®
and Nautica®. For more information, 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 demand for apparel, footwear and accessories; disruption to
VF’s distribution system; VF's reliance on a small number of large
customers; the financial strength of VF's customers; VF's ability to
implement its growth strategy; VF's ability to grow its international
and direct-to-consumer businesses; VF and its customers’ ability to
maintain the strength and security of information technology systems;
stability of VF's manufacturing facilities and foreign suppliers;
continued use by VF's suppliers of ethical business practices; VF's
ability to protect trademarks and other intellectual property rights;
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
|
Condensed Consolidated Statements of Income
|
(Unaudited)
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
Three Months Ended September
|
|
%
|
|
|
Nine Months Ended September
|
|
%
|
|
|
|
|
2014
|
|
|
2013
|
|
|
Change
|
|
|
2014
|
|
|
2013
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
$
|
3,486,998
|
|
|
|
$
|
3,266,681
|
|
|
|
7
|
%
|
|
|
$
|
8,610,521
|
|
|
|
$
|
8,043,638
|
|
|
|
7
|
%
|
Royalty income
|
|
|
|
|
33,449
|
|
|
|
|
30,588
|
|
|
|
9
|
%
|
|
|
|
92,780
|
|
|
|
|
85,911
|
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
|
3,520,447
|
|
|
|
|
3,297,269
|
|
|
|
7
|
%
|
|
|
|
8,703,301
|
|
|
|
|
8,129,549
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
|
|
1,818,655
|
|
|
|
|
1,728,144
|
|
|
|
5
|
%
|
|
|
|
4,464,565
|
|
|
|
|
4,226,779
|
|
|
|
6
|
%
|
Selling, general and administrative expenses
|
|
|
|
|
1,068,710
|
|
|
|
|
989,422
|
|
|
|
8
|
%
|
|
|
|
2,982,656
|
|
|
|
|
2,764,005
|
|
|
|
8
|
%
|
|
|
|
|
|
2,887,365
|
|
|
|
|
2,717,566
|
|
|
|
6
|
%
|
|
|
|
7,447,221
|
|
|
|
|
6,990,784
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
633,082
|
|
|
|
|
579,703
|
|
|
|
9
|
%
|
|
|
|
1,256,080
|
|
|
|
|
1,138,765
|
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest, net
|
|
|
|
|
(20,703
|
)
|
|
|
|
(19,987
|
)
|
|
|
(4
|
%)
|
|
|
|
(59,828
|
)
|
|
|
|
(61,224
|
)
|
|
|
2
|
%
|
Other income (expense), net
|
|
|
|
|
(1,609
|
)
|
|
|
|
(1,250
|
)
|
|
|
(29
|
%)
|
|
|
|
(4,209
|
)
|
|
|
|
(1,723
|
)
|
|
|
(144
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
|
610,770
|
|
|
|
|
558,466
|
|
|
|
9
|
%
|
|
|
|
1,192,043
|
|
|
|
|
1,075,818
|
|
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
|
|
140,241
|
|
|
|
|
124,705
|
|
|
|
12
|
%
|
|
|
|
266,639
|
|
|
|
|
233,366
|
|
|
|
14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
470,529
|
|
|
|
$
|
433,761
|
|
|
|
8
|
%
|
|
|
$
|
925,404
|
|
|
|
$
|
842,452
|
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
1.09
|
|
|
|
$
|
0.99
|
|
|
|
10
|
%
|
|
|
$
|
2.14
|
|
|
|
$
|
1.92
|
|
|
|
11
|
%
|
Diluted
|
|
|
|
$
|
1.08
|
|
|
|
$
|
0.97
|
|
|
|
11
|
%
|
|
|
$
|
2.10
|
|
|
|
$
|
1.89
|
|
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
430,638
|
|
|
|
|
438,180
|
|
|
|
|
|
|
|
432,956
|
|
|
|
|
438,516
|
|
|
|
|
Diluted
|
|
|
|
|
437,587
|
|
|
|
|
445,620
|
|
|
|
|
|
|
|
440,328
|
|
|
|
|
446,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends per common share
|
|
|
|
$
|
0.2625
|
|
|
|
$
|
0.2175
|
|
|
|
21
|
%
|
|
|
$
|
0.7875
|
|
|
|
$
|
0.6525
|
|
|
|
21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basis of presentation: VF operates and reports using a 52/53 week
fiscal year ending on the Saturday closest to December 31 of each year.
Similarly, the fiscal third quarter ends on the Saturday closest to
September 30. For presentation purposes herein, all references to
periods ended September 2014, December 2013 and September 2013 relate to
the 13 week, 52 week and 13 week fiscal periods ended September 27,
2014, December 28, 2013 and September 28, 2013, respectively.
|
VF CORPORATION
|
Condensed Consolidated Balance Sheets
|
(Unaudited)
|
(In thousands)
|
|
|
|
|
|
|
September
|
|
|
December
|
|
|
September
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
Cash and equivalents
|
|
|
|
$
|
496,500
|
|
|
$
|
776,403
|
|
|
$
|
315,661
|
Accounts receivable, net
|
|
|
|
|
1,764,636
|
|
|
|
1,360,443
|
|
|
|
1,663,118
|
Inventories
|
|
|
|
|
1,822,162
|
|
|
|
1,399,062
|
|
|
|
1,752,284
|
Other current assets
|
|
|
|
|
440,915
|
|
|
|
347,074
|
|
|
|
362,841
|
Total current assets
|
|
|
|
|
4,524,213
|
|
|
|
3,882,982
|
|
|
|
4,093,904
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
|
|
|
940,193
|
|
|
|
932,792
|
|
|
|
904,809
|
Intangible assets
|
|
|
|
|
2,785,651
|
|
|
|
2,960,201
|
|
|
|
2,939,371
|
Goodwill
|
|
|
|
|
1,989,871
|
|
|
|
2,021,750
|
|
|
|
2,014,717
|
Other assets
|
|
|
|
|
575,948
|
|
|
|
517,718
|
|
|
|
499,260
|
Total assets
|
|
|
|
$
|
10,815,876
|
|
|
$
|
10,315,443
|
|
|
$
|
10,452,061
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
|
$
|
654,839
|
|
|
$
|
18,810
|
|
|
$
|
468,310
|
Current portion of long-term debt
|
|
|
|
|
4,374
|
|
|
|
5,167
|
|
|
|
2,987
|
Accounts payable
|
|
|
|
|
674,950
|
|
|
|
638,732
|
|
|
|
659,135
|
Accrued liabilities
|
|
|
|
|
932,315
|
|
|
|
905,292
|
|
|
|
924,228
|
Total current liabilities
|
|
|
|
|
2,266,478
|
|
|
|
1,568,001
|
|
|
|
2,054,660
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
|
1,424,311
|
|
|
|
1,426,829
|
|
|
|
1,427,138
|
Other liabilities
|
|
|
|
|
1,262,727
|
|
|
|
1,243,575
|
|
|
|
1,341,386
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
5,862,360
|
|
|
|
6,077,038
|
|
|
|
5,628,877
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
10,815,876
|
|
|
$
|
10,315,443
|
|
|
$
|
10,452,061
|
|
|
|
|
|
|
|
|
|
|
|
|
VF CORPORATION
|
Condensed Consolidated Statements of Cash Flows
|
(Unaudited)
|
(In thousands)
|
|
|
|
|
|
|
Nine Months Ended September
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
925,404
|
|
|
|
$
|
842,452
|
|
Depreciation and amortization
|
|
|
|
|
200,519
|
|
|
|
|
181,109
|
|
Other noncash adjustments to net income
|
|
|
|
|
198,667
|
|
|
|
|
105,076
|
|
Changes in operating assets and liabilities
|
|
|
|
|
(957,744
|
)
|
|
|
|
(710,561
|
)
|
Cash provided by operating activities
|
|
|
|
|
366,846
|
|
|
|
|
418,076
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
(171,606
|
)
|
|
|
|
(203,469
|
)
|
Software purchases
|
|
|
|
|
(66,815
|
)
|
|
|
|
(41,923
|
)
|
Other, net
|
|
|
|
|
(16,612
|
)
|
|
|
|
(9,896
|
)
|
Cash used by investing activities
|
|
|
|
|
(255,033
|
)
|
|
|
|
(255,288
|
)
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
Net increase in short-term borrowings
|
|
|
|
|
637,786
|
|
|
|
|
457,856
|
|
Payments on long-term debt
|
|
|
|
|
(3,549
|
)
|
|
|
|
(402,141
|
)
|
Purchases of treasury stock
|
|
|
|
|
(727,536
|
)
|
|
|
|
(283,433
|
)
|
Cash dividends paid
|
|
|
|
|
(340,690
|
)
|
|
|
|
(286,790
|
)
|
Net impact of stock issuance
|
|
|
|
|
57,219
|
|
|
|
|
72,848
|
|
Cash used by financing activities
|
|
|
|
|
(376,770
|
)
|
|
|
|
(441,660
|
)
|
|
|
|
|
|
|
|
|
Effect of foreign currency rate changes on cash and equivalents
|
|
|
|
|
(14,946
|
)
|
|
|
|
(2,928
|
)
|
|
|
|
|
|
|
|
|
Net change in cash and equivalents
|
|
|
|
|
(279,903
|
)
|
|
|
|
(281,800
|
)
|
|
|
|
|
|
|
|
|
Cash and equivalents - beginning of year
|
|
|
|
|
776,403
|
|
|
|
|
597,461
|
|
|
|
|
|
|
|
|
|
Cash and equivalents - end of period
|
|
|
|
$
|
496,500
|
|
|
|
$
|
315,661
|
|
|
|
|
|
|
|
|
|
|
VF CORPORATION
|
Supplemental Financial Information
|
Business Segment Information
|
(Unaudited)
|
(In thousands)
|
|
|
|
|
|
|
Three Months Ended September
|
|
|
%
|
|
|
Nine Months Ended September
|
|
|
%
|
|
|
|
|
2014
|
|
|
2013
|
|
|
Change
|
|
|
2014
|
|
|
2013
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coalition revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outdoor & Action Sports
|
|
|
|
$
|
2,180,879
|
|
|
|
$
|
1,971,963
|
|
|
|
11
|
%
|
|
|
$
|
5,034,670
|
|
|
|
$
|
4,459,845
|
|
|
|
13
|
%
|
Jeanswear
|
|
|
|
|
750,446
|
|
|
|
|
747,241
|
|
|
|
0
|
%
|
|
|
|
2,046,614
|
|
|
|
|
2,076,919
|
|
|
|
(1
|
%)
|
Imagewear
|
|
|
|
|
292,531
|
|
|
|
|
284,480
|
|
|
|
3
|
%
|
|
|
|
805,733
|
|
|
|
|
779,064
|
|
|
|
3
|
%
|
Sportswear
|
|
|
|
|
163,442
|
|
|
|
|
155,208
|
|
|
|
5
|
%
|
|
|
|
435,049
|
|
|
|
|
416,919
|
|
|
|
4
|
%
|
Contemporary Brands
|
|
|
|
|
99,382
|
|
|
|
|
104,998
|
|
|
|
(5
|
%)
|
|
|
|
293,737
|
|
|
|
|
307,339
|
|
|
|
(4
|
%)
|
Other
|
|
|
|
|
33,767
|
|
|
|
|
33,379
|
|
|
|
1
|
%
|
|
|
|
87,498
|
|
|
|
|
89,463
|
|
|
|
(2
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total coalition revenues
|
|
|
|
$
|
3,520,447
|
|
|
|
$
|
3,297,269
|
|
|
|
7
|
%
|
|
|
$
|
8,703,301
|
|
|
|
$
|
8,129,549
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coalition profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outdoor & Action Sports
|
|
|
|
$
|
475,444
|
|
|
|
$
|
421,177
|
|
|
|
13
|
%
|
|
|
$
|
880,618
|
|
|
|
$
|
748,137
|
|
|
|
18
|
%
|
Jeanswear
|
|
|
|
|
156,998
|
|
|
|
|
158,334
|
|
|
|
(1
|
%)
|
|
|
|
386,401
|
|
|
|
|
410,551
|
|
|
|
(6
|
%)
|
Imagewear
|
|
|
|
|
42,855
|
|
|
|
|
40,698
|
|
|
|
5
|
%
|
|
|
|
115,944
|
|
|
|
|
107,343
|
|
|
|
8
|
%
|
Sportswear
|
|
|
|
|
22,979
|
|
|
|
|
23,987
|
|
|
|
(4
|
%)
|
|
|
|
45,801
|
|
|
|
|
52,481
|
|
|
|
(13
|
%)
|
Contemporary Brands
|
|
|
|
|
4,869
|
|
|
|
|
9,456
|
|
|
|
(49
|
%)
|
|
|
|
21,611
|
|
|
|
|
29,910
|
|
|
|
(28
|
%)
|
Other
|
|
|
|
|
1,193
|
|
|
|
|
(47
|
)
|
|
|
-
|
|
|
|
|
(1,997
|
)
|
|
|
|
(2,195
|
)
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total coalition profit
|
|
|
|
|
704,338
|
|
|
|
|
653,605
|
|
|
|
8
|
%
|
|
|
|
1,448,378
|
|
|
|
|
1,346,227
|
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and other expenses
|
|
|
|
|
(72,865
|
)
|
|
|
|
(75,152
|
)
|
|
|
3
|
%
|
|
|
|
(196,507
|
)
|
|
|
|
(209,185
|
)
|
|
|
6
|
%
|
Interest, net
|
|
|
|
|
(20,703
|
)
|
|
|
|
(19,987
|
)
|
|
|
(4
|
%)
|
|
|
|
(59,828
|
)
|
|
|
|
(61,224
|
)
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
$
|
610,770
|
|
|
|
$
|
558,466
|
|
|
|
9
|
%
|
|
|
$
|
1,192,043
|
|
|
|
$
|
1,075,818
|
|
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VF CORPORATION
|
Supplemental Financial Information
|
Business Segment Information – Constant Currency Basis
|
(Unaudited)
|
(In thousands)
|
|
|
|
|
|
|
Three Months Ended September 2014
|
|
|
|
|
|
|
|
Exclude
|
|
|
|
|
|
|
|
As Reported
|
|
|
Impact of Foreign
|
|
|
|
|
|
|
|
under GAAP
|
|
|
Currency Exchange
|
|
|
Constant Currency
|
|
|
|
|
|
|
|
|
|
|
|
Coalition revenues
|
|
|
|
|
|
|
|
|
|
|
Outdoor & Action Sports
|
|
|
|
$
|
2,180,879
|
|
|
|
$
|
(4,765
|
)
|
|
|
$
|
2,185,644
|
|
Jeanswear
|
|
|
|
|
750,446
|
|
|
|
|
(8,063
|
)
|
|
|
|
758,509
|
|
Imagewear
|
|
|
|
|
292,531
|
|
|
|
|
(402
|
)
|
|
|
|
292,933
|
|
Sportswear
|
|
|
|
|
163,442
|
|
|
|
|
-
|
|
|
|
|
163,442
|
|
Contemporary Brands
|
|
|
|
|
99,382
|
|
|
|
|
153
|
|
|
|
|
99,229
|
|
Other
|
|
|
|
|
33,767
|
|
|
|
|
-
|
|
|
|
|
33,767
|
|
|
|
|
|
|
|
|
|
|
|
|
Total coalition revenues
|
|
|
|
$
|
3,520,447
|
|
|
|
$
|
(13,077
|
)
|
|
|
$
|
3,533,524
|
|
|
|
|
|
|
|
|
|
|
|
|
Coalition profit
|
|
|
|
|
|
|
|
|
|
|
Outdoor & Action Sports
|
|
|
|
$
|
475,444
|
|
|
|
$
|
(2,911
|
)
|
|
|
$
|
478,355
|
|
Jeanswear
|
|
|
|
|
156,998
|
|
|
|
|
(439
|
)
|
|
|
|
157,437
|
|
Imagewear
|
|
|
|
|
42,855
|
|
|
|
|
(136
|
)
|
|
|
|
42,991
|
|
Sportswear
|
|
|
|
|
22,979
|
|
|
|
|
-
|
|
|
|
|
22,979
|
|
Contemporary Brands
|
|
|
|
|
4,869
|
|
|
|
|
(44
|
)
|
|
|
|
4,913
|
|
Other
|
|
|
|
|
1,193
|
|
|
|
|
-
|
|
|
|
|
1,193
|
|
|
|
|
|
|
|
|
|
|
|
|
Total coalition profit
|
|
|
|
|
704,338
|
|
|
|
|
(3,530
|
)
|
|
|
|
707,868
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and other expenses
|
|
|
|
|
(72,865
|
)
|
|
|
|
-
|
|
|
|
|
(72,865
|
)
|
Interest, net
|
|
|
|
|
(20,703
|
)
|
|
|
|
-
|
|
|
|
|
(20,703
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
$
|
610,770
|
|
|
|
$
|
(3,530
|
)
|
|
|
$
|
614,300
|
|
Constant Currency Financial Information
VF is a global company
that reports financial information in U.S. dollars in accordance with
generally accepted accounting principles. Foreign currency exchange rate
fluctuations affect the amounts reported by VF from translating its
foreign revenues and expenses into U.S. dollars. These rate fluctuations
can have a significant effect on reported operating results. As a
supplement to our reported operating results, we present constant
currency financial information, which is a non-GAAP financial measure.
We use constant currency information to provide a framework to assess
how our business performed excluding the effects of changes in foreign
currency translation rates. Management believes this information is
useful to investors to facilitate comparison of operating results and
better identify trends in our businesses.
To calculate coalition revenues and profits on a constant currency
basis, operating results for the current year period for entities
reporting in currencies other than the U.S. dollar are translated into
U.S. dollars at the average exchange rates in effect during the
comparable period of the prior year (rather than the actual exchange
rates in effect during the current year period).
These constant currency performance measures should be viewed in
addition to, and not in lieu of or superior to, our operating
performance measures calculated in accordance with GAAP. The constant
currency information presented may not be comparable to similarly titled
measures reported by other companies.
|
VF CORPORATION
|
Supplemental Financial Information
|
Business Segment Information – Constant Currency Basis
|
(Unaudited)
|
(In thousands)
|
|
|
|
|
|
|
Nine Months Ended September 2014
|
|
|
|
|
|
|
|
Exclude
|
|
|
|
|
|
|
|
As Reported
|
|
|
Impact of Foreign
|
|
|
|
|
|
|
|
under GAAP
|
|
|
Currency Exchange
|
|
|
Constant Currency
|
|
|
|
|
|
|
|
|
|
|
|
Coalition revenues
|
|
|
|
|
|
|
|
|
|
|
Outdoor & Action Sports
|
|
|
|
$
|
5,034,670
|
|
|
|
$
|
22,296
|
|
|
|
$
|
5,012,374
|
|
Jeanswear
|
|
|
|
|
2,046,614
|
|
|
|
|
(25,057
|
)
|
|
|
|
2,071,671
|
|
Imagewear
|
|
|
|
|
805,733
|
|
|
|
|
(2,656
|
)
|
|
|
|
808,389
|
|
Sportswear
|
|
|
|
|
435,049
|
|
|
|
|
-
|
|
|
|
|
435,049
|
|
Contemporary Brands
|
|
|
|
|
293,737
|
|
|
|
|
2,035
|
|
|
|
|
291,702
|
|
Other
|
|
|
|
|
87,498
|
|
|
|
|
-
|
|
|
|
|
87,498
|
|
|
|
|
|
|
|
|
|
|
|
|
Total coalition revenues
|
|
|
|
$
|
8,703,301
|
|
|
|
$
|
(3,382
|
)
|
|
|
$
|
8,706,683
|
|
|
|
|
|
|
|
|
|
|
|
|
Coalition profit
|
|
|
|
|
|
|
|
|
|
|
Outdoor & Action Sports
|
|
|
|
$
|
880,618
|
|
|
|
$
|
532
|
|
|
|
$
|
880,086
|
|
Jeanswear
|
|
|
|
|
386,401
|
|
|
|
|
4
|
|
|
|
|
386,397
|
|
Imagewear
|
|
|
|
|
115,944
|
|
|
|
|
(592
|
)
|
|
|
|
116,536
|
|
Sportswear
|
|
|
|
|
45,801
|
|
|
|
|
-
|
|
|
|
|
45,801
|
|
Contemporary Brands
|
|
|
|
|
21,611
|
|
|
|
|
114
|
|
|
|
|
21,497
|
|
Other
|
|
|
|
|
(1,997
|
)
|
|
|
|
-
|
|
|
|
|
(1,997
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total coalition profit
|
|
|
|
|
1,448,378
|
|
|
|
|
58
|
|
|
|
|
1,448,320
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and other expenses
|
|
|
|
|
(196,507
|
)
|
|
|
|
-
|
|
|
|
|
(196,507
|
)
|
Interest, net
|
|
|
|
|
(59,828
|
)
|
|
|
|
-
|
|
|
|
|
(59,828
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
$
|
1,192,043
|
|
|
|
$
|
58
|
|
|
|
$
|
1,191,985
|
|
Constant Currency Financial Information
VF is a global company
that reports financial information in U.S. dollars in accordance with
generally accepted accounting principles. Foreign currency exchange rate
fluctuations affect the amounts reported by VF from translating its
foreign revenues and expenses into U.S. dollars. These rate fluctuations
can have a significant effect on reported operating results. As a
supplement to our reported operating results, we present constant
currency financial information, which is a non-GAAP financial measure.
We use constant currency information to provide a framework to assess
how our business performed excluding the effects of changes in foreign
currency translation rates. Management believes this information is
useful to investors to facilitate comparison of operating results and
better identify trends in our businesses.
To calculate coalition revenues and profits on a constant currency
basis, operating results for the current year period for entities
reporting in currencies other than the U.S. dollar are translated into
U.S. dollars at the average exchange rates in effect during the
comparable period of the prior year (rather than the actual exchange
rates in effect during the current year period).
These constant currency performance measures should be viewed in
addition to, and not in lieu of or superior to, our operating
performance measures calculated in accordance with GAAP. The constant
currency information presented may not be comparable to similarly titled
measures reported by other companies.
CONTACT:
VF Corporation
Lance Allega, 336-424-6082
Vice
President, Investor Relations
or
Craig Hodges, 336-424-5636
Director,
Public Relations
VF (NYSE:VFC)
Historical Stock Chart
From Jun 2024 to Jul 2024
VF (NYSE:VFC)
Historical Stock Chart
From Jul 2023 to Jul 2024