(Filed Under Financial and General Interest News). VF Corporation released their fourth quarter and year-end results on February 10.
Revenues for their 2008 fourth quarter were down to $1,912.2 million from $1,955.2 million in the fourth quarter of 2007: a two percent decrease. Income from continuing operations was $115.9 million, an approximate 3 percent decrease from last year's $164.4 million. Operating income was $179.8 million compared with last year's $250.6 million, with "$41 million of the decline attributable to the cost reduction initiatives." Operating margins were 9.4 percent compared with 12.8 percent in the 2007 period. The company sited increases of 13-17 percent in their outdoor coalition, and decreases of eight percent for jeanswear, nine percent for sportswear, five percent for contemporary brands, and 12 percent for imagewear.
"During the quarter, we took aggressive actions to reduce costs across our business, which are expected to result in savings of $100 million beginning in 2009," the company stated.
For the full year of 2008, revenues increased six percent to $7,642.6 million from $7,219.4 million in 2007, which the company attributed to "strong performance in our Outdoor coalition and a full year of revenues from our growing Contemporary Brands coalition." Income from continuing operations declined from $613.2 million in 2007 to $602.7 million in 2008.see more
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