×

V.F. Corporation Reports Mixed Q4 Results, Gives 2015 Guidance

V.F. Corp. reported mixed fourth-quarter and 2014 fiscal year performance.

Net income for the quarter was $122.1 million, or 28 cents per diluted share. That was a decrease compared with the year-ago period, when profits were $367.7 million, or 82 cents per share. Analysts had expected the company to make 98 cents per share.

Revenue for the quarter rose 9 percent over the year-ago quarter, to $3.6 billion. Last year, sales were $3.3 billion in the fourth quarter. One strong-performing category was outdoor and action sports. Sales were in line with analyst expectations of $3.59 billion in revenues for the quarter.

Vans also hit a milestone in the quarter, surpassing $2 billion in sales. Revenue in 2014 was up 17 percent on a currency-neutral basis. E-commerce sales also performed well during the year, with a lot of momentum in China and Korea. The company expects revenue for Vans to be in the mid-teens for fiscal 2015.

Timberland’s fourth-quarter sales were up 15 percent globally on a currency-neutral basis, and wholesale was very strong. V.F. expects Timberland sales to grow to the low teens in 2015.

For the year, V.F. reported a revenue jump of 8 percent, to $12.3 billion, compared with $11.4 billion in 2013. Adjusted earnings per share were $3.08 for the year, but on a GAAP basis, they were $2.38 per share.

During fiscal 2015, V.F. gave guidance for a modest year, with revenue expected to rise 8 percent on a currency-neutral basis. Revenues for the outdoor-and-action category are expected to increase by a low double-digit percentage. Earnings per share on a currency-neutral basis are expected to rise 12 percent over 2014.

ECCO Sponsored By ECCO

News for the Sporty (and Not So Sporty)

ECCO is shifting toward athleisure with the launch of its ECCO Athletic Leisure Club sub-brand and accompanying fall footwear styles.
Learn More

Access exclusive content