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VF ANNOUNCES RECORD SECOND QUARTER SALES AND EARNINGS AND DECLARES DIVIDEND

 WYOMISSING, Pa., July 20 /PRNewswire/ -- VF Corporation (NYSE: VFC) today announced sales and earnings increases of 24 percent and 21 percent, respectively, for the second quarter ended July 3, 1993.
 Net sales in the quarter rose 24 percent to a record $1,053 million from $853 million in the 1992 period. Net income, also at a record level, increased 21 percent to $55.7 million versus $46.2 million a year ago. Earnings per share increased 10 percent to $.85 from $.77, reflecting an 8 percent increase in shares outstanding resulting from the corporation's January 1993 common stock offering.
 For the first six months of 1993, net sales were $2,070 million, a 24 percent increase over the $1,670 million in the comparable period in 1992. Net income was $108.5 million, or $1.68 per share, compared with $89.9 million, or $1.50 per share for the 1992 period.
 "We are extraordinarily pleased with these results, achieved in the face of a continued tough retail and economic environment," said Lawrence R. Pugh, chairman, president and chief executive officer. "In times like these, the certainty of our strategy -- building a diversified base of strong brands in basic apparel categories that fit multiple channels of distribution -- becomes even more evident. This balanced base helps insulate us from market swings that inevitably occur in various product categories," he said.
 All Business Groups Post Strong Gains
 Each of VF's five business groups posted double-digit sales increases in the second quarter of 1993, according to Mr. Pugh.
 An 18 percent sales increase in jeanswear reflected gains in Wrangler, Lee and Girbaud. The new Riders brand has been enthusiastically received by discount stores; however, continued promotional expenses associated with the Riders' roll out contributed to lower operating margins for the group as a whole. Other factors impacting jeanswear margins include higher than average use of outside contractors to meet continued strong demand and a slight shift in product mix at Wrangler. These factors are expected to improve in the second half of the year.
 A 19 percent sales increase in casual/sportswear resulted from continued excellent performance at Jantzen and JanSport. Bassett-Walker continues to feel the effects of industry-wide overcapacity and related pricing softness for fleece and T-shirts, which are reflected in decreased operating income for the group.
 The intimate apparel group is continuing to enjoy growth in its private label business and in its Vassarette brand, offset to a degree by a decline in the Vanity Fair brand. Intimate apparel continues to be a weak category in department stores, particularly in the daywear and sleepwear areas where Vanity Fair has leading market positions.
 International jeanswear sales grew by 31 percent in the quarter, with continued improvements in operating margins. Recent acquisitions in international intimate apparel contributed $40 million in sales in the quarter.
 Healthtex and Red Kap were outstanding performers during the quarter, with Healthtex making a solid contribution to profits, compared with a loss in the prior year's quarter.
 "Going forward, one area of concern for VF is the sales volume in our fleece and T-shirt business, which has been disappointing to date. We expect this uncertainty will continue through the second half of the year. We are taking a close look at this issue and expect to have a better handle on it as the third quarter unfolds. Another area of continuing concern is the rate of consumer spending on apparel over the balance of 1993," Mr. Pugh stated.
 The board of directors declared a regular quarterly cash dividend of $.30 per share payable Sept. 20, 1993 to shareholders of record as of the close of business on Sept. 10, 1993
 VF CORPORATION
 Consolidated Income
 (Dollars in thousands, except per share amounts)
 Three months ended July 3 July 4
 1993 1992
 Net sales $1,053,411 $852,544
 Costs and expenses 962,774 777,213
 Income before income taxes 90,637 75,331
 Income taxes 34,906 29,129
 Net income 55,731 46,202
 Earnings per common share
 Primary $.85 $.77
 Fully diluted .83 .75
 Average number of common
 shares outstanding 64,327 58,494
 Six months ended July 3 July 4
 1993 1992
 Net sales $2,070,055 $1,670,136
 Costs and expenses 1,892,977 1,523,178
 Income before income taxes 177,078 146,958
 Income taxes 68,618 57,064
 Net income 108,460 89,894
 Earnings per common share
 Primary $1.68 $1.50
 Fully diluted 1.64 1.45
 Average number of common
 shares outstanding 63,586 58,306
 Consolidated Balance Sheets
 (Dollars in thousands)
 Periods ending July 3 July 4
 1993 1992
 Assets
 Cash $ 31,103 $ 6,824
 Accounts receivable 656,537 516,432
 Inventories 865,686 726,005
 Property, plant and equipment 695,054 615,588
 Intangible assets 536,535 468,183
 Other assets 175,813 120,067
 Total assets $2,960,728 $2,453,099
 Liabilities and shareholders' equity
 Current liabilities $ 746,991 $ 747,603
 Long-term debt 634,186 587,308
 Other liabilities 122,735 90,661
 Redeemable preferred stock, net 13,614 9,678
 Common shareholders' equity 1,443,202 1,017,849
 Total liabilities and
 shareholders' equity $2,960,728 $2,453,099
 VF Corporation is an international apparel company headquartered in Wyomissing, Pa., and is a leader in the jeanswear, casual/sportswear, intimate apparel, childrenswear and occupational apparel markets. Its principal brands are Lee, Wrangler, Rustler, Marithe & Francois Girbaud, Bassett-Walker, Jantzen, JanSport, Vanity Fair, Vassarette, Barbizon, Variance, Siltex, Bolero, Silhouette, Gemma, Intima Cherry, Lou, Carina, Red Kap, WorkWear and Healthtex. In 1992, VF ranked 127th in Fortune's "500 Largest U.S. Industrial Corporations."
 -0- 7/20/93
 /CONTACT: Gerard G. Johnson, vice president and chief financial officer of VF Corporation, 215-378-1151/
 (VFC)


CO: VF Corporation ST: Pennsylvania IN: TEX SU: ERN DIV

LG-MP -- NY037 -- 6773 07/20/93 11:46 EDT
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