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 WYOMISSING, Pa., Oct. 20 /PRNewswire/ -- VF Corporation (NYSE: VFC) announced today record sales for the three and nine months ended Oct. 2, 1993. Earnings were in line with the corporation's revised forecast released on Sept. 1, 1993.
 Third quarter sales reached $1,153 million compared with $1,125 million in the 1992 quarter. Net income for the quarter was $76.8 million or $1.18 per share, compared with $76.6 million or $1.29 per share in the same period a year ago.
 Sales for the nine months ended Oct. 2, 1993 were $3,223 million, up 15 percent from $2,795 million in the 1992 nine month period. Net income rose 11 percent to a record $185.3 million or $2.86 per share, compared with $166.4 million or $2.79 per share in the 1992 period. Earnings per share comparisons for both the three and nine month periods reflect an 8 percent increase in shares outstanding resulting from the corporation's January 1993 common stock offering.
 As previously announced, third quarter and nine month figures include a $0.26 per share gain from an income tax settlement, a $0.15 per share capacity writedown in fleece and T-shirts and a $0.06 charge for the retroactive effect of the change in the federal income tax rate.
 "The third quarter contained no surprises, but confirmed a mix of both good and bad news," said Lawrence R. Pugh, chairman and chief executive officer. "On the positive side, the majority of our divisions continue to perform well. With the exception of Girbaud, VF's jeans brands are demonstrating good growth, both here and abroad. JanSport, Jantzen, Healthtex and our occupational apparel division are also showing positive comparisons, and Vanity Fair is poised for improved results beginning in the fourth quarter. Our international intimate apparel divisions, acquired during 1992, have contributed to earnings as expected with promising results ahead. In addition, our recently announced agreement to acquire the H. H. Cutler Company will expand by 50 percent our youthwear sales base.
 "In the fourth quarter of 1993, after adjusting for a nonrecurring net gain in the fourth quarter of 1992 equal to $.17 per share, we expect to report higher sales but flat net income. Earnings per share will be down due to the larger number of shares outstanding in 1993.
 "While definitive actions have been taken to address our near term operating issues, we are approaching the next several quarters very conservatively and cautiously. Looking forward into 1994, we continue to project a 10 percent improvement in operating earnings for the full year. This improvement will be more visible in the second half, however, as reported results in the first two quarters of 1993 were unusually strong and we need to give some time for our corrective actions to take hold."
 Dividend Increased
 The board of directors increased the quarterly cash dividend rate by $0.02 to $0.32 per share. The dividend is payable Dec. 20, 1993 to shareholders of record as of the close of business on Dec. 10, 1993.
 Consolidated Income
 (In thousands, except per share amounts)
 Three Months Ended 10/2/93 10/3/92
 Net Sales $1,152,842 $1,125,294
 Costs and Expenses $1,021,774 1,000,984
 Income Before Income Taxes 131,068 124,310
 Income Taxes 54,253 47,754
 Net Income $ 76,815 $ 76,556
 Earnings Per Common Share
 Primary $1.18 $1.29
 Fully Diluted $1.15 $1.25
 Average Number of
 Common Shares outstanding 64,412 58,703
 Nine Months Ended 10/2/93 10/3/92
 Net Sales $3,222,897 $2,795,430
 Costs and Expenses 2,914,751 2,524,162
 Income Before Income Taxes 308,146 271,268
 Income Taxes 122,871 104,818
 Net Income $ 185,275 $166,450
 Earnings Per Common Share
 Primary $2.86 $2.79
 Fully Diluted $2.79 $2.71
 Average Number of
 Common Shares Outstanding 63,861 58,439
 Consolidated Balance Sheets
 (In thousands)
 10/2/93 10/3/92
 Cash $ 36,539 $39,533
 Accounts Receivable 628,751 609,052
 Inventories 843,873 721,861
 Property, Plant and Equipment 713,713 641,795
 Intangible Assets 535,410 465,035
 Other Assets 204,875 110,848
 Total $2,963,161 $2,588,124
 Liabilities And Share-Holders' equity
 Current Liabilities $ 685,859 $ 807,951
 Long-term Debt 633,634 587,489
 Other Liabilities 126,868 91,576
 Redeemable Preferred Stock, net 14,655 10,669
 Common Shareholders' Equity 1,502,145 1,090,439
 Total $2,963,161 $2,588,124
 VF Corporation is an international apparel company headquartered in Wyomissing, 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- 10/20/93
 /CONTACT: Gerard G. Johnson, vice president and chief financial officer of VF Corporation, 215-378-1151/

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

MP -- NY042 -- 4528 10/20/93 11:32 EDT
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Publication:PR Newswire
Date:Oct 20, 1993

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