Add
VFC to Portfolio
Set Alert
Email to a
Friend
| |||
|
|
Quotes & Info
|
| VFC > SEC Filings for VFC > Form 10-Q on 5-Nov-2008 | All Recent SEC Filings |
5-Nov-2008
Quarterly Report
• Revenues increased 6% over the prior year quarter to $2,206.6 million, with the increase coming from organic growth in our Outdoor businesses and from acquisitions in the prior year.
• Our direct-to-consumer and international businesses continue to be key drivers of growth, with these revenues in the quarter rising 12% and 22%, respectively. International revenues represented 34% of total revenues.
• Gross margin as a percent of revenues rose to 44.4% from 43.9% in the prior year quarter.
• VF acquired 100% ownership of its former 50%-owned joint venture that marketed LeeÒ branded products in Spain and Portugal ("Lee Spain"). The cost of the additional investment was $25.5 million, consisting of $14.9 million in cash and transfer of certain assets held by the former joint venture. The joint venture had revenues of $35 million in its latest fiscal year.
Discontinued Operations
In December 2006, management and the Board of Directors decided to exit the
women's intimate apparel business. The sale, which closed on April 1, 2007, was
consistent with VF's stated objective of focusing on lifestyle businesses having
higher growth and profit potential. The results of operations and cash flows of
the intimate apparel business are separately presented as discontinued
operations for all periods. Similarly, the assets and liabilities of this
business have been reclassified and reported as held for sale for all periods
presented. See Note D to the Consolidated Financial Statements. Unless otherwise
stated, the remaining sections of this discussion and analysis of financial
condition and results of operations relate only to continuing operations.
Analysis of Results of Operations
Consolidated Statements of Income
The following table presents a summary of the changes in our Total Revenues from
2007:
|
|