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VFC > SEC Filings for VFC > Form 10-Q on 10-Nov-2011All Recent SEC Filings

Show all filings for V F CORP

Form 10-Q for V F CORP


Quarterly Report

Item 2- Management's Discussion and Analysis of Financial Condition and Results of Operations


Highlights of the Third Quarter of 2011

• On September 13, 2011, VF acquired The Timberland Company ("Timberland") for $2.3 billion. This acquisition is the largest in VF's history and added the Timberland® and Smartwool® brands to VF's portfolio.

• Revenues grew to $2,750.1 million, an increase of 23% from the 2010 quarter, comprised of 16% organic growth and 7% from the addition of Timberland's revenues.

• International revenues rose 44% over the 2010 quarter, of which 15% is due to the Timberland acquisition. International revenues represented 38% of Total Revenues in the quarter.

• Business in Asia continued its rapid growth, with revenues up 64% in the quarter. Excluding Timberland, revenues increased 49% in Asia.

• Direct-to-consumer business grew 21% in the quarter, of which 6% relates to the Timberland acquisition. The remaining 15% increase was driven by new store openings, a 45% increase in e-commerce revenues and comp store revenue growth. The direct-to-consumer businesses of The North Face®, Vans®, 7 for All Mankind® and Kipling® each achieved double-digit revenue growth in the quarter.

• Earnings per share increased by 21% to $2.69 from $2.22 in the 2010 quarter, with the Timberland acquisition contributing $0.07 per share. (All per share amounts are presented on a diluted basis.)

• In October 2011, the Board of Directors raised the quarterly cash dividend by 14% to $0.72 per share.

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