VF earnings surge : News-Record.com : Greensboro & the Triad's most trusted source for local news and analysis

GREENSBORO — VF Corp. profits soared in the final quarter of 2011, and the company posted higher sales than analysts had expected.

The company's purchase last year of the Timberland brand helped its earnings and profit, according to its earnings statement released this morning.

The company's revenue in the fourth quarter rose 37 percent to $2.91 billion. VF reported a profit of $257.3 million, or $2.28 a share. That's up from a year-earlier profit of $54.2 million, or 49 cents a share.

Per-share earnings rose to $2.32 from $1.78 a year ago. Wall Street analysts expected earnings of $2.30 a share on $2.9 billion in revenue.

For all of 2011, VF's revenues increased 23 percent to $9.45 billion, up from $7.7 billion in 2010. Timberland added $713 million to revenues in 2011.

Net income on an adjusted basis rose 28 percent to $913 million from $713 million, while adjusted earnings per share increased 27 percent to $8.20 from $6.46.

Company officials say they predict earnings of about $9.30 a share and 15 percent revenue growth.

VF makes clothing and footwear. Its brands include Wrangler, Lee, Nautica, The North Face and Vans.

nemo0037

February 16, 2012 - 9:02 am EST

That's a darn shame. Now, Wall St. will be expecting the same or better next year, and if they don't come through, VF will be labeled a "failed" company. Too bad for them.

The_Doctor

February 16, 2012 - 10:21 am EST

The "Staff" forgot to tell readers what the VF Corporation does as its primary business.

I've only lived here for a few years and I don't know anything about the VF Corporation, so I had to go do an internet search on them to discover their line of business. This information should have been included in a simple sentence at the story's end.

In case anyone else was wondering, the VF Corporation is a clothing and footwear manufacturer.

General Greensboro

February 16, 2012 - 10:49 am EST

That's a fair comment and I added a line at the end of the story about VF and its brands.

You really didn't know what VF does? Maybe I've lived her so long that I assume it's common knowledge that VF makes Wrangler jeans (among other things).

February 16, 2012 - 11:22 am EST

Thanks, General. No, I wasn't familiar with them. I'm a transplant to the region from Philadelphia, so I'm still learning all the local details here.

February 16, 2012 - 11:29 am EST

If you're curious, here's some more local trivia with a Pennsylvania angle: VF hasn't always been based here. It moved here from Wyomissing, Pa., 10 or so years ago. I don't recall the reason for the move.

P.S. For anyone who's interested, here's a VF Corp. timeline put together by N&R librarian and researcher Diane Lamb.

TravKM

February 16, 2012 - 12:54 pm EST

When VF bought Wrangler they moved it's headquarters up to PA. Later, they built and moved Wrangler into their current building downtown. VF then moved their other jeans brands to Greensboro and merged some of their operations, such as financial services (accounts payable, accounts receivable, ect.). My sister worked at Wrangler in accounts receivable during this transition. Over the years, more VF brands relocated throughout Greensboro until it just made sense logistically for VF to consolidate most of their headquarters and their brands headquarters to a singular campus. Although Wrangler is still mostly separate from the VF campus, both are located off of N. Elm within 10 minutes of each other.

77 Hornet

February 16, 2012 - 11:03 am EST

Is everything they make sourced from abroad? It's a shame that they don't bring the jobs back here. People...LOOK AT THE LABELS!!!

1234

I wish that VF would open a REAL outlet store in GSO like Wrangler had when I was growing up in Greensboro!

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