Boston, MA 02/14/2014 (wallstreetpr) – On Feb 14, VF Corp (NYSE:VFC) reported its fourth quarter financial results as also the full year ended Dec 28, 2013 results. The company reported record gross margins and earnings per share.
VF Chairman and Chief Executive Officer, Eric Wiseman said that the year has been excellent for the company. He believes that the company has drawn the greatest advantage from its combined brands which led the consumers relate to the products easily and in turn promised good returns to the shareholders. Two brands which have brought in significant profit for the business are The North Face brand and the Vans brand, he said.
The North Brand and the Vans Brand
The North Brand brought in more than $2 billion in global revenue for the company. Revenues for the fourth quarter for the brand increased 12% across all geographies. The Vans brand also exceeded $1.7 billion revenue and has become the company’s second largest brand. Fourth quarter revenues for the brand increased 14% globally. With such strong results, Wiseman expects 2014 to be another promising year.
2013 Revenues
The revenue of the fourth quarter 2013 has increased 8% as compared to the same period a year earlier, that means this year, the revenue goes up to $3.3 billion. High growth was seen in the categories of Outdoor & Action Sports, international and direct-to-consumer business and Sportswear. Apart from this, Imagewear coalition also showed remarkable growth.
VF’s full year 2013 revenues rose by 5% to $11.4 billion as compared with the previous year, when the full year revenue was $10.9 billion. Gross margin this year increased to 48.1%, as compared to 46.2% in 2012. Operational income on an adjusted basis increased by 11% and reached up to $1.7 billion. Net income on the same basis surged by 13% as high as 1.2 billion, as compared to $1.1 billion the previous year.
