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25 October, 2017 - 27 October, 2017
VF Corp, the global footwear and apparel manufacturer, owner of Timberland, has reported increased revenue performance for the third-quarter of 2015 but impacted by currency changes.
Revenue was up 8% on a currency neutral basis, driven by double-digit growth in the Outdoor & Action Sports and direct-to-consumer businesses. On a reported basis, revenue increased 3% over the same quarter in 2014.
On a currency neutral basis, the year-to-date revenue increased 9% and earnings per share were up 15% for the period. Gross margin was 48.9% on a currency neutral basis, representing a 60 basis point improvement over the same period last year.
Currency neutral operating income increased 14%, up 2% reported to US$643 million, compared with Q3 in 2014. Currency neutral operating margin was 19%.
Q3 revenue for the Timberland brand was up 21% on a currency neutral basis, including more than 25% growth in its wholesale business and a low single-digit increase in direct-to-consumer sales. In the Americas’ region, business was in line with expectations with revenue up by more than 40%, due to a combination of strong performance and lower third quarter revenue in 2014 due to phasing of orders.
However, revenue was up at a low single-digit percentage rate in the Asia-Pacific region, and at a high single-digit percentage rate in Europe.
“Today’s results speak to the power of VF’s brands and platforms to perform well in what is proving to be a mixed retail environment. We delivered excellent operating results by staying focused on what we do best – bringing relevant, innovative product to the marketplace, amplifying our relationships with consumers and driving operational excellence into every area of our business’, said Eric Wiseman, VF Chairman and CEO.comments powered by Disqus