VF Corporation, American clothing corporation which sells jeanswear, underwear, daypacks, and workwear has announced its 2015 first quarter results ended April 4, 2015 in which its revenues are 2 per cent up (up 8 per cent currency neutral) while international revenues down 5 per cent (up 9 per cent currency neutral). Eric Wiseman, VF Chairman, President and CEO said, “We remain confident in the year ahead, the fundamental strength of our business, and the significant momentum we see across our diverse portfolio of brands. The proven strength of VF’s growth strategy, driven by consistent execution and solid operational discipline, has led us to increase our expectations for full-year currency neutral earnings per share growth putting us on track to deliver another record year to shareholders.”
Operating income on a reported basis was down 1 per cent to US $ 398 million compared with the same period of 2014. Operating margin on a reported basis declined 50 basis points to 14 per cent, which includes a 70 basis point headwind from changes in foreign currency rates.
In line with expectations, first quarter currency neutral revenues for The North Face® brand rose 7 per cent. First quarter revenues for the Timberland® brand were up 10 per cent on a currency neutral basis. Jeanswear first quarter revenues were up 6 per cent. Revenues for the Wrangler® brand in the first quarter were up 9 per cent driven by strength in the Americas region. Global revenues, on a currency neutral basis, for the Lee® brand in the first quarter were up 4 per cent.
