VF Corp. (Vans, Reef, North Face)

Okay, strong balance sheet, revenue growth, profitable, blah, blah, blah. I’ll get to all that. But on page 22 of the conference call an analyst asked about their interest in potential acquisitions. The answer from CFO Bob Shearer, in part, was “…how we think about acquisition targets, and we think about it a lot, and yes, we have […]

There are, to my way of thinking, three main points to be made about VF’s September 30 quarter. The first is that the Outdoor & Action Sports (OAS) segment revenues as reported rose 6.43%. Excluding a $32 million foreign exchange gain, the increase was 4.7%. Jeanswear was up 3.89% as reported and the other segments (Imagewear, Sportswear, Contemporary

VF’s net income fell 11% from $155.4 million in the quarter to $138.3 million in the same quarter last year. But last year’s quarter included a gain of $41.7 million from the sale of the John Varvatos brand that was booked under Other Income (Expense). In this year’s quarter, instead of a gain of $41.6 million, that

VF’s March 31 10Q reported an overall 2.15% increase in revenues from $2.556 billion to $2.612 billion from the same quarter last year (Would have been 1% more, but they sold the John Varvatos brand).   But outdoor and action sports revenue was up 9.7% from $1.264 billion to $1.384 billion, representing 53% of total revenue

VF filed its 10K annual report with the SEC three days ago, so I’ve been able to get a more complete picture of their performance for the year and quarter. You can see that report here. As you probably know, VF is a large consumer conglomerate that owns 30 brands including Vans, The North Face, Reef and

VF had a quarter in which total revenues rose 14.3% from $2.73 billion to $3.12 billion. Net income was up 26.8% to $381 million. I don’t find it as clear cut as that sounds, and the way to approach analyzing it is to go right to Note G- Business Segment Information in VF’s 10Q and reproduce part

VF’s reported revenues rising 16.4% in the quarter ended June 30 compared to the same quarter last year. Net income was up 20% from $129.4 million to $155.3 million. As you look at those headline numbers, there are a couple of things to keep in mind.   First, the Timberland acquisition closed on September 13, 2011 so

As I’ve told you, I’m not so much interested in analyzing the financial statements of big multi-brand corporations like VF (or Nike, or PPR, or Jarden, etc.) but of seeing, to the extent we can, what they are doing in the action sports/youth culture space (or whatever industry we’re in). Mostly I don’t think you want

We review VF’s results because they own brands we are interested in. Same reason we review Jarden’s, PPR’s and other companies. But we rarely get much information on those brands because they are part of a larger segment by which the corporations represents its business. And, in the case of VF, we get literally nothing on Reef because