V.F. Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 29, 2018; Revises Revenue Guidance for Fiscal Year 2019
January 18, 2019 at 06:55 am EST
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V.F. Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended December 29, 2018. For the quarter, the company reported net revenues of $3,940,159,000 against $3,649,283,000 a year ago. Operating income was $591,905,000 against $484,619,000 a year ago. Income from continuing operations was $463,126,000 against loss of $72,979,000 a year ago. Net income was $463,509,000 or $1.16 per diluted share against loss of $90,269,000 or $0.23 per diluted share a year ago. Basic earnings per common share from continuing operations were $1.17 against LPS of $0.18 a year ago. Diluted earnings per common share from continuing operations were $1.16 against LPS of $0.18 a year ago.
For the nine months, the company reported net revenues of $10,635,691,000 against $9,310,837,000 a year ago. Operating income was $1,481,456,000 against $1,219,822,000 a year ago. Income from continuing operations was $1,130,200,000 against $507,933,000 a year ago. Net income was $1,130,988,000 or $2.82 per diluted share against $405,760,000 or $1.02 per diluted share a year ago. Basic earnings per common share from continuing operations were $2.86 against $1.29 a year ago. Diluted earnings per common share from continuing operations were $2.82 against $1.27 a year ago.
Full year fiscal 2019, revenue is now expected to be at least $13.8 billion, reflecting an increase of approximately 12% (up 13% in constant dollars). This compares to the previous expectation of at least $13.7 billion, which reflected an 11% increase. The company is raising full year EPS outlook to $3.73, representing 19% growth in fiscal year 2019, including about $0.09 of incremental investment and some additional pressure from FX.
V.F. Corporation is an apparel, footwear, and accessories company. The Company owns a portfolio of brands in the outerwear, footwear, apparel, backpack, luggage and accessories categories. Its brands include The North Face, Vans, Supreme, Kipling, Napapijri, Eastpak, JanSport, Smartwool, Altra, Icebreaker, Timberland and Dickies. The Company operates through three segments: Outdoor segment, Active segment, and Work segment. The Outdoor segment's product offerings include performance-based and outdoor apparel, footwear and equipment. The Active segment's product offerings include active apparel, footwear, backpacks, luggage and accessories. Its Work segment consists of work and work-inspired lifestyle brands with product offerings that include apparel, footwear and accessories. The Company's direct-to-consumer business includes VF-operated retail stores, brand e-commerce sites, concession retail locations and other digital platforms.
V.F. Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 29, 2018; Revises Revenue Guidance for Fiscal Year 2019