V.F. Corp. (VFC) Reports In-Line Q1 EPS

V.F. Corp. (NYSE: VFC) reported Q1 EPS of $0.67, in-line with the analyst estimate of $0.67. Revenue for the quarter came in at $2.8 billion versus the consensus estimate of $2.84 billion.

First Quarter 2015 Highlights

• Revenues rose 8 percent on a currency neutral basis including growth in our Outdoor & Action Sports, Jeanswear, Imagewear and Sportswear coalitions, and our international and direct-to-consumer businesses. On a reported basis, revenues increased 2 percent over the 2014 quarter.
• Gross margin was 49.0 percent on a reported basis, down 40 basis points compared with the same quarter last year and in line with our expectations. Continued benefit from the shift of our revenue mix toward higher margin businesses was more than offset by the impact of foreign currency. The company continues to expect a 70 basis point improvement for the full year to reach 49.5 percent on a currency neutral basis (49.2 percent reported).
• Operating income on a reported basis was down 1 percent to $398 million compared with the same period of 2014. Operating margin on a reported basis declined 50 basis points to 14.0 percent, which includes a 70 basis point headwind from changes in foreign currency rates.
• Earnings per share were up 13 percent on a currency neutral basis and were flat on a reported basis compared with last year’s same period.

For earnings history and earnings-related data on V.F. Corp. (VFC) click here.

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