VF Announces 60% Increase in Q1 Earnings Per Share

VF Corporation’s first quarter revenues rose to $1,749.9 million from $1,725.5 million in the first quarter of 2009. Net income in the current quarter increased 62% to a record $163.5 million or $1.46 per share, compared with $100.9 million or $.91 per share in the 2009 quarter. As anticipated, earnings per share benefitted from lower pension expense and foreign currency translation rates, by $.05 and $.06, respectively, compared with the 2009 quarter. Also included in the current quarter was an $.11 per share tax credit as well as $.09 in restructuring expenses related primarily to actions to reduce product costs. For Outdoor & Action Sports, first quarter revenues grew 10% with operating income and margins each reaching record levels for the period. Global revenue for The North Face brand grew 9%.