VF reports record 2Q results

GREENSBORO, N.C. VF Corp. today announced that revenues for its second quarter ended June 30 rose 12% to a $1.5 billion, compared with $1.3 billion in the second quarter of 2006. According to the company, this was driven by higher revenues across the outdoor, jeanswear, sportswear and imagewear businesses. Income from continuing operations in the current quarter increased 18% to $105.8 million, compared with $89.6 million in the prior year's quarter. Earnings per share from continuing operations rose 16%, to a record 93 cents from 80 cents last year. Net income was $81.7 million, or 72 cents per share, compared with $99 million, or 88 cents per share in the prior year quarter.

For the first half of 2007, revenues rose 14% to $3.2 billion from $2.9 billion. Income from continuing operations increased 15% to $239.9 million, compared with $207.7 million in the prior year period. Earnings per share from continuing operations rose 14% to $2.10. Net income was $220 million, or $1.93 per share, compared with $227.2 million, or $2.02 per share in the prior year period. Year-to-date, the impact from discontinued operations was a net loss of $19.9 million, or 17 cents per share. Considering the anticipated gain on assets yet to be sold throughout the remainder of the year, the projected impact from discontinued operations for the full year is an estimated loss of 7 cents per share.