Did you hear?... VF Corporation posted a $448.3 million net loss for its first quarter

VF Corporation (NYSE: VFC) the parent company of The North Face (TNF), JanSport, and Eastpak, posted a $448.3 million net loss for its first quarter, but still felt performance was better than expected.

VF Corporation (NYSE: VFC) the parent company of The North Face (TNF), JanSport, and Eastpak, posted a $448.3 million net loss for its first quarter, but still felt performance was better than expected because of reductions in inventory and a strong cash-flow. Inventories were down $300 million compared with the year ago period, cash increased more than $125 million and total debt declined $400 million. Cash flow from operations reached $131 million, the highest the Company has achieved in any previous first quarter period. First quarter sales were $1,273.1 million, compared with $1,423.3 million in the prior year's quarter. Net income rose to $79.0 million or $.69 per share (before the effect of a change in accounting policy), compared with $77.5 million or $.67 per share in the 2001 period. Net income increased to $80.5 million in the 2002 quarter. Mackey J. McDonald, chairman and chief executive officer, stated in a conference call that the outdoor businesses for VF continue to shine. Spring sell-through for TNF has been very strong in both North America and Europe. Thanks to "new product initiatives," TNF fall preseason orders are up 15 to 20 percent. When asked about growing the brands and expansion, Mackey stated, "We feel like the best investment is to extend the brands into new consumer segments." He followed by outlining that this is being accomplished in outdoor by targeting new product categories such as JanSport moving into luggage and TNF increasing its product mix in footwear as well as expanding into the sportswear category. Mackey also stated that VF will be placing more emphasis in the U.S. on marketing Eastpak while at the same time stating that Eastpak remains the brand of choice for youth in Europe. JanSport will be seeking to drive more business outside of the back too school market too, he says, by turning to new colors. SNEWS® View: New colors? Perhaps. However, we do wonder about the move into luggage. As anyone in the luggage market will tell you right now -- business ain't exactly in growth mode, no matter how great the luggage may be. As for TNF, the company continues to amaze us and president Mike Egeck is to be commended for continually thinking outside of the box. Who else could have forseen the Gucci shoe crowd would be a viable market in which an outdoor brand could build a retail presence?


Did you hear?... VF Corp. reports second quarter earnings of $88.9 million

VF Corp. -- parent company of JanSport, Eastpak, and The North Face -- reported second quarter earnings of $88.9 million compared with $69.4 last year -- a 21.8 percent increase. The higher earnings came despite a drop in overall sales from $1.32 billion to $1.19 billion this ...read more

Did you hear?... Galyan's Trading Company Inc. reports first quarter net sales of $113.5 million

Galyan's Trading Company Inc. (Nasdaq: GLYN) has reported net sales for the first quarter were $113.5 million, a 29.1 percent gain over the same quarter last year. Comparable store sales rose 5.1 percent compared to the 3.3 percent growth in the first quarter last year. During ...read more

Outdoor financials: GSI posts Q3 net loss

GSI posts Q3 net loss While its net revenue was up 36 percent, GSI Commerce (Nasdaq: GSIC) posted a multi-million dollar net loss for the third quarter. For the quarter ended Sept. 27, net revenues were $186.8 million, up from $137.3 million. Net loss was $12.8 million, or ...read more

VF Corp. says international outdoor business up in third quarter

VF Corp. (NYSE: VFC) saw its third quarter net earnings ending Sept. 30, increase 28 percent to a record $1.15 from 90 cents in the prior year's third quarter. Earnings increased 25 percent to $128.6 million from $103.2 million in last year's period. Sales were $1.40 billion, ...read more

Did you hear?... adidas-Salomon announces net sales increase for the first quarter

Based on positive growth in all product segments, with most significant gains in apparel, adidas-Salomon has announced a net sales increase for the first quarter ending March 31 of 5 percent, to reach Euro 1,638 million (USD $ 1.48 billion), compared to Euro 1,558 million (USD $ ...read more

Fitness financials: Nautilus touts 19 percent jump in quarter's net sales

Leveraging any distress felt by competitor Icon Fitness, Nautilus Inc. (NYSE: NLS), reported a quarter that was better than it had expected, showing a 19 percent jump in net sales and an increase in gross margins to 49.1 from 43.4 a year ago. "We're really excited about the ...read more


Did you hear?...VF Outdoor group eliminates select job positions

On Jan. 6, the VF Outdoor group, which includes The North Face, JanSport, Reef, Eagle Creek, Kipling, Napapijri and Eastpak, told each brand's employees that it had eliminated positions resulting in immediate job cuts. The job eliminations were not part of any company mandate to ...read more

Outdoor: Did you hear?...

>> A note about the devastating Southern California fires: Our friends in companies and stores throughout the region tell us that the fires all around them have so far meant not much more than smoke and ash everywhere … and some scary moments for friends and family nearby. One ...read more

Outdoor: Did you hear?...

>> SNEWS called Mike Egeck, president of The North Face, on Nov. 3 in response to several calls from retailers who noticed TNF product selling in the Costco in Boise, Idaho, over the weekend. Egeck confirmed that he was aware of the products, a Nuptse down vest and a fleece, ...read more