TNF 4Q sales up 10 percent, Timberland down 4 percent

VF Corp. reported a 6 percent rise in fourth-quarter 2012 sales to $1.7 billion for its outdoor group, with a mixed report on how the early weak winter has effected its largest brands.
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VF Corp. reported a 6 percent rise in fourth-quarter 2012 sales to $1.7 billion for its outdoor group, with a mixed report on how the early weak winter has effected its largest brands.

The North Face grew 10 percent, led by a 13 percent rise in direct-to-consumer sales. Vans sales rose 21 percent, performing exceptionally well in Europe with sales up 60 percent, while rising 14 percent on this side of the pond. Timberland sales, which include the SmartWool brand, were not as lucky, falling 4 percent due to weaker sales in the Americas and Europe, despite stronger sales in Asia.

Quarterly operating profit for VF’s outdoor group improved to $322.2 million, versus $274 million a year ago.

For the full-year 2012, VF Outdoor posted a 29 percent gain to $5.9 million in sales, including about $907 million extra coming from its Timberland acquisition in September 2011. Adjusted to exclude the Timberland acquisition, and the group saw about a 7 percent gain for the year.

Overall, VF Corp., which also sells jeanswear, imagewear, sportswear and contemporary brands, reported total fourth-quarter revenue up 4 percent to $3 billion and quarterly net income of $344 million. For the full-year 2012, VF reported revenue up 15 percent to $10.9 billion (or about 6 percent excluding the Timberland acquisition) and a net income of $1.1 billion. Officials project 2013 revenues will rise about 6 percent.

--David Clucas

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