Shares of VF Corp (NYSE:VFC) ended Friday session in green amid volatile trading. The shares closed up +0.02 points or 0.04% at $55.79 with 2.70 million shares getting traded. Post opening the session at $55.62, the shares hit an intraday low of $55.12 and an intraday high of $56.39 and the price vacillated in this range throughout the day. The company has a market cap of $23.61 million and the numbers of outstanding shares have been calculated to be 413.71 million shares.
VF Corp (VFC) recently stated financial results for its third quarter ended October 1, 2016. All per share amounts are presented on a diluted basis. This release refers to “stated” and “currency neutral” amounts, terms that are described under the “Currency Neutral – Apart From the Impact of Foreign Currency” paragraph. Reconciliations of GAAP measures to currency neutral amounts are presented in the supplemental financial information included with this release, which identify and quantify all excluded items. Unless otherwise noted, stated and currency neutral amounts are the same. This release also refers to both “continuing” and “suspended” operations amounts, concepts that are described under the “Suspended Operations – Contemporary Brands” paragraph. Unless otherwise noted, results presented are based on continuing operations.
Income Statement Review
Revenue was down 1 percent to $3.5 billion.
Gross margin was up 70 basis points to 48.4 percent on a stated basis, as benefits from pricing, mix and lower product costs were partially offset by changes in foreign currency and inventory administration efforts. Changes in foreign currency negatively influenced stated gross margin by 60 basis points in the quarter.
Operating income on a stated basis was down 1 percent to $635 million contrast with the same period of 2015. Operating margin on a stated basis raised 10 basis points to 18.2 percent. Changes in foreign currency negatively influenced stated operating margin by 40 basis points in the quarter.
Earnings per share was up 13 percent to $1.20 contrast with $1.06 during the same period last year. Apart From the impact of foreign currency, third quarter earnings per share was up 16 percent. The quarter benefitted from a lower tax rate because of a higher mix of international sales and about $0.06 per share because of net tax discrete items relative to 2015.
“We continue to operate in an uneven, global economic environment counting especially sluggish retail conditions in the Americas, our leading market,” said Eric Wiseman, VF Chairman and Chief Executive Officer. “With a strong balance sheet, powerful brands, and a growing global presence, we have great confidence in our ability to maintain near-term profitability, yet we’re not satisfied with our third quarter results. We remain sharply focused on operational improvements and taking advantage of this environment to accelerate strategies to create sustainable, long-term growth opportunities for our brands.”