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VF Reports 2013 Fourth Quarter And Full Year Results, And Announces Outlook For 2014

Stocks in this article: VFC

Share Repurchase Authorization

In December 2013, VF’s Board of Directors authorized an additional 50 million shares of common stock for its repurchase program. The company’s previous program, approved in February 2010, authorized 10 million shares of common stock, of which approximately 3 million shares are still available for execution. This brings the total current authorization of VF’s new program to 53 million shares.

Repurchases under VF’s new program will be made in open market or privately negotiated transactions in compliance with Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements and other relevant factors. This share repurchase plan does not obligate VF to acquire any particular amount of common stock, and it may be suspended at any time at the company's discretion. VF had approximately 440 million shares of common stock outstanding as of Jan. 31, 2014.

Dividend Declared

VF’s Board of Directors declared a quarterly dividend of $0.2625 per share, payable on March 20, 2014 to shareholders of record on March 10, 2014. As a reminder, prior to VF’s four-for-one stock split, the quarterly dividend was $1.05 per share.

Adjusted Amounts

This release refers to adjusted amounts that exclude restructuring and other items related to the acquisition of Timberland, which approximated $11 million ($0.02 per share) for the full year 2013. Adjusted amounts for 2012 exclude Timberland acquisition related expenses of $31 million ($0.06 per share) and the gain on the sale of John Varvatos of approximately $42 million ($0.08 per share). Reconciliations of certain GAAP measures to adjusted amounts are presented in the supplemental financial information included with this release, which identify and quantify all excluded items.

Webcast Information

VF will hold its fourth quarter conference call and webcast today at 8:30 a.m. Eastern Time. Interested parties should call 888-455-2238 (domestic) or 719-325-2492 (international) to access the call. The conference call will be broadcast live and accessible at www.vfc.com. A replay of the conference call will be available from Feb. 14 through Feb. 21, 2014, via telephone at 877-870-5176 (access code: 8653621) or at www.vfc.com.

About VF

VF Corporation is a global leader in branded lifestyle apparel and footwear with more than 30 brands. The company’s five largest brands are The North Face ® , Vans ® , Wrangler ® , Timberland ® , and Lee ® . Other brands include 7 For All Mankind ® , Bulwark ® , Eagle Creek ® , Eastpak ® , Ella Moss ® , JanSport ® , Kipling ® , lucy ® , Majestic ® , Napapijri ® , Nautica ® , Red Kap ® , Reef ® , Riders ® , Splendid ® and SmartWool ® . For more information, please visit www.vfc.com.

Forward Looking Statements

Certain statements included in this release and the attachments are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting VF and therefore involve a number of risks and uncertainties. You can identify these statements by the fact that they use words such as “will,” “anticipate,” “estimate,” “expect,” “should,” and “may” and other words and terms of similar meaning or use of future dates. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to, the level of consumer confidence and overall level of consumer demand for apparel; fluctuations in the price, availability and quality of raw materials and contracted products; disruption to VF’s distribution system; disruption and volatility in the global capital and credit markets; VF's reliance on a small number of large customers; the financial strength of VF's customers; VF’s response to changing fashion trends; increasing pressure on margins; VF's ability to implement its growth strategy; VF's ability to grow its international and direct-to-consumer businesses; VF's ability to successfully integrate and grow acquisitions, including the Timberland acquisition; VF's ability to maintain the strength and security of its information technology systems; adverse unseasonable weather conditions; stability of VF's manufacturing facilities and foreign suppliers; continued use by VF's suppliers of ethical business practices; VF's ability to accurately forecast demand for products; continuity of members of VF's management; VF's ability to protect trademarks and other intellectual property rights; maintenance by VF's licensees and distributors of the value of VF's brands; foreign currency fluctuations; changes in tax liabilities, and legal, regulatory, political and economic risks in international markets. More information on potential factors that could affect VF's financial results is included from time to time in VF's public reports filed with the Securities and Exchange Commission, including VF's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

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