VF Corp. delivered a fourth-quarter earnings gain of 51.4 percent, which is against a tough macroeconomic backdrop that contributed to weakness in its Nautica sportswear business.Net income, driven by the firm's jeanswear and outdoor businesses, weighed in at $164.4 million, or $1.46 a diluted share, which compared with $108.6 million, or 95 cents, a year earlier. Revenues for the three months ended Dec. 31 jumped 22.3 percent to $2 billion from $1.6 billion.Despite the profit boost, which outpaced the $1.42 a share Wall Street had penciled in for the quarter, the Greensboro, N.C.-based firm is treading cautiously into 2008."There is no question that the current environment is very challenging," said president and chief executive officer Eric Wiseman on a conference call with investors and analysts Tuesday after the market closed. "We are coming off a highly promotional holiday season and our customers are planning very cautiously for 2008."The company has not seen any unusual delay in orders, nor has skittishness sullied VF's international businesses.In the jeanswear division, home to the Lee and Wrangler brands, quarterly profits increased 12.7 percent to $112.8 million, which is on a 3.1 percent boost in sales to $722 million. U.S. revenues were flat in the division, though the mass market business saw a 5 percent top-line increase for the quarter.Earnings in the outdoor division leapt 42.6 percent to $94.6 million, on a 31.6 percent increase in sales to $595.5 million. Profits in the imagewear division rose 5.9 percent to $43.8 million as sales gained 20.1 percent to $277.3 million.In VF's sportswear division, price promotions, particularly in its Nautica outlet stores, ate into profits, which fell 28.8 percent to $20 million as sales rose 5.7 percent to $208.5 million.The new contemporary brands unit, which includes Seven For All Mankind and Lucy, drew profits of $20 million out of $109.6 million in sales.For the full year, VF posted a 10.9 percent rise in net income to $591.6 million, or $5.22 a share, versus $533.5 million, or $4.72, in 2006. Sales hit $7.2 billion, a 16.1 percent jump from $6.2 billion a year earlier."We are not planning any big recovery in 2008," said Wiseman. "We have taken into account the difficult environment and planned accordingly."The company is looking for 9 percent sales growth this year, without taking into account any possible acquisitions, as well as a 10 percent bump in earnings per share from continuing operations.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim