VF GIVES NOD TO ESTIMATES
NEW YORK — VF Corp. is comfortable with analysts’ consensus estimates of $1.24 a share for the fourth quarter ended Dec. 31 and $4.53 a share for the full year.
The improvement in profits in 1996 resulted partly from cost-cutting implemented in fall 1995, which resulted in an annual cost savings of about $80 million, Mackey McDonald, chief executive officer, told Dow Jones News Service, in advance of the release of the company’s yearend figures, expected to be announced today.
In the year-earlier fourth quarter, VF lost $35.6 million, or 57 cents a share, after a $155.9 million charge for plant closings.
Before the charge, earnings came to $1.04 a share. For the quarter, VF reported revenues of $1.27 billion.
In all of 1995, VF earned $157.3 million, or $2.41 a share, after the charge, and reported total revenues of $5.06 billion.
Excluding the charge, VF earned $4.02 a share in 1995.
“We had significant top-line growth from all our businesses,” McDonald further commented, regarding 1996 results.
He added that he expects the company to have 31 percent of the domestic jeanswear market by the year 2000, up from 27 percent now.