VF Corporation had a successful 2004 fiscal year. Net sales increased to over $6 billion, up from $5.2 billion in 2003. Operating income grew to $777.8 million compared to $644.9 million the previous year. Income from continuing operations increased to $474.7 million from $397.9 million in 2003. VF aims to continue growing its brands by expanding into new product categories, markets, and distribution channels globally. Employees are passionate about their brands and focused on delivering innovative products and experiences to consumers.
Gafisa is one of Brazil's largest homebuilders, with a national footprint and a diverse land bank. In 2009, Gafisa saw increases in launches, pre-sales, revenues and EBITDA compared to 2008. For 2010, Gafisa aims to launch between R$4-5 billion in projects, with 40-45% dedicated to affordable housing through Tenda, and expects an EBITDA margin between 18.5-20.5%. Gafisa also completed the acquisition of the remaining shares of Tenda, diversified its brands and geographies, and secured R$600 million in new financing.
VF Corporation reported record sales and earnings in 1996. Net sales reached $5.137 billion, up slightly from 1995, while net income jumped 93% to $4.64 per share. The company's market value also increased substantially. VF is organized into several coalitions focused on key product categories like jeanswear, intimate apparel, and daypacks. It aims to "consumerize" its operations through initiatives like an enhanced consumer research system and "micro-marketing" products tailored to specific stores and consumer segments. VF expects continued growth through investing over $250 million in its leading brands across core categories.
PDG started as a financial investor in real estate projects, pairing with developers. It has since expanded to control two core developers, Goldfarb (80%) and CHL (70%), through gradual acquisitions. PDG's structure transforms it into a "one-stop shop" in Brazil's real estate sector while maintaining flexibility. Its network of joint ventures and role as a partner rather than competitor ensures a constant flow of new investment opportunities. Organic growth comes from its stakes in core developers as well as new projects, while its acquisition approach and relationships create inorganic growth options. Valuation using a DCF model sets a December 2008 target price implying a 99.8% upside.
This investor presentation summarizes Multiplus S.A., a loyalty program company. It discusses Multiplus' growth in gross billings and market capitalization. Multiplus has an innovative business model with strong cash generation, low capital expenditures, and scalability. The presentation outlines Multiplus' strategy to diversify its sources of points sold and redemptions to different industry partners to control costs and breakage while improving the member experience.
This annual report summarizes MeadWestvaco Corporation's financial highlights for 2004. Some key points:
- Net sales increased to $8.227 billion from $7.553 billion the previous year
- Net income decreased to a loss of $349 million from a profit of $18 million due to one-time charges
- Excluding one-time items, net income increased to $147 million from $6 million the previous year
- The company improved operating profits and cash flow through executing its strategic vision focused on its three core businesses
Campbell Soup Company reported strong financial results in 2006. Net sales increased to $7.34 billion from $7.07 billion in 2005. Earnings from continuing operations grew to $755 million in 2006 from $644 million in 2005. The company is focused on driving sustainable quality growth through five key strategies, including expanding their iconic brands within the categories of Simple Meals and Baked Snacks. In 2006, the company increased sales of brands like Campbell's soup, Goldfish crackers, and Pepperidge Farm cookies. The annual report discusses Campbell Soup Company's financial performance in 2006 and strategic plans for further growing their business in the coming years.
This annual report summarizes Burlington Northern Santa Fe Corporation's financial and operational performance in 1998. Some key highlights include:
- Revenues reached a record $8.94 billion, a 6.8% increase over 1997.
- Adjusted operating income grew 16% to a record $2.16 billion.
- Adjusted net income exceeded $1.12 billion, a 19% improvement over 1997.
- The operating ratio improved to 75.9%, nearly 2 points better than 1997's adjusted ratio.
- Safety continued to improve, with reductions in reportable injuries and rail accidents.
This document summarizes the financial performance of Burlington Northern Santa Fe Corporation for the years 1992-1996. It reports that in 1996:
- Operating income increased 14% to $1.75 billion compared to 1995 on a comparable basis.
- Revenues reached $8.19 billion despite a drop in agricultural commodities revenues.
- Operating expenses were $178 million below 1995 levels, lowering the operating ratio to 78.6%.
- Net income grew 21% to $889 million, or $5.70 per share, compared to $733 million in 1995.
Gafisa is one of Brazil's largest homebuilders, with a national footprint and a diverse land bank. In 2009, Gafisa saw increases in launches, pre-sales, revenues and EBITDA compared to 2008. For 2010, Gafisa aims to launch between R$4-5 billion in projects, with 40-45% dedicated to affordable housing through Tenda, and expects an EBITDA margin between 18.5-20.5%. Gafisa also completed the acquisition of the remaining shares of Tenda, diversified its brands and geographies, and secured R$600 million in new financing.
VF Corporation reported record sales and earnings in 1996. Net sales reached $5.137 billion, up slightly from 1995, while net income jumped 93% to $4.64 per share. The company's market value also increased substantially. VF is organized into several coalitions focused on key product categories like jeanswear, intimate apparel, and daypacks. It aims to "consumerize" its operations through initiatives like an enhanced consumer research system and "micro-marketing" products tailored to specific stores and consumer segments. VF expects continued growth through investing over $250 million in its leading brands across core categories.
PDG started as a financial investor in real estate projects, pairing with developers. It has since expanded to control two core developers, Goldfarb (80%) and CHL (70%), through gradual acquisitions. PDG's structure transforms it into a "one-stop shop" in Brazil's real estate sector while maintaining flexibility. Its network of joint ventures and role as a partner rather than competitor ensures a constant flow of new investment opportunities. Organic growth comes from its stakes in core developers as well as new projects, while its acquisition approach and relationships create inorganic growth options. Valuation using a DCF model sets a December 2008 target price implying a 99.8% upside.
This investor presentation summarizes Multiplus S.A., a loyalty program company. It discusses Multiplus' growth in gross billings and market capitalization. Multiplus has an innovative business model with strong cash generation, low capital expenditures, and scalability. The presentation outlines Multiplus' strategy to diversify its sources of points sold and redemptions to different industry partners to control costs and breakage while improving the member experience.
This annual report summarizes MeadWestvaco Corporation's financial highlights for 2004. Some key points:
- Net sales increased to $8.227 billion from $7.553 billion the previous year
- Net income decreased to a loss of $349 million from a profit of $18 million due to one-time charges
- Excluding one-time items, net income increased to $147 million from $6 million the previous year
- The company improved operating profits and cash flow through executing its strategic vision focused on its three core businesses
Campbell Soup Company reported strong financial results in 2006. Net sales increased to $7.34 billion from $7.07 billion in 2005. Earnings from continuing operations grew to $755 million in 2006 from $644 million in 2005. The company is focused on driving sustainable quality growth through five key strategies, including expanding their iconic brands within the categories of Simple Meals and Baked Snacks. In 2006, the company increased sales of brands like Campbell's soup, Goldfish crackers, and Pepperidge Farm cookies. The annual report discusses Campbell Soup Company's financial performance in 2006 and strategic plans for further growing their business in the coming years.
This annual report summarizes Burlington Northern Santa Fe Corporation's financial and operational performance in 1998. Some key highlights include:
- Revenues reached a record $8.94 billion, a 6.8% increase over 1997.
- Adjusted operating income grew 16% to a record $2.16 billion.
- Adjusted net income exceeded $1.12 billion, a 19% improvement over 1997.
- The operating ratio improved to 75.9%, nearly 2 points better than 1997's adjusted ratio.
- Safety continued to improve, with reductions in reportable injuries and rail accidents.
This document summarizes the financial performance of Burlington Northern Santa Fe Corporation for the years 1992-1996. It reports that in 1996:
- Operating income increased 14% to $1.75 billion compared to 1995 on a comparable basis.
- Revenues reached $8.19 billion despite a drop in agricultural commodities revenues.
- Operating expenses were $178 million below 1995 levels, lowering the operating ratio to 78.6%.
- Net income grew 21% to $889 million, or $5.70 per share, compared to $733 million in 1995.
Burlington Northern Santa Fe Corporation's 1999 Annual Report summarizes the company's performance in 1999 and compares it to 1994, the year before the BNSF merger. Key points:
1) BNSF achieved record results in safety, customer service, efficiency and financial performance in 1999 compared to 1994.
2) Safety metrics like lost workdays and injuries dropped significantly. Customer service improved with 91% on-time performance. Operating expenses per ton-mile dropped 20-25%.
3) Financial results were also much stronger, with operating income reaching a record $2.24 billion, up 14% annually from 1994. The operating ratio improved 9 points to 75.4%.
Burlington Northern Santa Fe Corporation's 2000 Annual Report summarizes the company's performance for the year. Key points include:
- Revenues grew to $9.2 billion while operating expenses only increased 1% despite a $230 million rise in fuel costs.
- Intermodal revenues increased 6% to a record level while safety and efficiency improvements were made.
- However, weak coal demand, high fuel prices, and a slow US economy impacted results for the year.
- Over the past five years since the Burlington Northern and Santa Fe merger, significant progress has been made in safety, service, efficiency and financials.
Banco ABC Brasil is a leading credit provider focused on mid-sized and large companies in Brazil. It offers a wide range of credit products with a high level of customization. Banco ABC Brasil has a winning combination of a strong controlling shareholder and an independent local management team, allowing for agile decision making and access to attractive funding sources. The bank has demonstrated strong growth and profitability over the past years.
WSP International is a promotional marketing company that has been in business for over 50 years, helping clients build their brands through custom promotional products, loyalty programs, and games/contests. They work closely with clients to understand their goals and develop creative and effective promotional solutions, maintaining long-term relationships by consistently delivering high-quality results. As industry leaders, they have extensive experience and knowledge in developing various types of promotional campaigns across multiple industries.
The document summarizes the company's financial performance and strategy in 2002. It discusses maximizing shareholder value through growing revenue, improving marketing, investing in new attractions, and focusing on expense control. Key accomplishments included record earnings of $1.83 per share and industry-leading operating margins. The company also reduced debt by $314 million and repurchased $208 million of its own stock. Looking ahead, it plans additional investments in existing properties and evaluating new development opportunities to continue delivering strong returns.
State Street Corporation is the world's leading provider of financial services to institutional investors. In 2005, State Street achieved its financial goals including 10-15% growth in operating EPS and 8-12% growth in operating revenue. It delivered value to shareholders, customers, employees and communities. State Street added over 2,000 new investment wins in 2005 and continued to deepen relationships with existing customers around the world.
MGM MIRAGE focused on solidifying its reputation for quality in 2003. It added new amenities and attractions across its properties, producing record revenues of $3.9 billion, up 3% from 2002, while net income was $244 million. MGM MIRAGE also looked to expand internationally, pursuing opportunities in the UK and Asia in anticipation of gaming reforms, and continued to enhance communities through employee programs and philanthropic efforts.
The annual report summarizes Lockheed Martin's financial and operational performance in 1997. Some key highlights include:
- Net sales reached a record $28.1 billion, up from $26.9 billion in 1996.
- Net earnings were $1.3 billion. Excluding non-recurring items, earnings per share grew 11% over 1996.
- The company achieved significant cost reductions ahead of schedule, and improved competitiveness as evidenced by a record high win rate on competitive bids.
- $1.6 billion in cash was generated in 1997 through free cash flow and divestitures. Cash was used to reduce debt and enhance shareholder value.
- Goals for 1998 include continued cash generation, and
plains all american pipeline Annual Reports 2004finance13
The Plains All American Pipeline 2004 Annual Report summarizes the company's strong financial and operational performance for the year. Key highlights include exceeding all operating and financial guidance, completing two major acquisitions totaling $550 million that expanded the company's asset base, strengthening the balance sheet through financing activities, and increasing the annual distribution to unitholders by 8.9% to $2.45 per unit. The company also achieved its strategic goals and is well positioned to continue pursuing organic growth and acquisitions in 2005.
The document discusses the real estate and construction sector in Brazil. It makes the following key points:
1) The author's main concern regarding real estate companies has always been working capital management and cash flow, not demand or growth potential. Managing growth and the associated capital needs is the main challenge.
2) Considering construction financing, typical cash flow exposure for a real estate project should be between 20-30% of the project's potential sales value.
3) The author included construction financing in their models to better evaluate which companies may need extra funding to meet their growth guidance.
4) In addition to looking at future projections, the author analyzed price-to-adjusted book value multiples to find deep
The document provides an analysis and market update on Manappuram Finance. It summarizes that while Manappuram has underperformed recently due to regulatory issues and governance concerns, the worst may be priced in. The analyst believes the stock is attractive at its current discounted valuation relative to peers and upgrades their recommendation to Buy, seeing 25% upside potential. Key risks include further negative regulatory changes, but clarity is expected by year-end which could support improved growth and profitability.
The document is the 2003 annual report of The Timken Company. It summarizes key events and financial results from 2003, a year marked by the largest acquisition in company history with the purchase of The Torrington Company. The acquisition expanded Timken's product lines, services, and global reach but integration challenges impacted financial performance. Top priorities for 2004 include improving performance in the automotive group and addressing high costs in the steel business. The report outlines strategies around customer-driven innovation, performance focus, and adaptive management to take advantage of growing opportunities.
The document discusses JBS S.A.'s 4th quarter 2009 results. It shows that JBS has grown significantly through acquisitions over the past 15 years, with revenues increasing from $0.3 billion in 1996 to an estimated $30.3 billion in 2009. A chart displays JBS' EBITDA growth over time, with EBITDA margins ranging from 4.3% to 13.6% between 1999-2009. The document provides an overview of JBS as the leading animal protein producer worldwide with over 125,000 employees across operations in South America, North America, Europe, and Oceania.
Terry Crews, Chief Financial Officer of Monsanto, presented at the 13th Annual Agricultural Biotech Forum on February 10, 2009. In 3 sentences:
Monsanto targeted to more than double its gross profit from $4.2 billion in 2007 to a range of $9.5-9.75 billion by 2012, driven by growth in its Seeds and Genomics and Agricultural Productivity segments. Roundup and other glyphosate-based herbicide volumes were expected to decrease from 257 million gallons in 2008 to around 230 million gallons in 2009, but gross profit for these products was targeted to increase to a range of $2.4-2.5 billion. Corn seed and traits gross profit was
Godrej Consumer Products reported results for the first quarter of fiscal year 2011. While revenue grew strongly by 47% due to recent acquisitions, recurring earnings grew only 9% due to margin contraction, higher interest costs, and increased taxes. Domestic revenue excluding recent acquisitions declined 7% as sales of soaps fell 9% due to high bases and inventory destocking, while hair color sales grew only 4%. The company upgraded its outlook for the stock to "Buy" based on strong future earnings growth prospects.
This document discusses building a business through network marketing. It outlines four phases:
1. Learning the business with the support of your upline team over 6-12 months to earn P20,000-P40,000 per month working 2-3 hours per day.
2. Retailing products and services to 10-15 valued clients to earn a 30% retail profit while working 2-3 hours per day.
3. Sponsoring others and helping them duplicate your efforts to drive profits through bonuses from their sales volumes.
4. Continuing to learn and develop your primary team over multiple phases to maximize savings, profits, and achieve financial freedom working part-time hours.
VF Corporation reported financial results for 2000 that were mixed compared to 1999. Net sales reached a record $5.7 billion but operating income and net income declined from the previous year. Earnings per share were reduced by restructuring charges and a change in accounting policy. Throughout 2000, VF took actions to strengthen its brands and position the company for improved financial performance in 2001, including acquiring new brands, exiting unprofitable businesses, consolidating operations, and continuing its share repurchase program.
The annual report summarizes Corning's financial performance in 2002, a challenging year due to the downturn in the telecommunications industry. Corning reported a net loss of $1.3 billion on sales of $3.2 billion, down significantly from 2001. In response, Corning restructured operations, cutting costs and jobs to preserve its financial position. It aims to return to profitability in 2003 by focusing on growing its display glass, environmental, and semiconductor businesses within Corning Technologies. While telecommunications remains weak, Corning maintains its leadership in optical fiber and intends to benefit when the market rebounds.
1) Timken's 2005 annual report summarizes their vision of delivering value to customers through innovative solutions in friction management and power transmission.
2) In 2005, Timken achieved strong financial results including record sales of $5.2 billion and earnings per share of $2.81, nearly double the previous year.
3) Timken's focus on improving costs and productivity, along with investments in high-growth markets like Asia and industrial applications, positions them for continued profitable growth as industrial markets remain strong in 2006.
This document is Timken's 2005 Annual Report which summarizes the company's strong financial performance and growth. The report discusses how Timken's vision of delivering value through friction management and power transmission solutions has guided its expansion into new markets and growth opportunities around the world. Key points include record sales and earnings, investments to support growth, expanding capabilities in aerospace and emerging markets like China, and leadership changes with W.R. Timken stepping down as chairman.
Foot Locker, Inc. reported strong financial results for 2003, with total sales increasing 6.0% to $4.779 billion and operating profit margin expanding to 7.2% from 6.0%. The company saw significant growth from its international operations, particularly in Europe, and its direct-to-customer business. For 2004, Foot Locker plans to open approximately 110 new stores while remodeling over 200 existing stores, focusing on continued expansion in international markets like Europe as well as growing its e-commerce business. The company ended 2003 in a strong financial position with $112 million in cash, positioning it to take advantage of future investment and expansion opportunities.
This document is the 2007 annual report for ConAgra Foods Inc. It summarizes the company's financial highlights for fiscal year 2007, including a 5% increase in net sales to $12.028 billion and growth in operating profit, income from continuing operations, and net income compared to the previous fiscal year. It discusses the company's strategic priorities or "Must Do's" of rewiring processes to be more efficient, attacking costs to fuel growth, optimizing its product portfolio, innovating new products, exceeding customer expectations, and nurturing employees. The report provides examples of progress made in each area in fiscal 2007, such as selling non-core businesses, implementing new manufacturing and logistics systems, focusing marketing investments on priority
Burlington Northern Santa Fe Corporation's 1999 Annual Report summarizes the company's performance in 1999 and compares it to 1994, the year before the BNSF merger. Key points:
1) BNSF achieved record results in safety, customer service, efficiency and financial performance in 1999 compared to 1994.
2) Safety metrics like lost workdays and injuries dropped significantly. Customer service improved with 91% on-time performance. Operating expenses per ton-mile dropped 20-25%.
3) Financial results were also much stronger, with operating income reaching a record $2.24 billion, up 14% annually from 1994. The operating ratio improved 9 points to 75.4%.
Burlington Northern Santa Fe Corporation's 2000 Annual Report summarizes the company's performance for the year. Key points include:
- Revenues grew to $9.2 billion while operating expenses only increased 1% despite a $230 million rise in fuel costs.
- Intermodal revenues increased 6% to a record level while safety and efficiency improvements were made.
- However, weak coal demand, high fuel prices, and a slow US economy impacted results for the year.
- Over the past five years since the Burlington Northern and Santa Fe merger, significant progress has been made in safety, service, efficiency and financials.
Banco ABC Brasil is a leading credit provider focused on mid-sized and large companies in Brazil. It offers a wide range of credit products with a high level of customization. Banco ABC Brasil has a winning combination of a strong controlling shareholder and an independent local management team, allowing for agile decision making and access to attractive funding sources. The bank has demonstrated strong growth and profitability over the past years.
WSP International is a promotional marketing company that has been in business for over 50 years, helping clients build their brands through custom promotional products, loyalty programs, and games/contests. They work closely with clients to understand their goals and develop creative and effective promotional solutions, maintaining long-term relationships by consistently delivering high-quality results. As industry leaders, they have extensive experience and knowledge in developing various types of promotional campaigns across multiple industries.
The document summarizes the company's financial performance and strategy in 2002. It discusses maximizing shareholder value through growing revenue, improving marketing, investing in new attractions, and focusing on expense control. Key accomplishments included record earnings of $1.83 per share and industry-leading operating margins. The company also reduced debt by $314 million and repurchased $208 million of its own stock. Looking ahead, it plans additional investments in existing properties and evaluating new development opportunities to continue delivering strong returns.
State Street Corporation is the world's leading provider of financial services to institutional investors. In 2005, State Street achieved its financial goals including 10-15% growth in operating EPS and 8-12% growth in operating revenue. It delivered value to shareholders, customers, employees and communities. State Street added over 2,000 new investment wins in 2005 and continued to deepen relationships with existing customers around the world.
MGM MIRAGE focused on solidifying its reputation for quality in 2003. It added new amenities and attractions across its properties, producing record revenues of $3.9 billion, up 3% from 2002, while net income was $244 million. MGM MIRAGE also looked to expand internationally, pursuing opportunities in the UK and Asia in anticipation of gaming reforms, and continued to enhance communities through employee programs and philanthropic efforts.
The annual report summarizes Lockheed Martin's financial and operational performance in 1997. Some key highlights include:
- Net sales reached a record $28.1 billion, up from $26.9 billion in 1996.
- Net earnings were $1.3 billion. Excluding non-recurring items, earnings per share grew 11% over 1996.
- The company achieved significant cost reductions ahead of schedule, and improved competitiveness as evidenced by a record high win rate on competitive bids.
- $1.6 billion in cash was generated in 1997 through free cash flow and divestitures. Cash was used to reduce debt and enhance shareholder value.
- Goals for 1998 include continued cash generation, and
plains all american pipeline Annual Reports 2004finance13
The Plains All American Pipeline 2004 Annual Report summarizes the company's strong financial and operational performance for the year. Key highlights include exceeding all operating and financial guidance, completing two major acquisitions totaling $550 million that expanded the company's asset base, strengthening the balance sheet through financing activities, and increasing the annual distribution to unitholders by 8.9% to $2.45 per unit. The company also achieved its strategic goals and is well positioned to continue pursuing organic growth and acquisitions in 2005.
The document discusses the real estate and construction sector in Brazil. It makes the following key points:
1) The author's main concern regarding real estate companies has always been working capital management and cash flow, not demand or growth potential. Managing growth and the associated capital needs is the main challenge.
2) Considering construction financing, typical cash flow exposure for a real estate project should be between 20-30% of the project's potential sales value.
3) The author included construction financing in their models to better evaluate which companies may need extra funding to meet their growth guidance.
4) In addition to looking at future projections, the author analyzed price-to-adjusted book value multiples to find deep
The document provides an analysis and market update on Manappuram Finance. It summarizes that while Manappuram has underperformed recently due to regulatory issues and governance concerns, the worst may be priced in. The analyst believes the stock is attractive at its current discounted valuation relative to peers and upgrades their recommendation to Buy, seeing 25% upside potential. Key risks include further negative regulatory changes, but clarity is expected by year-end which could support improved growth and profitability.
The document is the 2003 annual report of The Timken Company. It summarizes key events and financial results from 2003, a year marked by the largest acquisition in company history with the purchase of The Torrington Company. The acquisition expanded Timken's product lines, services, and global reach but integration challenges impacted financial performance. Top priorities for 2004 include improving performance in the automotive group and addressing high costs in the steel business. The report outlines strategies around customer-driven innovation, performance focus, and adaptive management to take advantage of growing opportunities.
The document discusses JBS S.A.'s 4th quarter 2009 results. It shows that JBS has grown significantly through acquisitions over the past 15 years, with revenues increasing from $0.3 billion in 1996 to an estimated $30.3 billion in 2009. A chart displays JBS' EBITDA growth over time, with EBITDA margins ranging from 4.3% to 13.6% between 1999-2009. The document provides an overview of JBS as the leading animal protein producer worldwide with over 125,000 employees across operations in South America, North America, Europe, and Oceania.
Terry Crews, Chief Financial Officer of Monsanto, presented at the 13th Annual Agricultural Biotech Forum on February 10, 2009. In 3 sentences:
Monsanto targeted to more than double its gross profit from $4.2 billion in 2007 to a range of $9.5-9.75 billion by 2012, driven by growth in its Seeds and Genomics and Agricultural Productivity segments. Roundup and other glyphosate-based herbicide volumes were expected to decrease from 257 million gallons in 2008 to around 230 million gallons in 2009, but gross profit for these products was targeted to increase to a range of $2.4-2.5 billion. Corn seed and traits gross profit was
Godrej Consumer Products reported results for the first quarter of fiscal year 2011. While revenue grew strongly by 47% due to recent acquisitions, recurring earnings grew only 9% due to margin contraction, higher interest costs, and increased taxes. Domestic revenue excluding recent acquisitions declined 7% as sales of soaps fell 9% due to high bases and inventory destocking, while hair color sales grew only 4%. The company upgraded its outlook for the stock to "Buy" based on strong future earnings growth prospects.
This document discusses building a business through network marketing. It outlines four phases:
1. Learning the business with the support of your upline team over 6-12 months to earn P20,000-P40,000 per month working 2-3 hours per day.
2. Retailing products and services to 10-15 valued clients to earn a 30% retail profit while working 2-3 hours per day.
3. Sponsoring others and helping them duplicate your efforts to drive profits through bonuses from their sales volumes.
4. Continuing to learn and develop your primary team over multiple phases to maximize savings, profits, and achieve financial freedom working part-time hours.
VF Corporation reported financial results for 2000 that were mixed compared to 1999. Net sales reached a record $5.7 billion but operating income and net income declined from the previous year. Earnings per share were reduced by restructuring charges and a change in accounting policy. Throughout 2000, VF took actions to strengthen its brands and position the company for improved financial performance in 2001, including acquiring new brands, exiting unprofitable businesses, consolidating operations, and continuing its share repurchase program.
The annual report summarizes Corning's financial performance in 2002, a challenging year due to the downturn in the telecommunications industry. Corning reported a net loss of $1.3 billion on sales of $3.2 billion, down significantly from 2001. In response, Corning restructured operations, cutting costs and jobs to preserve its financial position. It aims to return to profitability in 2003 by focusing on growing its display glass, environmental, and semiconductor businesses within Corning Technologies. While telecommunications remains weak, Corning maintains its leadership in optical fiber and intends to benefit when the market rebounds.
1) Timken's 2005 annual report summarizes their vision of delivering value to customers through innovative solutions in friction management and power transmission.
2) In 2005, Timken achieved strong financial results including record sales of $5.2 billion and earnings per share of $2.81, nearly double the previous year.
3) Timken's focus on improving costs and productivity, along with investments in high-growth markets like Asia and industrial applications, positions them for continued profitable growth as industrial markets remain strong in 2006.
This document is Timken's 2005 Annual Report which summarizes the company's strong financial performance and growth. The report discusses how Timken's vision of delivering value through friction management and power transmission solutions has guided its expansion into new markets and growth opportunities around the world. Key points include record sales and earnings, investments to support growth, expanding capabilities in aerospace and emerging markets like China, and leadership changes with W.R. Timken stepping down as chairman.
Foot Locker, Inc. reported strong financial results for 2003, with total sales increasing 6.0% to $4.779 billion and operating profit margin expanding to 7.2% from 6.0%. The company saw significant growth from its international operations, particularly in Europe, and its direct-to-customer business. For 2004, Foot Locker plans to open approximately 110 new stores while remodeling over 200 existing stores, focusing on continued expansion in international markets like Europe as well as growing its e-commerce business. The company ended 2003 in a strong financial position with $112 million in cash, positioning it to take advantage of future investment and expansion opportunities.
This document is the 2007 annual report for ConAgra Foods Inc. It summarizes the company's financial highlights for fiscal year 2007, including a 5% increase in net sales to $12.028 billion and growth in operating profit, income from continuing operations, and net income compared to the previous fiscal year. It discusses the company's strategic priorities or "Must Do's" of rewiring processes to be more efficient, attacking costs to fuel growth, optimizing its product portfolio, innovating new products, exceeding customer expectations, and nurturing employees. The report provides examples of progress made in each area in fiscal 2007, such as selling non-core businesses, implementing new manufacturing and logistics systems, focusing marketing investments on priority
Winn-Dixie Stores, Inc. reported declining financial results for fiscal year 2004, with sales and gross profit decreasing from the previous year. The company developed a strategic plan to strengthen its competitive position, focusing on rationalizing its store base, achieving $100 million in annual expense reductions, and improving its brand and customer experience. Key initiatives included closing underperforming stores, exiting non-core markets, reducing expenses, enhancing product offerings, and improving stores' appearance and customer service. The company aims to implement these changes to enhance its business and financial performance over the long run, though acknowledges that a turnaround will not happen overnight.
Winn-Dixie's sales and profits declined in fiscal year 2004 compared to 2003 due to challenging market conditions. To address these challenges, Winn-Dixie developed a strategic plan focused on rationalizing stores and facilities, achieving $100 million in annual expense reductions, and improving branding through better customer service, store appearances, and product offerings. Winn-Dixie aims to strengthen its position in its core markets in the Southeast U.S. and improve its competitiveness.
This document is Gannett Co.'s 2005 annual report. It includes a financial summary showing increases in operating revenues and income from continuing operations compared to 2004. It also includes letters to shareholders from the chairman and CEO discussing leadership changes at Gannett in 2005, acquisitions made to expand the company's reach both within traditional media and new digital platforms, and efforts to measure audience reach across multiple platforms and expand online offerings.
The document summarizes The Home Depot's 2004 annual report. It discusses that in 2004, The Home Depot had record sales of $73.1 billion and saw increases in net earnings, earnings per share, total assets, and store count. Key accomplishments included comparable store sales growth of 5.4%, operating margin reaching 10.8%, and returning $4 billion to shareholders through stock buybacks and dividends. The company focused on enhancing its core business through merchandising resets and new products, extending into new store formats, and investing in its employees.
Masco Corporation's 2001 annual report summarizes the company's financial results and business operations for the year. Key points include:
- Net sales reached a record $8.3 billion, up 15% from 2000, though net income declined to $199 million due to a $344 million non-cash investment write-down. Excluding special items, net income declined 21% to $543 million.
- The company achieved record operating profit exceeding $1 billion despite economic challenges. Capital expenditures totaled $274 million.
- Sales growth was driven by acquisitions expanding the cabinets/related products and installation/services segments, though plumbing product sales declined 5%.
- Most of Masco's
The document is P&G's 2000 annual report which summarizes the company's financial and operating performance for the fiscal year.
1) Net sales grew 5% to $39.9 billion while net earnings fell 6% to $3.5 billion due to higher costs from organizational changes and new investments. Core earnings excluding restructuring costs grew 2% to a record $4.2 billion.
2) The CEO acknowledges the year's challenges but expresses confidence that by focusing on big brands, innovation, customer partnerships, and cost control, P&G can restore balanced growth in sales and profits.
3) Looking forward, the new organizational structure aims to leverage P&G's strengths in understanding consumer needs
Campbell Soup Company launched a five-year plan in 2001 to transform the company. In 2002, the first year of the plan, Campbell began implementing initiatives to revitalize its core U.S. Soup business, strengthen its broader portfolio, build new growth avenues, drive quality and productivity improvements, and improve organizational excellence. While investments reduced net earnings, Campbell made progress in nearly every part of the company and expects benefits to increase in future years as the transformation plan continues.
This document is the 2001 annual report for Ingram Micro. It summarizes the company's financial performance for 2001, which was a difficult year for the technology industry due to economic slowdown. However, Ingram Micro was able to improve its performance and position itself for long-term success by increasing gross margins, strengthening its balance sheet, reducing expenses, and lowering inventory levels significantly. The report provides financial highlights comparing metrics like sales, profits, assets, and stockholders' equity from 2001 to previous years.
Caterpillar's 2003 annual report outlines steps to building a great company. It discusses (1) inventing revolutionary products like tracked machines that became Caterpillar tractors; (2) choosing distribution partners wisely, like the network of over 200 independent and family-owned dealers worldwide; and (3) continually innovating and anticipating customer needs through new technologies like ACERT engines and e-business solutions for dealers.
The Pantry, Inc. 2001 Annual Report summarizes the company's strategic moves in fiscal 2001 to strengthen its future. Despite challenges from rising gas prices and economic downturn, the company streamlined processes, enhanced efficiency, and implemented technology initiatives like new reporting and inventory systems. It acquired 45 stores to strengthen its market position but curtailed aggressive expansion. The Pantry focused on cost cuts, improving merchandise sales, and leveraging new fuel pricing systems to balance profits and volume in a volatile gas market. It positioned itself to capitalize on future growth opportunities once market conditions improve.
The Pantry is the second largest independently operated convenience store chain in the US. In fiscal 2001, The Pantry focused on implementing strategic moves to strengthen its future, including streamlining processes, enhancing efficiency, and directing resources to improve operations. Key actions taken were curtailing acquisitions, centralizing administrative functions to reduce costs, and implementing technology solutions to better monitor performance and enhance efficiency at the corporate and store levels. While fiscal 2001 proved challenging due to economic conditions, The Pantry is positioned to benefit from its strategic moves once market conditions improve.
Arrow Electronics had a record year in 2006 with $13.6 billion in sales, a nearly 22% increase over 2005. Some key highlights included operating income increasing nearly 27% to $622 million and net income per share of $2.92 compared to $2.18 in 2005. The company continued to expand its global electronic components and enterprise computing solutions businesses.
VF Corporation posted record sales and earnings in 2005 and is strongly positioned for another outstanding year in 2006. The company achieved growth across most of its businesses, including its Mass Market, Specialty, Latin America, Mexico and Canada jeanswear divisions. One area of challenge was the Lee® brand in the U.S. The company is taking steps to restore growth to its North American jeans business through innovative new products and leveraging the strength of flagship brands in new categories and markets.
This document provides a summary of Procter & Gamble's (P&G's) 2003 annual report. It discusses P&G's strong financial performance in fiscal year 2003, with 8% sales growth, 19% earnings growth, and market share gains across most major brands. It highlights the completion of P&G's restructuring program ahead of schedule. The summary also outlines P&G's strategic focus on growing existing core businesses, leading customers, large countries, and health/beauty categories. It emphasizes P&G's continued focus on productivity, cost reduction, cash management, and leveraging its strengths in branding, innovation, and global scale.
WRA worked on energy, water, and public lands issues in 2003. In energy, they promoted renewable energy standards and efficiency measures. They also worked to reduce emissions from coal plants and prevent new coal plant construction. In water, they advocated for urban water conservation and efficiency and protected rivers and habitats. In lands, they focused on responsible oil and gas development, protecting roadless areas, managing motorized recreation, and grazing reform.
The annual report summarizes the organization's activities and accomplishments in 2006. Some key points:
- The organization celebrated a major victory that protected water rights and flows for Colorado's Gunnison River.
- The organization opened a new office in Nevada and added staff in multiple states to advance its mission of protecting land, air, and water resources in the Interior West.
- Notable programs and advocacy efforts achieved successes in renewable energy development, limiting new coal-fired power plants, protecting public lands from oil/gas development, and responsible management of motorized recreation on public lands.
Western Resource Advocates' (WRA) 2007 annual report summarizes the organization's work over the past year to protect land, air, water, and ecosystems in the Western United States. The report highlights WRA's efforts to promote clean energy alternatives to coal power, encourage responsible motorized recreation on public lands, influence oil and gas development policies, and implement water conservation strategies in urban areas. Through advocacy, litigation, and partnerships with other groups, WRA achieved victories such as blocking new coal plants, protecting roads and lands from off-road vehicle damage, passing legislation to safeguard wildlife from drilling impacts, and influencing several municipalities to adopt water conservation measures. The report outlines WRA's goals and strategies across its key program
C.H. Robinson achieved strong success in 2007 despite economic challenges. The company grew gross profits 14.9% to $1.2 billion through its diverse business lines and relationships with customers and carriers. Its non-asset based model allowed it to efficiently manage costs. The company continued investing in its business by expanding its office network and adding employees. C.H. Robinson is well positioned for future growth given ongoing trends driving demand for third party logistics.
This document is C.H. Robinson Worldwide's annual report (Form 10-K) filed with the SEC for the year ended December 31, 2007. It provides an overview of the company's business operations, including that it is a non-asset based third party logistics provider offering freight transportation and logistics services through a network of 218 offices worldwide. The report describes C.H. Robinson's main business lines of multimodal transportation services, fresh produce sourcing, and information services. It provides details on the types of transportation it arranges and its relationships with over 48,000 transportation providers.
This document is C.H. Robinson Worldwide's definitive proxy statement filed with the SEC on April 1, 2008 to provide shareholders information on matters to be voted on at the company's upcoming annual meeting on May 15, 2008. The proxy statement summarizes the purposes of the meeting as electing three directors, ratifying the selection of the independent auditors, and any other business properly brought before the meeting. It provides details on shareholder voting eligibility, the methods by which shareholders can vote including by mail, phone or internet, and the proposals to be voted on.
C.H. Robinson achieved strong success in 2007 despite challenging market conditions. The company grew gross profits 14.9% to $1.2 billion through its diverse mix of transportation services and customer relationships. Its non-asset based model and over 7,300 employees enabled it to efficiently manage over 6.5 million shipments. Looking ahead, C.H. Robinson is well positioned for continued growth given industry trends, its financial strength with no debt and $455 million in cash, and opportunities to expand internationally and through acquisitions.
C.H. Robinson achieved strong success in 2007 despite challenging market conditions. The company grew gross profits 14.9% to $1.2 billion through its diverse mix of transportation services and customer relationships. Its non-asset based model and over 7,300 employees enabled it to efficiently manage over 6.5 million shipments. Looking ahead, C.H. Robinson is well positioned for continued growth given industry trends, its financial strength with no debt and $455 million in cash, and opportunities to expand internationally and through acquisitions.
This document is a Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission. It summarizes KB Home's financial performance for the first quarter of fiscal year 2003, ending February 28, 2003. Key details include total revenues of $1.09 billion, net income of $52.8 million, basic earnings per share of $1.32, and cash dividends of $0.075 per share. The report includes financial statements and notes, as well as sections on management discussion/analysis, market risk, and controls/procedures.
There are three primary ways for individual investors to hold securities: direct registration system (DRS), physical paper certificates, and street-name registration through a brokerage account. Both DRS and street-name registration involve book-entry ownership with no physical certificate printed, while transactions are recorded electronically. Investors can choose to hold securities through different methods and change methods as desired, though brokers may charge fees. The DRS allows electronic transfer of book-entry shares between parties like brokers and issuers.
KBH was established as a public company in 1986 through an IPO of Kaufman and Broad Inc. (KBI). In 1989, the remaining portion of KBH was distributed to KBI shareholders, making KBH and KBI independent companies. KBI later merged with American International Group (AIG) in 1999. The document provides guidance on determining the tax basis for holdings in KBH and KBI/AIG following corporate restructurings and stock splits over the years. Questions regarding stock certificates or exchanges should be directed to AIG's transfer agent.
This document lists milestones from KB Home, a homebuilder, over the past 50+ years. Some key milestones include KB Home becoming the first national homebuilder on the New York Stock Exchange in 1969, building over 100,000 homes by 1977, establishing sustainability programs and receiving awards for energy efficient construction in the 2000s-2010s, and expanding nationwide through strategic acquisitions over the decades. The milestones show KB Home's growth from its founding to becoming one of the largest homebuilders in the United States.
This document is a Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended February 28, 2003. The 10-Q includes financial statements such as income statements, balance sheets, and cash flow statements for the quarter, as well as notes to the financial statements. It provides information on KB Home's revenues, expenses, assets, liabilities, cash flows, earnings per share, and reporting segments for its homebuilding and mortgage banking businesses.
This document is the Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended May 31, 2003. It includes the consolidated financial statements, notes to the financial statements, and management's discussion and analysis of the company's financial condition and results of operations for the quarter. Key details include total revenues of $2.5 billion for the six months ended May 31, 2003, net income of $134 million, and basic earnings per share of $3.36.
This document is the Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended May 31, 2003. The 10-Q provides KB Home's unaudited financial statements and disclosures including the consolidated statements of income, balance sheets, cash flows, and notes. It summarizes KB Home's revenues, construction and land costs, expenses, operating income, interest income/expense, taxes, and earnings per share for the interim period.
This document is a Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended August 31, 2003. The 10-Q provides financial statements and disclosures including the consolidated statements of income, balance sheets, cash flows, and notes to the financial statements. Key details include revenues of $3.98 billion for the nine months, net income of $232 million, basic EPS of $5.87, and total assets of $4.12 billion as of August 31, 2003.
This document is a Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended August 31, 2003. The 10-Q provides financial statements and disclosures including the consolidated statements of income, balance sheets, cash flows, and notes to the financial statements. It discloses that for the quarter ended August 31, 2003, KB Home had total revenues of $1.44 billion, net income of $97.8 million, and basic earnings per share of $2.51.
This document is KB Home's Form 10-Q quarterly report filed with the SEC for the quarterly period ended February 29, 2004. It includes financial statements, notes to the financial statements, and other financial information. Specifically, it provides KB Home's consolidated statements of income and cash flows for the periods ended February 29, 2004 and February 28, 2003, and consolidated balance sheet as of February 29, 2004 and November 30, 2003. It also includes a discussion and analysis of the company's financial condition and results of operations for the periods.
This document is a Form 10-Q quarterly report filed by KB Home with the SEC for the quarter ending May 31, 2004. The summary includes:
1) KB Home reported total revenues of $2.9 billion for the six months ended May 31, 2004, with construction pretax income of $258.7 million and mortgage banking pretax income of $4.5 million.
2) The balance sheet shows KB Home's assets including $65.6 million in cash, $429.2 million in receivables, and $3.55 billion in construction inventories as of May 31, 2004.
3) The document provides KB Home's financial statements and notes for the quarter,
This document is KB Home's Form 10-Q quarterly report filed with the SEC for the quarterly period ended February 29, 2004. It includes financial statements such as the consolidated statements of income and balance sheets, as well as notes to the financial statements and information on reportable segments. The filing provides shareholders and the public with financial information on KB Home's construction and mortgage banking operations for the quarterly period.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
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Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
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+12349014282
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
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5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
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BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
2. 01
vf is about people. Our people.
And our consumers. In fact, one of the
“The Lee brand
reasons we’re so successful is because experienced a
nearly threefold
we’re a reflection of our consumers. sales increase in
Like them, we’re dreamers, rebels, Canada in 2004.”
adventurers, teachers and inventors.
From our stockrooms to our boardroom,
we live our brands.
2004 financial highlights
Dollars in thousands, except per share amounts 2004 2003 2002
summary of operations
Net sales $ 6,054,536 $ 5,207,459 $ 5,083,523
Operating income 777,788 644,889 621,924
Operating margin 12.8% 12.4% 12.2%
“The Lee jeans
Income from continuing operations $ 474,702 $ 397,933 $ 364,428
Net income (loss)* 474,702 397,933 (154,543)
brand is in
Return on capital (continuing operations) 15.8% 16.6% 16.9%
Canada to stay!”
financial position
Working capital $ 1,006,354 $ 1,419,281 $ 1,199,696
Current ratio 1.7 to 1 2.8 to 1 2.4 to 1
Cash flow from operations $ 730,256 $ 543,704 $ 645,584
Debt to capital ratio 28.5% 33.7% 28.6%
Common stockholders’ equity $ 2,513,241 $ 1,951,307 $ 1,657,848
barbara nardini-zitella Sales Account Executive, Wrangler & Lee Brands Canada
per common share
A Banner Year: 2004 was definitely the most energizing year in my 25-year career.
Income from continuing operations – diluted $ 4.21 $ 3.61 $ 3.24
The success of Lee in Canada has been overwhelming and I’m very proud to have been
Net income (loss) – diluted* 4.21 3.61 (1.38)
part of it. brian williams VP, Wrangler & Lee Brands Canada & Puerto Rico
Dividends 1.05 1.01 .97
Book value 22.56 18.04 15.28
2005 and Beyond: We have aggressive plans to fuel growth with exciting initiatives for
the retail community and great products for consumers.
* Net income (loss) and related per share amounts include operating results of discontinued operations and the cumulative effect of a
change in accounting policy in 2002. See details in the accompanying consolidated financial statements.
3. 03
3
We bring our brands to life. Everyday.
We infuse them with vitality and
relevance. And more importantly,
we make them grow. Through constant
re-invention. Through improved
business systems. Through strikingly
innovative strategies.
We realized long ago that we don’t
fill orders so much as we fulfill dreams.
We speak to the cowboy trapped inside
all of us. The adventurer we secretly
wish to be. We’re the hopelessly romantic
and the adamantly free-spirited. We’re
the sports fan and the outdoor fanatic… “Carpe diem…
and noctum!”
the businessman who rock climbs
and the skateboarder who’s a natural
gare th anderson Manager, Lee London Store Recently Achieved Goal: Our store exceeded
salesman. We’re our brands. its targets for 2004 by 30%. Result: We have built a loyal customer base and shoppers tell us
that the Lee store is their favorite store for denim. Reason for Success: We set ourselves apart
And we live them to the fullest. from the competition by providing an exceptionally high level of service.
4. 05
5
vf corporation 2004 Annual Report
“Staying focused
on the ultimate
consumer is the “By expanding our
best way to apparel offering,
grow a brand.” we’re able to broaden
our distribution.”
gilles laumonier VP, RD&D and Marketing, Eastpak, JanSport and Kipling Variety ken bustamante (L) Senior Graphic Designer, Vans Apparel Greatest Strength: Being able
is the Spice of Life: In 2004 we diversified our Eastpak® brand assortment and doubled our to manage multiple classifications within several categories while taking direction from
sales in shoulder bags. What a Month: In June we added Kipling to our division, which multiple sources and still being able to meet expectations. todd dalhausser Senior
added around $40 million to sales in 2004. Next Move: In 2005 we’re launching a complete Director, Vans Apparel Show me the money: Our apparel team transformed a struggling division
Eastpak® branded apparel collection. It should become a major growth engine for us. into a profitable business. How: Extremely talented people in design, merchandising and
buying. By How Much: We increased our sales by 35% over 2003.
5. 07
7
vf corporation 2004 Annual Report
“Our government business grew
by over 20% in 2004.”
“We’re seen as the
graphics innovators
in the college
bookstore industry.”
jeremy turner (L) Group Manager, Imagewear Global Accounts Uniform Salute: Last mike de young Creative Director, JanSport Custom Products Madness: Finding crazy new
year we won the new uniform rollout for U.S. Customs & Border Protection when they ways to inspire my team to take risks. Method: Making sure individual contribution is always
reorganized within Homeland Security. neal waters Senior Sales Executive, Imagewear recognized in the “success story.” Result: Our graphic designs helped to further establish
Global Accounts Public Safety Sector Customer Recognition: Receiving the first ever Partnership JanSport as a recognized resource for alternative fashion. bonnie mueller VP, Collegiate
Award from the Transportation Security Administration for creating uniforms for over Sales, JanSport Custom Products Greatest Strength: The commitment and willingness to do
50,000 airport screeners in just six months. whatever it takes to get the job done. Biggest Concern: If I don’t do my job well, I risk many
other people’s jobs.
6. 09
9
vf corporation 2004 Annual Report
“Our new women’s and
kid’s lines, along with
strong growth in France,
Germany and Benelux,
grew our brand sales
by 15% in 2004.”
In memory of Sandy K. Kurilchyk 1948 – 2005.
massimiliano tosi Sales & Marketing Director, Napapijri Most Important Mission: julie kurutz (L) Sales Representative, Wrangler, VF Jeanswear Star Performer: My role is
Maximizing sales through brand integrity. Standard Operating Procedure: Maintaining a to be the “face” of Wrangler® jeans to my accounts. Audience Reaction: Now they see us as
clear vision and transmitting it to the whole team. VF’s Most Admirable Quality: Its great cutting edge and market right, and as the best replenishers out there. pamela o’donnell
respect for people. Key to Success: Having the right people, with the right attitude, in the Merchandising Associate, Aura from the Women at Wrangler, VF Jeanswear Proud Moment: Our
right places. Personal Fairy Tale: Napapijri has always been my dream company, and dreams very successful launch of the Aura from the Women at Wrangler™ line. Beautiful Aura: Women
come true here. were leaving our western stores and finding other places to buy jeans. We’ve brought that
customer back, along with women who have never shopped in a western store.
7. 11
vf corporation 2004 Annual Report
“Our key to growth is seeing
beyond short-term wins and
investing in the future.”
victoria kearns Manager, Marketing Communications, Wrangler Specialty Apparel, marcia wilcox VP/GM Men’s and Boy’s, Lee Jeans Expanding Jeans: Despite a very
VF Jeanswear What Makes Her Day: Working with an enthusiastic team that thinks outside difficult retail environment, we’ve seen five continuous years of growth in our men’s denim
of traditional comfort zones. What Her Work Has Wrought: Sales of Riggs Workwear™ by Wrangler® business. How: Lee® Dungarees led the way. Lesson Learned: A great product cures many ills!
apparel grew 71% in 2004. jeff isom Merchandise Manager, Outdoor Brands, VF Jeanswear joe bugni Senior Product Manager, Men’s Denim, Lee Jeans Daily Challenge: Keeping
Brand Aid: My job is to protect and strengthen the value of our brands. Knock, Knock: We everyone focused on the same strategy. Brightest Moment: Receiving a Lee Presidential
expanded distribution from 1,100 doors to over 2,500. Award for Unstoppable Spirit. Unstoppable Praise: I admire our employees and the many
years of service they have given to this company.
8. 13
vf corporation 2004 Annual Report
“We’re building a distribution
network that includes every
country in Europe.”
“Learn, plan, do.”
paolo de marco VP, General Manager, Nautica Europe Immediate Goal: To create a chris fuentes (L) VP, Marketing, Nautica Aspect of Company Culture He Most Admires:
motivated and efficient team to bring success in Europe for this great American brand. Its quiet strength and determination. Aspect of Himself He Most Admires: My passion for
Lifelong Goal: Never stop learning. patricia canavan VP, International Licensing, Nautica winning as a team. christopher he yn President, Nautica International, Nautica Jeans
Apparel Formula for Growth: Individual brand initiatives can be maximized when linked to Company, Nautica Children’s Company Chris At a Glance: High energy, passionate and
VF’s corporate strategy. East Meets Quest: The brand distribution model we implemented in compassionate. Competitive Edge: Maintaining a self-sharpening environment, staying ahead
China doubled our licensed business there in 2004. What’s Next: Launching in India. of the creative process and continuing to grow the brand. Method to His Madness: Identify
the problem, create the solution and demand the resolution.
9. 15
vf corporation 2004 Annual Report
“The difference
between winning
and losing is having
the right team.’’
berna goldstein Director of Merchandising, Bestform & Curvation, VF Intimates art decesaro (L) VP, General Manager, Vassarette, VF Intimates Personal Compulsion:
How Berna Sees Her Job: A merchandiser is really the hub of a wheel. How Berna Thinks: Staying Number One.Method: By thinking outside of the box in both product innovation
“What if ” instead of business as usual. Upward Curve: Not only did we expand our and marketing. Outside the Box Idea: Our introduction and sponsorship of the first female
assortment for the Curvation® brand, we were also able to raise our retail price points. NASCAR race driver in the truck series. miles bohannan Director of Marketing,
ray nadeau VP, General Manager, Bestform & Curvation, VF Intimates A Typical Ray Day: Vassarette, VF Intimates Part of the Job: Staying at the top of my game despite competitive
Focusing on the priorities that drive growth. A Ray of Understanding: My strength is knowing pressure. Top Two Qualities: Open-mindedness and tenacity. Keeping Growth on Track:
our consumer and retailer needs, and finding “white space” opportunities. We initiated a focused direct mail piece aimed at Hispanic consumers.
10. 17
vf corporation 2004 Annual Report
“Success at VF is
the result of the
combined efforts of
inspired individuals.”
anne jardine VP, Business Development, VF Intimates Reason for Being: To inspire our team gloria lee-cook (L) Director of Operations, Mass Market Female, VF Jeanswear
to deliver on our goals over the next five years. Contribution to the Bottom Line: Helping to Turning Copper into Gold: We launched the Coppercollection™contemporary jeans line within
grow our U.S. business in 2004. Skill She’s Most Proud of: The ability to see our potential and the Riders® brand. It has created a new platform for growth for 2005 and beyond.
get others to see what I see. seena cox Merchandise Manager, Riders Female, VF Jeanswear Rate of Success: We grew
sales at a double-digit rate in 2004. Secret of Success: We understand our consumer and spend
a lot of time listening to her.
11. 19
vf corporation 2004 Annual Report
“Our Major League
Baseball business nearly
doubled in 2004.”
“Kipling brand sales grew
by more than 20% within
our existing accounts.”
steve eaves Major League Baseball Brand Manager, Licensed Apparel, VF Imagewear georgia grant VP, Kipling U.S.Ongoing Challenge: Developing patience. Most Refreshing
Relationship to Management: There’s a true open-door policy from senior management that’s Aspect of Company: VF has fantastic communication between its departments and companies.
rare in the corporate world. Bragging Rights: We’re recognized for maintaining the highest Best New Policy: Established a “never out” core program. Key to Growth: The ability to plan
standard of excellence in the industry, bar none. 12 to 18 months ahead, then execute the plan, while forging strong retail partnerships.
12. 21
vf corporation 2004 Annual Report
“New technology and
innovations will allow
us to trade up at
wholesale and expand
into new categories.”
“Integrity in everything you do
builds successful partnerships.”
shelli roach (L) Product Merchandise Manager, VF Intimates Intimate Relationship: liz cahill (L) Director of Advertising & Public Relations, Lee Jeans Now Hear This:
Our consumer has told us the Vanity Fair® brand has strong equity with her, and has given I believe Lee® is the best brand and I work hard every day to let anyone and everyone know
us permission to build the brand into new categories. Waiting to Exhale: The fall 2005 it! Watch This: Our marketing for Lee Misses reached its target with a powerful “your own
delivery of our new Body Breathe™ collection will be an important extension for the Vanity Fair® style of sexy” message. mary kent Lee Misses Senior Product Manager, Lee Jeans
brand. christine kitson Director of Product Merchandising, Vanity Fair & Lily of France, Personal High: Being part of the group of Lee women who created the Lee National Denim
VF Intimates The Nonstop Challenge: Developing innovative, differentiated products. Day® event. This Year’s High: The Lee® Ultimate 5 ™ jean was one of our most successful launches
A Leg Up: Sales of our Vanity Fair® pants business grew by more than 20% in 2004. ever. Highlights: We will be introducing ringspun denims and premium finishing techniques.
13. 23
vf corporation 2004 Annual Report
“We beat our sales plan in 2004!”
“My job is intimately linked to my
passions — ultramarathons, skiing,
climbing, windsurfing and cycling.”
craig errington (L) Director of Advertising, PR & Special Events, Mass Market, christopher “topher” gaylord Managing Director, The North Face International
VF Jeanswear Career Obsession: Always trying to come up with fresh ways to get consumers Record Executive: We’ve seen seven consecutive record seasons, 15 consecutive record quarters,
to put down the jeans they’ve been wearing and pick up a pair of ours. This Year’s High: and 45 consecutive record months of sales growth. Plan of Action: To leverage the great
Reuniting the Wrangler® brand with the Earnhardt family and showcasing Dale Jr. as the operational strengths of one of the largest apparel companies in the world and apply them
face of “a new generation of Wrangler®.” tom waldron Senior Merchandise Manager, Mass to our entrepreneurial-based growth strategy. Life Plan: Growth is an approach to life that
Market, VF Jeanswear What’s the Latest: The launch of Wrangler Jeans Co.™ What’s the Greatest: goes beyond work. It’s a curiosity to learn more and push yourself and your team beyond
Working with our retail partners to drive growth through our portfolio of brands. your perceived boundaries and limits into the unknown.
14. 25
vf corporation 2004 Annual Report
“We designed a line that gave our
sales people an edge to break into
previously untapped accounts.”
“Avoid shortcuts.”
sam rofail Director, Retail Floor Space Management & Flow Replenishment Systems, jake rivas (L) Design Director, The North Face Footwear RD&D On Juggling Four Balls:
VF Services, Sales Chain Sam the Man: I identify ways to help our people grow their business To succeed, you’ve got to strike a balance between innovation, aesthetics, function and brand
through the use of technology and business process improvements. The Point of Point-of-Sale: correctness. Big Shoes to Fill: Our fall 2004 bookings grew by 117%, and our spring 2005
We’re extending our data warehouse by adding consumer demographic information by retail bookings grew by 80%. johnny hawthorne Sales Director, The North Face Footwear
location. This will enable us to not only understand what is selling at retail, but also who is Most Novel Part of the Job: Teaching non-footwear people the footwear business. Why We’re
buying it. Internet Sam: We’ve implemented a system that allows us to automate the retrieval a Step Ahead: We’re providing technically superior products. Best Practices: Providing the sales
of data from retailer websites, which we ultimately incorporate into our sales planning tools. team powerful tools, then getting out of their way.
15. 27
vf corporation 2004 Annual Report
to our stockholders:
Last year at this time, we talked
“Be open to
about our expectations for another change — it’s
record year in 2004, and projected another word for
innovation.”
a 5% increase in both sales and
earnings. I’m pleased to report that
we had a banner year, substantially
exceeding those projections. In
2004 sales jumped 16%, topping the
$6 billion mark for the first time in
VF’s history. Earnings increased 17%
to a record $4.21 per share. Sales
benefited from growth across most
of our core businesses, plus the
addition of three terrific new
brands: Vans®, Napapijri ® and Kipling®. macke y j. mcdonald Chairman, President and Chief Executive Officer
16. 29
vf corporation 2004 Annual Report
Despite this acquisition activity, we ended products and positioning make a powerful
sales by business coalitions
the year with our balance sheet in great shape statement about the aspirations, activities and
and with very strong cash flow. Debt as a interests of consumers. We also recognize
percentage of total capital was 28%, and cash that in order to grow, our brands must excite ●
flow from operations reached $730 million. consumers through product innovation,
We paid out 25% of our earnings in quality, functionality and value. In short,
●
●
dividends and increased the dividends paid consumers get excited about a brand when
to shareholders for the 32nd consecutive it makes them feel better about the lives they vf coalitions: ● Jeanswear ● Intimate
●
Apparel ● Outdoor ● Sportswear ● Imagewear
year. All of this resulted in a good year lead. And of course, as a global company,
● Other
for our stockholders: VF’s share price rose we’re always looking to build great brands
●
VF is one of the most diversified apparel companies in
28% in 2004 versus an increase of 9% for that have a truly global reach.
the world. Our broad base of brands allows us to reach
the S&P 500. The strategic foundation of our growth consumers in nearly every channel of distribution,
including department, chain, mass market and specialty
2004 marked the first year of our plan consists of five key drivers. Our intense ●
stores. We’re global in scope, with 23% of sales coming
Company’s ambitious new growth plan, focus on these drivers resulted in a number from international markets.
which was the result of many months of hard of significant accomplishments in 2004.
work and analysis by scores of people both
within and outside VF. Following several Build New Growing Lifestyle Brands Our front for our Outdoor team, with the addition from the acquisition of Nautica in mid-2003.
years of restructuring, business divestitures goal is to generate 8% sales growth annually, of three companies that had total annualized The Nautica® brand is performing above
and relatively flat sales performance, it was through growth in our core categories as sales of $489 million at the time of purchase. our expectations, and we’re extremely
time to take a new and more aggressive well as through the addition of new lifestyle Based in Southern California, Vans® is an pleased with the results we’re seeing from
approach toward stimulating top line growth. brands. In 2004 we saw a 9% sales gain in our authentic action sports shoe brand. Napapijri ® our work to reposition the brand and
That approach is already paying off, and we Intimates coalition. Sales in our Imagewear is a premium European outdoor apparel improve our product offerings.
expect to continue the momentum this year. coalition grew 6%, while Jeanswear coalition brand, and Kipling® is a fun and fashionable
In the course of developing this plan, we sales were about even with prior year levels. brand of bags and accessories for women. Expand our Share with Winning Customers
created and launched a new Vision These businesses provide us with a powerful Each acquisition fulfills all of our primary Our big customers are getting bigger, and
Statement that heralds our commitment to foundation: not only do they comprise leading acquisition criteria: we need to partner with them in a different
growth and serves as a rallying point for all brands and businesses in their categories, they way in order to continue to grow our share
our associates and businesses. To wit: VF will are very stable and profitable, generating • A strong brand with room to grow of their business. In 2004 we added the talent
grow by building leading lifestyle brands that tremendous cash flow that is essential to • Adds a new category or consumer and resources to spearhead the creation of
excite consumers around the world. That says increasing shareholder value. As we look to • Strengthens our product or channel a new customer team organization that is
a lot in just a few words, but first and fore- grow our category-driven brands, it will be in presence leveraging and coordinating our efforts
most, it states our commitment to growth. the context of extending them into additional • Has global reach across VF’s brands and coalitions. We’re also
Our industry is consolidating and so are product categories, new consumer segments • Enjoys distinctive brand positioning investing more to analyze our customers’ busi-
our customers. We intend to be an active and new geographic areas. • Has the potential to reach our financial nesses to help us identify new opportunities
participant in this process by adding brands The biggest area of growth for us in 2004 targets for mutual growth.
and capabilities that will ensure that we was our Outdoor coalition, which achieved a • Is quickly accretive to earnings
remain vital to our customers and our sales gain of 73%. The North Face® brand had Stretch our Brands & Customers to New
consumers. The focus of our growth will be a stellar year, with sales up 38%. It was also Sportswear contributed $605 million to sales Geographies The focus internationally is, first
lifestyle brands — brands that through their an exceptionally busy year on the acquisition in 2004, reflecting a full year’s contribution and foremost, to build our brands into truly
17. 31
vf corporation 2004 Annual Report
global brands. We’ll also continue to add have recently added top talent in areas such
brands that extend our reach into new as strategic planning, customer teams and
lifestyle
markets and categories. The Napapijri® acquisitions. We are also making certain we
and Kipling® brands are excellent examples have the human resources in place to identify
of this. Not only do they strengthen our and develop VF’s future leaders.
position in Europe, they also offer significant We invested heavily in our growth plan in
expansion potential in North America and 2004, spending $40 million against a variety
Asia. The Nautica® brand is another good of brand marketing programs, customer team
example. Using some of the talent and initiatives and supply chain projects. We’ll
infrastructure supporting our jeanswear and continue to invest in these areas in 2005, using
outdoor brands, we’re looking forward to some of the savings we expect to generate
launching the Nautica® brand in Europe in from our “fuel the growth” programs.
2006. Two other accomplishments in 2004 This is a tremendously exciting time for
were the establishment of a joint venture in VF. We clearly have momentum. And we
Mexico for our Intimates coalition and the have great people who are passionate about
launch of our jeans brands in Russia. Looking continuing that momentum. We’re looking
forward, we are also looking toward big, for another record year in 2005, and we’re
category underpenetrated and fast-growing markets, putting new energy behind many of our core
such as Asia and India, to roll out additional brands to jumpstart their growth in the years
brands and categories. to come. We’ll also be working to exploit the
growth potential of our new businesses while
Fuel the Growth Our goal is to leverage taking advantage of our great systems and
VF’s supply chain to create the most processes to improve their profitability. We’ll
efficient platform for growth, including continue to scan the market for additional
the integration of acquisitions. We have brands that meet our strategic and financial
identified opportunities in areas such as criteria — while prudently managing our
commodity procurement, global sourcing, balance sheet. All in all, we are confident
distribution, inventory management and that we can continue to generate excellent
technology that we expect to yield $100 value for our stockholders.
million in savings over the next five years.
These savings will provide us with increased
flexibility to invest more behind our brands
and our future growth while maintaining
lifestyle: The focus of our growth will be
strong, healthy margins.
lifestyle brands — brands that through their products
mackey j. mcdonald
and positioning make a powerful statement about the
aspirations, activities and interests of consumers.
Build New Growth Enablers The success Chairman, President and
category: of our growth plan will be largely dependent Chief Executive Officer
As we look to grow our category-
driven brands, it will be in the context of extending
on the resources we put behind it. Our most
them into additional product categories, new consumer
important resource is our people, and we
segments and new geographic areas.
18. 33
vf corporation 2004 Annual Report
Lee
jeanswear With a portfolio that 2004 with the introduction of a new that is capturing a growing share
Wrangler
licensed line of home furnishings. of the young men’s jeans business.
Wrangler Hero
Riders
includes the Wrangler®, Lee®, Riders®, The Wrangler Home ™ collection We leveraged this success in 2004
features case goods, upholstered furni- Rustler with the launch of the Buddy Lee
Timber Creek
ture and occasional pieces and will Registered ™ line. Each pair of jeans
Rustler® and Earl Jean® brands, we have by Wrangler
make its retail debut in early 2005. features a unique nine-digit identifi-
Wrangler
Rugged Wear
Our Wrangler ® brand also has a cation number, which consumers
the pulse of jeans consumers around Riggs Workwear
unique position as the authentic icon can use to register their products
by Wrangler
of timeless American values, deeply on a special Buddy Lee Registered ™
Pro Gear
the world. rooted in Western heritage. We have a website. In fall 2005 we’ll extend
by Wrangler
range of products specifically designed Lee® Dungarees to the boy’s category.
Aura from the
Women at
for those who live — or dream about Our women’s business was a big
Wrangler
living — the Western lifestyle. In focal point for us in 2004 and will
20X
2004 we augmented our strong men’s continue to be in 2005. Lee’s One
Earl Jean
Western business with the successful True Fit ™and new Ultimate 5 ™
Chic
Gitano
launch of a new women’s line, Aura programs have given female
Brittania
from the Women at Wrangler ™. consumers a new reason to buy, by
UFO*
The Wrangler® brand has long been offering young women contemporary
Hero by Wrangler
known for its versatility and durability. styles with a flattering look and great
H.I.S
Our Riggs Workwear™ by Wrangler® fit. A range of new products for more
Maverick
In fact, we sell more pairs of jeans than any market share leaders in both the men’s and line was first launched in 2003 to traditional female consumers is in the
Old Axe
other company in the world. Fashion trends women’s branded jeans categories in mass meet the needs of hard-working men pipeline for 2005.
come and go, but the jeans market continues market stores. with exceptionally comfortable, The rich history and authenticity
to prove remarkably stable and resilient. The highlight of the year for our Wrangler® durable products offering practical details to of our Lee® brand has led to the launch of
Growth comes to those brands that define brand was the successful launch of our get the job done right. The line had another Lee® Authentics, a premium line available
their consumers’ lifestyles, offering the right Wrangler Jeans Co. initiative in partnership great year in 2004, with additional growth in select specialty retail stores. The line
™
combination of authenticity, innovation with NASCAR driver Dale Earnhardt, Jr. planned in 2005. combines fashionable European product
and value. The new line, which is targeted to a younger, Our Riders® brand enjoyed double-digit styling and fabrics to attract sophisticated
Our jeans business had a good year in 2004. more fashion-conscious male consumer, is the sales growth in 2004, buoyed by new fashion upscale consumers. We’ll continue to leverage
Sales were about even with prior year levels, official jean of Earnhardt Jr. and his #8 racing styles under the Riders® Coppercollection™ line. this positioning in 2005 with the launch in
but profitability improved nicely. We have our team. We’ll continue to build on the line in Featuring copper zippers and rivets, as well mid-tier department stores of the Lee®
share of challenges — retail consolidation, 2005 with the launch of a new premium shirt as distinct copper accent threading, the line Heritage Collection, a new line featuring
pricing pressure, the rise of specialty brands program. Our Wrangler Hero® brand also offers premium styling that appeals to women premium quality denim with trims and
and private label programs — but our unre- benefited from the expansion of our Five Star who want junior looks with a flattering missy packaging inspired by the Lee® brand heritage.
lenting focus on understanding our consumers premium denim program into additional fits fit. The brand also got a boost from its
continues to keep us ahead of the pack. and styles. Here, too, we expect continued plus-size and casual pant programs. Earl Jean®: A Cut Above Our newest brand
momentum from a new lead product called Our Lee® brand men’s business has experi- is Earl Jean®, which we obtained through our
Room to Grow in the U.S. With our Wrangler®, Wrangler® Ultra Tough and growth in our enced healthy growth over the past several acquisition of Nautica, Inc. The brand is sold
Riders® and Rustler® brands, we are the premium khakis program. We capped years, fueled by our Lee ® Dungarees program through upscale department and specialty
19. 35
vf corporation 2004 Annual Report
stores, as well as through its own stores in Expanding Our Presence Around the World start, surpassing our expectations. Two Retail stores have been an important part
New York City, Miami, Los Angeles and Our jeans brands continue to extend their additional stores are slated for 2005. of our strategy in Latin America. They have
London. We are in the midst of a thorough reach around the world. We were pleased The launch of the X-Line, which features allowed us to build our brands while also
analysis of the Earl Jean® brand to identify to see growth in many international markets distinctive styling details, has been a success providing us with an important channel of
ways to capitalize on its unique heritage including Latin America, Canada, Mexico, with young, fashion-conscious male and distribution. They also account for as much
and realize its full potential. We’re looking Turkey and Asia. female consumers and should continue to as 40% of our sales in some markets, such as
forward to celebrating the brand’s tenth Our flagship brands, Wrangler® and Lee®, drive our Lee® brand results. Argentina. In 2004, we opened 7 new stores,
anniversary in 2005 by delivering the best are clearly setting the bar for innovation We also have a new contemporary product bringing the total number of company-owned
fits, fabrics and finishes in the premium in the denim market in Europe. Our first under the Wrangler® brand in Europe, called stores in the region to 42, with more planned
jeans category. European Lee® brand store opened in Wrangler® W Rivet, that offers a contempo- for 2005.
London in 2004 and is off to a strong rary interpretation of our classic jeans brand. Russia is a relatively new market for us,
Our primary targets for this line are male and we’re off to a strong start with substantial
consumers between the ages of 20 and 35. growth expected in 2005. We also have a firm
We’re supporting the launch with a highly foothold in Asia with our Lee® and Wrangler®
visible new marketing campaign. brands. In fact, Lee® jeans continue to be the
channels of distribution The mass market channel in Europe number one premium brand in China.
continues to grow rapidly, and we’re capturing
brands united states international our fair share of this growth via our Hero by
Wrangler®, Old Axe® and Maverick® brands.
Department Mass Specialty Department Mass Specialty
*Licensed Brands Store Market Store Store Market Store
Our business is being driven principally by
Lee our Hero by Wrangler® EasiFit™ line, which
● ● ● ●
Wrangler ● ● ● ●
combines the superior comfort and fit of a
Wrangler Hero ●
stretch jean with a contemporary denim look
Riders ●
and finish.
Rustler ●
Timber Creek Our established base in Europe is providing
by Wrangler ●
us with the infrastructure and capabilities to
Wrangler
support VF’s growing portfolio of international
Rugged Wear ●
brands and has been a big factor in the
Riggs Workwear
by Wrangler ●
successful integration of our Vans, Napapijri
Pro Gear
and Kipling businesses there.
by Wrangler ●
The growth achieved in Latin America
Aura from the
Women at Wrangler in 2004, even in unstable economic conditions
●
20X ●
in some markets, prove time and again the
Earl Jean ● ●
power of the Wrangler® and Lee® brands.
Chic ●
Gitano ●
Brittania ●
UFO* ●
Hero by Wrangler ●
H.I.S ● ●
Maverick ●
Old Axe ●
20. 37
vf corporation 2004 Annual Report
intimate apparel Our great stores in 2004. Our Vanity Fair® brand Our private label business had a stellar
capitalized on its reputation for great style year, as we partnered with one of our largest
portfolio of brands led the way for a and fit with the launch of its Body Sleeks™ customers to support an important new
collection in 2004. Contributing to the product launch. While somewhat more
success of the launch was our national print volatile than our branded business, our
strong year in 2004. Sales rose 9% campaign that showcased our new updated private label business remains an integral
look and tagline, “Sense and Sensuality™ .” part of our strategy.
and profitability improved as well. Our Lily of France® brand’s Value in Style® We have a presence in Europe, primarily
collection, which offers great quality at an France and Spain, with brands such as
everyday value price, continued to drive the Belcor®, Bolero®, Gemma®, Intima Cherry®,
brand’s performance in 2004. The brand’s Lou® and Variance®, in addition to our
fashion collection is geared to consumers Vassarette® and Bestform® brands. Our
seeking a sexy, contemporary look, with the European team is focused on gaining market
introduction of the Spellbound ™ and Dazzler® share, rolling out innovative new sales formats
collections that complement our successful and transforming its supply chain to drive
X-Bra® collection and sports bra lines. higher profitability.
Launched in 2000, our licensed Tommy Looking forward, we’re expanding and
Hilfiger® intimates business continues to be extending our biggest brands, building our
a key player in the status intimate apparel business in Canada, Mexico and Western
arena. We now offer a complete line including Europe and exploring new markets such
A highlight in 2004 was our new joint the needs of real women with real pants, bras and camisoles. as Asia.
Vanity Fair
venture agreement in Mexico, which curves. The brand expanded into
Lily of France
provides a platform to introduce our sports and strapless bras in 2004,
Vassarette
brands there. and we plan to launch shapewear this
Bestform
channels of distribution
Curvation spring. No doubt some of our success
Tommy Hilfiger*
Three Brands with Momentum in can be attributed to our relationship
brands united states international
Lou
Mass Our Vassarette® brand, which with award winning musician, actress
Bolero Department Mass Specialty Department Mass Specialty
targets the “sexy and fun” consumer, and author, Queen Latifah, who has *Licensed Brands Store Market Store Store Market Store
Gemma
has been especially strong during the been our spokesperson for the brand
Intima Cherry Vanity Fair ●
past two years and we’ve used this since its inception.
Belcor Lily of France ●
strength to further expand into the Our Bestform® brand enjoys a Vassarette
Variance ● ●
Bestform
panty and teen areas. We’ve increased leadership position in the sports bra ● ●
Majestic
Curvation ●
our marketing spending to highlight category, and we built upon this
Nike Swim*
Tommy Hilfiger* ●
the brand’s fresh, exciting imagery. success in 2004 with the launch of Lou ●
And we’ve tapped into the popularity new high performance products. Bolero ●
Gemma ● ●
of NASCAR with our sponsorship of an
Intima Cherry ●
up-and-coming female driver. Style, Fit and Value: A Winning Combination
Belcor ●
A big success for us in 2003 was the launch Our constant focus on innovation paved the Variance ●
of our Curvation® brand, designed to address way for success in department and chain Majestic ●
Nike Swim* ●
21. 39
vf corporation 2004 Annual Report
outdoor We have a vibrant and JanSport® and Eastpack®: Leading the Market The Vans® brand provides us with an entry
in Packs Our JanSport® brand continues as into the action sports market, and provides a
growing portfolio of international the number one daypack in the world. In new channel of distribution — action sport
2004 we launched the JanSport® Modus™ line, stores and teen lifestyle chains. Vans operates
a comprehensive collection of luggage and 96 retail stores and has about one third of
brands in our Outdoor coalition. With bags created for young adult business travelers. sales coming from overseas markets.
We also extended our apparel offerings We bolstered our sportswear expertise in
the addition of three outstanding new into young men’s and juniors outerwear. Europe with the acquisition of the Napapijri®
The brand’s presence in Europe is gaining brand of premium outdoor lifestyle apparel.
brands, 2004 was a busy year for us. recognition for its computer bags featuring We’re leveraging their great design talent to
our ShockShield ™ protection system. enable additional growth for The North Face®
Positioned to appeal to the young and hip, brand in Europe and to assist in the European
our Eastpak® brand is the number one pack launch of our Nautica® brand.
brand in Europe. We’re looking forward to The mission for our new Kipling® brand
our first foray into apparel with the launch is to be the best women’s casual bag brand in
of men’s and women’s apparel in 2005, and the world. Kipling® brand products include
the opening of our first retail store in Milan. handbags, luggage, backpacks and accessories.
Under license, other Kipling® brand categories
The New Brands: Vans®, Napapijri® and include eyewear, footwear, home products,
Kipling® With roots extending back to jewelry and watches. The company has
Combined sales for The North Face®, We opened a new retail store in 1966, the Vans® brand is known as the 16 owned retail stores throughout Belgium,
JanSport
JanSport ® and Eastpak® brands grew Boston, bringing the total of owned original skateboard shoe. Since then, the Holland and the U.K., with distributors
Eastpack
21% percent in 2004. Total sales retail stores in the U.S. to eight. company has continued to create footwear, operating over 70 more in Europe and Asia.
The North Face
jumped 73%, reflecting the acquisi- Trans by JanSport And we are partnering with key retail apparel and accessories for the skate, surf We have aggressive growth plans for our
Vans
tions of the Vans®, Napapijri ® and customers to add locations; in 2004 and snow markets that embody Southern Outdoor businesses, and acquisitions are
Napapijri
Kipling® brands. we added stores in Olympic Valley, California youth culture. likely to be an important component of
Kipling
California and Vail, Colorado. that growth.
The North Face®: Premier, Authentic, We also opened partnership stores
Technical and Innovative The North Face in Amsterdam, Helsinki and St. Petersburg,
®
brand is the number one technical outdoor plus three in Asia, for a total of eight stores channels of distribution
brand in the world. Offering the most internationally.
advanced products on the market, The prospects for continued growth are brands united states international
The North Face ® brand is the choice of bright and we’ll continue to leverage our Department Mass Specialty Department Mass Specialty
the world's most accomplished climbers, material and design innovation to drive sales, Store Market Store Store Market Store
mountaineers, skiers, snowboarders and particularly in outerwear, sportswear, footwear JanSport ● ● ● ●
Eastpack ● ● ●
explorers. The strength of the brand led and snowsports. The brand has room to
The North Face ● ● ● ●
to growth in all product categories in 2004, expand internationally, and we’re looking for Trans by JanSport ●
led by footwear and snowsports. growth in markets such as Russia, Poland Vans ● ● ● ●
and the Czech Republic. Napapijri ● ●
Kipling ● ● ● ●
22. 41
vf corporation 2004 Annual Report
imagewear A leader in both uniforms Customer First initiative, we’ve organized a leader in secondary protective apparel,
our licensed business around each major continues to drive innovation for safer, more
and licensed apparel, our Imagewear customer to drive the right solution for comfortable products. The service sector
their distinctive fan and consumer base. remains a bright spot in the employment
It’s working — with licensed apparel sales picture, and we’re participating via our Penn
coalition performed solidly in 2004, growing at a double-digit rate for the past State Textile™ and Chef Designs® Essentials
three years. with Style™ brands, both leaders in their fields.
with higher sales and record profits. As the economy stabilized, so did our At the same time, we’re expanding our base
uniform business. In fact, our flagship of large corporate and government accounts,
Red Kap® brand had its strongest year since providing them with a one-stop shop for
2000. The industry continues to consolidate, all their global uniform and apparel needs.
but our position has never been stronger. In fact, VF Imagewear is the largest supplier
Horace Small ®, a leader in the public safety of non-military apparel to U.S. government
arena, has teamed with The North Face® brand agencies, including U.S. Customs and
to provide products such as The Force™ jacket. Border Protection and the Transportation
Made with the latest in fabric and construc- Security Administration.
tion technology, The Force™ jacket is designed Two new golf apparel brands for us are
with a layered approach, making it suitable E. Magrath® and Byron Nelson®. Both are
for every public service activity, including well-known within the golf industry and
those taking place in extremely cold condi- will help to extend our reach in corporate
The coalition has been re-energized world’s great lifestyle brands. tions. The two brands are furthering their image apparel.
Lee Sport
by its new “customer first” approach, Our licensed apparel business had partnership this year with their support of From the boardroom to the factory floor —
Chase Authentics*
which has led to a broad based reor- an extraordinary year, led by the “Cops on Top,” a mountaineering program and from the gridiron to the speedway —
CSA
ganization into six customer-focused Super Bowl, the Playoffs and the that honors officers who have lost their lives VF Imagewear has you covered.
Red Kap
Bulwark
sectors: Industrial, Service, Protective, World Series. We’re proud of our in the line of duty. And our Bulwark® brand,
Penn StateTextile
Public Safety, Affinity and Retail. relationships with major sports,
NFL Red*
Each sector is supported by a team including the National Football
NFL White*
that is dedicated to growing the League, Major League Baseball and
Horace Small
business, an approach that has already NASCAR, which has enabled us to channels of distribution
VF Imagewear
started to pay off in the form of more grow significantly by giving sports
Lee
innovative products, superior service fans the products and quality they brands united states united states
Wrangler Hero
and — most importantly — a tighter want. These high profile events
Chef Designs
*Licensed Brands Image Retail Image Retail
connection between our brands and require enormous service
E. Magrath
Lee Sport VF Imagewear
● ●
Byron Nelson
consumers. We also are excited about capabilities to turn out and deliver Chase Authentics* Lee
● ●
NBA
our January 2005 acquisition of a huge quantities of products featuring CSA Wrangler Hero
● ●
Harley-Davidson* Red Kap Chef Designs
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licensee of the Harley-Davidson winning teams within hours of each
NCAA Blue Disc* Bulwark E. Magrath
● ●
Motor Company, Inc., which extends event. For example, for the World
Penn State Textile Byron Nelson
● ●
our leadership in that business. We’re Series, we delivered over two million NFL Red* NBA
● ●
delighted to be partners with one of the units within 72 hours. In keeping with our NFL White* Harley-Davidson*
● ●
Horace Small NCAA Blue Disc*
● ●
23. 43
vf corporation 2004 Annual Report
sportswear 2004 was a year of hard Through our furnishings division, Nautica partnering with another VF brand, Napapijri®,
also makes and distributes men’s and women’s to leverage their excellence in European
work and tremendous accomplishment sleepwear and underwear. We continue product design. Women’s sportswear under
to see opportunities to expand both our the Nautica® brand remains another untapped
Nautica® Competition line, which features opportunity, and we expect to make
for our Sportswear team. high performance fabrics in men’s products, substantial progress toward defining our
and our women’s daywear line. strategy and direction in 2005.
Jeans are an important component of the
Nautica® brand, and we expect to lift sales John Varvatos®: Defining Style The John
in 2005 through new fabrics and washes, Varvatos business, which we obtained through
and the launch of our Denim Star premium our purchase of Nautica, consists of a
collection at select locations. collection of luxury products that feature
signature detailing and an uncompromising
A Strong Brand Across Multiple Categories standard of old world craftsmanship.
As befits its lifestyle appeal, the Nautica® Comprised of tailored clothing, sportswear,
brand features a global licensed business leather accessories and footwear, the collec-
in categories such as women’s swimwear, tion is sold through upscale department and
bedding, neckwear, watches, fragrances, specialty stores, as well as through four John
eyewear and tailored clothing. In 2005 we’re Varvatos® retail locations. The brand grew
partnering with our JanSport division to rapidly in 2004, and we expect another
Having purchased the Nautica® brand in early 2005. The essence of the launch a line of Nautica® brand luggage. strong year in 2005.
Nautica
in 2003, we made great strides in Nautica® brand — timeless, energetic, We also have a substantial licensed business Sportswear is a relatively new category
John Varvatos
stabilizing the men’s sportswear balanced — is now being reflected in overseas, particularly in China where we for VF, and we’re excited about the possibili-
business and getting the brand back our entire product line and throughout expect to have 200 freestanding stores in ties that lie ahead for both our Nautica®
on track for future growth. all of our consumer communications. 2005, up from 120 in 2004. A new store and John Varvatos® brands. Our experience
When we acquired the Nautica® We’re beginning to see our efforts featuring both men’s and women’s sportswear to date with Nautica has shown that taking
brand, we knew from our initial bear fruit. The product is performing will open in Antwerp in April. a great lifestyle brand and applying VF’s
research that the brand resonated strongly much better at retail, reflecting an increase in Our pan-European push into sportswear excellence in branding, operations and
with both male and female consumers. quality across the board, an emphasis on key is well into the planning stages as we prepare financial processes can prove to be a
In early 2004 we undertook an extensive items such as outerwear, swimwear and active for our launch in 2006. Here, too, we’re powerful combination.
study to better understand consumers’ knits, and a more narrowed, focused assort-
attitudes toward the Nautica® brand as an ment on the retail floor. Our spring and
important first step toward a broad reposi- summer bookings are on plan and we’re
channels of distribution
tioning of the brand and an overhaul of its already seeing a favorable reaction to the
product lines. What has emerged from this new lines. To support our brand within retail
research is a crisp new point of view for the stores, we’re investing in a new shop-in-shop brands united states
Nautica ® brand. That point of view is captured concept that will roll out to 150 locations Department Specialty
Store Store
in our new advertising campaign and the this year.
Navigate life ™ tagline, which was launched Nautica ●
John Varvatos ● ●