VF Corporation reported record sales and earnings in 1998, its third consecutive year of growth. Net sales increased 5% to $5.5 billion while net income grew 11% to $388 million. The company's portfolio of brands, including Wrangler, Lee, and JanSport, held leading market shares in their product categories. VF continued its strategy of building strong brands, expanding globally, and investing in new technology to enhance consumer responsiveness. Looking ahead, VF will focus on growth categories like jeanswear and intimate apparel, and targets $7 billion in annual sales through acquisitions and brand marketing.
ApresentaçãO 3 Q09 Completa Eng (Pp Tminimizer)Localiza
This document discusses the 3Q09 and YTD results of Localiza Rent a Car S.A. It begins with an overview of the company's history and growth from 6 vehicles in 1973 to over 71,500 vehicles across 9 countries and 431 locations today. The next sections discuss Localiza's integrated business platform and strategy across its core and support divisions. Financial highlights for 3Q09 show revenues of R$34% from car rentals and R$17% from fleet rentals. The document concludes with an overview of Localiza's growth opportunities in areas like GDP growth, market consolidation, air traffic increases, credit card expansion, and fleet outsourcing.
This document discusses the 3Q09 and YTD results of Localiza Rent a Car S.A. It begins with an overview of the company's history and growth from 6 vehicles in 1973 to over 71,500 vehicles across 9 countries today. The presentation then covers Localiza's drivers of growth, competitive advantages, growth while maintaining profitability, and 3Q09 and 9M09 financial results. Localiza has an integrated business platform across its car rental, fleet rental, used car sales, franchising, and international divisions that provides synergies. The company sees opportunities for further growth through Brazil's economic expansion, industry consolidation, growth in air travel and credit card usage.
The document is Mattel's 1998 annual report. It summarizes Mattel's financial performance for 1998, which saw a 1% decrease in sales due to retailers reducing inventories more quickly than expected. It outlines Mattel's strategic initiatives to position itself for future growth, such as acquisitions of other toy companies and a planned merger with The Learning Company to expand into educational software. Key brands like Barbie, Fisher-Price, and American Girl are discussed as drivers of long-term growth.
UTV Motion Pictures is a film production and distribution subsidiary of UTV Software Communications. It produces Bollywood films as well as collaborates with Hollywood studios on films. Approximately 35% of Indian moviegoers are between ages 10-24, making marketing and branding partnerships important. UTV faces competition from other major film releases. Key factors influencing consumer choice of films include marketing, genre, stars, production house, and ease of watching.
The document appears to be a lookbook or catalog for summer items from The Liberty store. It features various products organized under headings like "Royal Pedigree", "Modern Vintage", and "British Beauties". The products shown include dresses, shoes, accessories, home items, and more. Many of the products showcase a British or patriotic theme in celebration of the Queen's Diamond Jubilee that summer. The lookbook aims to provide inspiration and essential items to mark the celebration.
This document summarizes the California apparel industry and its advantages for producing fashion items locally rather than overseas. It highlights that California has a skilled creative talent and workforce, as well as high-quality cotton grown in the fertile San Joaquin Valley. Several fashion brands are profiled that produce entirely or primarily in California, citing benefits like faster production, better quality control, and supporting the local economy. The partnership between yarn producer Buhler Quality Yarns and cotton grower J.G. Boswell Co. is also summarized, which produces consistent, high-quality yarn from top-grade Supima cotton grown in California.
The white paper discusses the science of differentiation through balancing cost, quality, and aspiration. It provides examples of how brands like Swatch watches, McDonald's, and Benetton have found success in different markets by achieving this balance. The document also outlines how traditional products like Camembert cheese and cream cheese were transformed into branded products through differentiation. It profiles the Japanese company TOTO and how they elevated and branded toilet and bathroom products through innovative technology and a focus on quality.
ApresentaçãO 3 Q09 Completa Eng (Pp Tminimizer)Localiza
This document discusses the 3Q09 and YTD results of Localiza Rent a Car S.A. It begins with an overview of the company's history and growth from 6 vehicles in 1973 to over 71,500 vehicles across 9 countries and 431 locations today. The next sections discuss Localiza's integrated business platform and strategy across its core and support divisions. Financial highlights for 3Q09 show revenues of R$34% from car rentals and R$17% from fleet rentals. The document concludes with an overview of Localiza's growth opportunities in areas like GDP growth, market consolidation, air traffic increases, credit card expansion, and fleet outsourcing.
This document discusses the 3Q09 and YTD results of Localiza Rent a Car S.A. It begins with an overview of the company's history and growth from 6 vehicles in 1973 to over 71,500 vehicles across 9 countries today. The presentation then covers Localiza's drivers of growth, competitive advantages, growth while maintaining profitability, and 3Q09 and 9M09 financial results. Localiza has an integrated business platform across its car rental, fleet rental, used car sales, franchising, and international divisions that provides synergies. The company sees opportunities for further growth through Brazil's economic expansion, industry consolidation, growth in air travel and credit card usage.
The document is Mattel's 1998 annual report. It summarizes Mattel's financial performance for 1998, which saw a 1% decrease in sales due to retailers reducing inventories more quickly than expected. It outlines Mattel's strategic initiatives to position itself for future growth, such as acquisitions of other toy companies and a planned merger with The Learning Company to expand into educational software. Key brands like Barbie, Fisher-Price, and American Girl are discussed as drivers of long-term growth.
UTV Motion Pictures is a film production and distribution subsidiary of UTV Software Communications. It produces Bollywood films as well as collaborates with Hollywood studios on films. Approximately 35% of Indian moviegoers are between ages 10-24, making marketing and branding partnerships important. UTV faces competition from other major film releases. Key factors influencing consumer choice of films include marketing, genre, stars, production house, and ease of watching.
The document appears to be a lookbook or catalog for summer items from The Liberty store. It features various products organized under headings like "Royal Pedigree", "Modern Vintage", and "British Beauties". The products shown include dresses, shoes, accessories, home items, and more. Many of the products showcase a British or patriotic theme in celebration of the Queen's Diamond Jubilee that summer. The lookbook aims to provide inspiration and essential items to mark the celebration.
This document summarizes the California apparel industry and its advantages for producing fashion items locally rather than overseas. It highlights that California has a skilled creative talent and workforce, as well as high-quality cotton grown in the fertile San Joaquin Valley. Several fashion brands are profiled that produce entirely or primarily in California, citing benefits like faster production, better quality control, and supporting the local economy. The partnership between yarn producer Buhler Quality Yarns and cotton grower J.G. Boswell Co. is also summarized, which produces consistent, high-quality yarn from top-grade Supima cotton grown in California.
The white paper discusses the science of differentiation through balancing cost, quality, and aspiration. It provides examples of how brands like Swatch watches, McDonald's, and Benetton have found success in different markets by achieving this balance. The document also outlines how traditional products like Camembert cheese and cream cheese were transformed into branded products through differentiation. It profiles the Japanese company TOTO and how they elevated and branded toilet and bathroom products through innovative technology and a focus on quality.
Case Study: VF Corporation Takes a Practical Approach to Improving its MOJO w...CA Technologies
VF Corporation uses CA Application Performance Management (APM) to monitor their ecommerce system called MOJO. With minimal customizations to APM, VF has been able to improve MOJO's performance, minimize downtime, and deliver useful performance data to application teams. Some key results include reduced average response times from 30 to under 15 seconds after a data center upgrade, preventing downtime from a growing directory issue, and correlating batch job runs to system impacts.
Li & fung supply chain specialst case study Ansh Aggarwal
This Case study will give new ideas on how Supply chain Specialist Li & Fung in Southern China in1906. It has expanded in US and other Countries and want to know how it can retain its interests in US?
Li & Fung is a global supply chain management company founded in 1906 that sources and produces various consumer goods. It has evolved over time from a regional sourcing agent to developing a customized and rationalized global value chain. The company focuses on being customer-centric and outsourcing non-core activities while maintaining close relationships with business partners. It utilizes IT platforms to improve supply chain efficiency and shorten production timelines. Li & Fung's ability to efficiently coordinate a flexible global value chain through trust and technology sets it apart.
Zara is a large Spanish clothing retailer known for its rapid fashion production model. It changes designs every 2 weeks compared to competitors' 2 months. Zara uses agents to scout trends and sends sketches to factories within 6 hours for production. Its infrastructure allows finishing goods to reach stores in 4-5 weeks. This rapid supply chain and production flexibility allows Zara to meet constantly changing fashion demands.
Zara is a clothing retailer that uses modern technology in its marketing research and supply chain to quickly deliver fashionable designs at lower prices. It collects frequent customer feedback and uses IT to closely monitor trends. This allows Zara to make production decisions quickly and produce small quantities of many styles. As a result, Zara is able to deliver new fashion designs about twice a month while competitors take 3-5 months. This rapid turnover keeps customers engaged with frequent store visits and purchases.
Zara is a clothing brand known for fast fashion. It was founded in 1963 in Spain and opened its first store in 1975. Since then, Zara has expanded globally and now has over 2,000 stores in 96 countries. Zara's success is largely due to its ability to design and produce clothing in only two weeks in order to quickly respond to the latest fashion trends. It focuses on rapid production in small quantities, frequent store replenishments, and using its stores as a way to get customer feedback. Zara's core competencies include its vertical integration of design, production, and sales as well as its ability to quickly recreate fashion.
This document discusses Zara's supply chain and how it contributes to the company's success. It provides details on Zara's vertically integrated supply chain model, which allows it to bring designs to stores in just 2-3 weeks compared to the industry average of 6-9 months. Key aspects of Zara's supply chain include local sourcing, fast production times, mass customization, and using IT to share information. This vertical integration model helps Zara increase revenue through more fashionable and scarce products, while decreasing costs through factors like lower transportation and inventory costs.
ZARA's external and internal enviroment. This presentation covers the main characteristics of ZARA, a general view of fast fashion indystry, Porters' Five Forces Analysis, competitors' external environment as well as a complete internal analysis regarding:competences, capabilities, resources, competitive advantage,value chain and outsourcing.
VF Corporation reported record financial results in 1997, with net sales reaching $5.22 billion, a 2% increase over 1996. Operating income grew 9% to $605 million and net income increased 19% to $350 million. The company continued to invest heavily in brand marketing and new technology systems to support future growth goals, while maintaining a strong financial position. International sales were flat due to weak retail trends in some key markets, but profits increased despite this challenge.
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.
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.
This document summarizes the financial review of VF Corporation for 2005. It includes management's discussion and analysis of results and financial condition, consolidated financial statements including balance sheets, income statements, cash flows, and notes. Key highlights include revenues increasing to $6.5 billion in 2005, gross margins of 41.8%, long-term financial targets of 6-8% annual revenue growth and operating income of 14% of revenues, and strategies to grow organically and through acquisitions while expanding brands and customers into new international geographies.
1) Mattel faced challenges in 2001 due to a slowing global economy, terrorist attacks hurting US consumer confidence, and retailers canceling orders. However, Mattel achieved 3% worldwide revenue growth and record levels.
2) Mattel gained market share around the world and in the US across multiple toy categories. International sales grew 10% while the US declined 1%.
3) Robert Eckert outlines Mattel's priorities for 2002 - strengthening core brands, delivering $200M in cost savings, improving supply chain performance, and developing employees. Mattel aims to optimize its business and become "the world's premier toy brands."
The document provides information about the retail apparel industry in India. It discusses that the Indian apparel retail industry has seen a compound annual growth rate of 9.9% and is ranked as a top retail destination globally. It also analyzes the organized retail apparel format in India including department stores, specialty stores, discount stores, factory outlets, and supermarkets. Furthermore, it discusses segments of apparel like men's wear, women's wear, and kids wear. The document also provides a SWOT analysis of the apparel industry and examines major retail giants in India through case studies of retailers like Pantaloons and Shoppers Stop.
The document discusses Whirlpool Corporation's global leadership position in the home appliance industry. It notes that Whirlpool has the leading market positions in North America and Latin America, is third in Europe, and first among Western companies in Asia. It attributes this leadership to Whirlpool's unique global business structure, which allows it to serve consumers worldwide with major brands. In 1999, Whirlpool delivered record performance with contributions from all regional businesses, including North America which extended its leadership position with a fourth consecutive year of record sales, profits, quality and productivity gains driven by strong consumer acceptance of new products.
This document is the 1996 annual report of The Limited Inc. It includes the Chairman's letter which discusses the company's performance in 1996. Key points:
- Most brands like Victoria's Secret and Abercrombie & Fitch had solid growth, while Express struggled significantly.
- Overall sales were $8.6 billion with operating income of $636 million, up from 1995.
- The strategic plan set in 1995 to reinvent core businesses is having impact and working well. Brand building was emphasized over promotions.
- Victoria's Secret in particular strengthened its brand and became the dominant lingerie brand through focusing on fashion over constant promotions.
Whole Foods Market is the largest natural and organic foods retailer in North America. In 2003, it had sales of $3.1 billion, operating income of $175 million, and 145 stores across the US and Canada. The company aims to reach $10 billion in sales by 2010 by continuing to open new, larger stores with an emphasis on perishables and prepared foods.
Whole Foods Market is the largest natural and organic foods retailer in North America. In 2003, it had sales of $3.1 billion, operating income of $175 million, and 145 stores across the US and Canada. The company aims to reach $10 billion in sales by 2010 by continuing to open new, larger stores with an emphasis on perishables and prepared foods.
This document is Smithfield Foods' annual report for fiscal year 2002. It summarizes the company's financial performance and strategic initiatives for the year. Smithfield Foods reported record earnings of $196 million, despite challenges from declining hog prices. The company broadened its business through acquisitions in beef and prepared foods to become a multi-protein supplier. Strategic marketing efforts increased brand awareness for Smithfield and Smithfield Lean Generation pork brands in key markets like New York and Chicago.
This letter summarizes the company's strong financial performance in fiscal year 2006. Key points include:
- Sales increased 19% to $5.6 billion with 11% comparable store sales growth.
- The company repurchased $100 million in stock and had $256 million in cash with low debt.
- They announced a dividend increase and implemented their third stock split.
- The company expanded square footage by 10% and opened 13 new stores.
- Robust sales helped drive healthy returns including a 40% return on invested capital.
Case Study: VF Corporation Takes a Practical Approach to Improving its MOJO w...CA Technologies
VF Corporation uses CA Application Performance Management (APM) to monitor their ecommerce system called MOJO. With minimal customizations to APM, VF has been able to improve MOJO's performance, minimize downtime, and deliver useful performance data to application teams. Some key results include reduced average response times from 30 to under 15 seconds after a data center upgrade, preventing downtime from a growing directory issue, and correlating batch job runs to system impacts.
Li & fung supply chain specialst case study Ansh Aggarwal
This Case study will give new ideas on how Supply chain Specialist Li & Fung in Southern China in1906. It has expanded in US and other Countries and want to know how it can retain its interests in US?
Li & Fung is a global supply chain management company founded in 1906 that sources and produces various consumer goods. It has evolved over time from a regional sourcing agent to developing a customized and rationalized global value chain. The company focuses on being customer-centric and outsourcing non-core activities while maintaining close relationships with business partners. It utilizes IT platforms to improve supply chain efficiency and shorten production timelines. Li & Fung's ability to efficiently coordinate a flexible global value chain through trust and technology sets it apart.
Zara is a large Spanish clothing retailer known for its rapid fashion production model. It changes designs every 2 weeks compared to competitors' 2 months. Zara uses agents to scout trends and sends sketches to factories within 6 hours for production. Its infrastructure allows finishing goods to reach stores in 4-5 weeks. This rapid supply chain and production flexibility allows Zara to meet constantly changing fashion demands.
Zara is a clothing retailer that uses modern technology in its marketing research and supply chain to quickly deliver fashionable designs at lower prices. It collects frequent customer feedback and uses IT to closely monitor trends. This allows Zara to make production decisions quickly and produce small quantities of many styles. As a result, Zara is able to deliver new fashion designs about twice a month while competitors take 3-5 months. This rapid turnover keeps customers engaged with frequent store visits and purchases.
Zara is a clothing brand known for fast fashion. It was founded in 1963 in Spain and opened its first store in 1975. Since then, Zara has expanded globally and now has over 2,000 stores in 96 countries. Zara's success is largely due to its ability to design and produce clothing in only two weeks in order to quickly respond to the latest fashion trends. It focuses on rapid production in small quantities, frequent store replenishments, and using its stores as a way to get customer feedback. Zara's core competencies include its vertical integration of design, production, and sales as well as its ability to quickly recreate fashion.
This document discusses Zara's supply chain and how it contributes to the company's success. It provides details on Zara's vertically integrated supply chain model, which allows it to bring designs to stores in just 2-3 weeks compared to the industry average of 6-9 months. Key aspects of Zara's supply chain include local sourcing, fast production times, mass customization, and using IT to share information. This vertical integration model helps Zara increase revenue through more fashionable and scarce products, while decreasing costs through factors like lower transportation and inventory costs.
ZARA's external and internal enviroment. This presentation covers the main characteristics of ZARA, a general view of fast fashion indystry, Porters' Five Forces Analysis, competitors' external environment as well as a complete internal analysis regarding:competences, capabilities, resources, competitive advantage,value chain and outsourcing.
VF Corporation reported record financial results in 1997, with net sales reaching $5.22 billion, a 2% increase over 1996. Operating income grew 9% to $605 million and net income increased 19% to $350 million. The company continued to invest heavily in brand marketing and new technology systems to support future growth goals, while maintaining a strong financial position. International sales were flat due to weak retail trends in some key markets, but profits increased despite this challenge.
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.
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.
This document summarizes the financial review of VF Corporation for 2005. It includes management's discussion and analysis of results and financial condition, consolidated financial statements including balance sheets, income statements, cash flows, and notes. Key highlights include revenues increasing to $6.5 billion in 2005, gross margins of 41.8%, long-term financial targets of 6-8% annual revenue growth and operating income of 14% of revenues, and strategies to grow organically and through acquisitions while expanding brands and customers into new international geographies.
1) Mattel faced challenges in 2001 due to a slowing global economy, terrorist attacks hurting US consumer confidence, and retailers canceling orders. However, Mattel achieved 3% worldwide revenue growth and record levels.
2) Mattel gained market share around the world and in the US across multiple toy categories. International sales grew 10% while the US declined 1%.
3) Robert Eckert outlines Mattel's priorities for 2002 - strengthening core brands, delivering $200M in cost savings, improving supply chain performance, and developing employees. Mattel aims to optimize its business and become "the world's premier toy brands."
The document provides information about the retail apparel industry in India. It discusses that the Indian apparel retail industry has seen a compound annual growth rate of 9.9% and is ranked as a top retail destination globally. It also analyzes the organized retail apparel format in India including department stores, specialty stores, discount stores, factory outlets, and supermarkets. Furthermore, it discusses segments of apparel like men's wear, women's wear, and kids wear. The document also provides a SWOT analysis of the apparel industry and examines major retail giants in India through case studies of retailers like Pantaloons and Shoppers Stop.
The document discusses Whirlpool Corporation's global leadership position in the home appliance industry. It notes that Whirlpool has the leading market positions in North America and Latin America, is third in Europe, and first among Western companies in Asia. It attributes this leadership to Whirlpool's unique global business structure, which allows it to serve consumers worldwide with major brands. In 1999, Whirlpool delivered record performance with contributions from all regional businesses, including North America which extended its leadership position with a fourth consecutive year of record sales, profits, quality and productivity gains driven by strong consumer acceptance of new products.
This document is the 1996 annual report of The Limited Inc. It includes the Chairman's letter which discusses the company's performance in 1996. Key points:
- Most brands like Victoria's Secret and Abercrombie & Fitch had solid growth, while Express struggled significantly.
- Overall sales were $8.6 billion with operating income of $636 million, up from 1995.
- The strategic plan set in 1995 to reinvent core businesses is having impact and working well. Brand building was emphasized over promotions.
- Victoria's Secret in particular strengthened its brand and became the dominant lingerie brand through focusing on fashion over constant promotions.
Whole Foods Market is the largest natural and organic foods retailer in North America. In 2003, it had sales of $3.1 billion, operating income of $175 million, and 145 stores across the US and Canada. The company aims to reach $10 billion in sales by 2010 by continuing to open new, larger stores with an emphasis on perishables and prepared foods.
Whole Foods Market is the largest natural and organic foods retailer in North America. In 2003, it had sales of $3.1 billion, operating income of $175 million, and 145 stores across the US and Canada. The company aims to reach $10 billion in sales by 2010 by continuing to open new, larger stores with an emphasis on perishables and prepared foods.
This document is Smithfield Foods' annual report for fiscal year 2002. It summarizes the company's financial performance and strategic initiatives for the year. Smithfield Foods reported record earnings of $196 million, despite challenges from declining hog prices. The company broadened its business through acquisitions in beef and prepared foods to become a multi-protein supplier. Strategic marketing efforts increased brand awareness for Smithfield and Smithfield Lean Generation pork brands in key markets like New York and Chicago.
This letter summarizes the company's strong financial performance in fiscal year 2006. Key points include:
- Sales increased 19% to $5.6 billion with 11% comparable store sales growth.
- The company repurchased $100 million in stock and had $256 million in cash with low debt.
- They announced a dividend increase and implemented their third stock split.
- The company expanded square footage by 10% and opened 13 new stores.
- Robust sales helped drive healthy returns including a 40% return on invested capital.
Mercuri international business flash february 2013 ii fornightYogesh Bhat
The document provides industry news and information from various sources. It discusses topics such as:
1) KKR CEO Venky Mysore taking charge of Red Chillies Entertainment as CEO.
2) HP CEO Meg Whitman saying the company will evaluate selling small businesses or projects that don't fit its plans.
3) Indian IT companies waiting to capitalize on outsourcing deals from a vulnerable HP.
3) Top performing executives likely to receive disproportionately higher salary hikes than other employees this year.
Business flash february ii fornight 2013Yogesh Bhat
The document provides industry news and information from various sources. It discusses topics such as:
1) KKR CEO Venky Mysore taking charge of Red Chillies Entertainment as CEO.
2) HP CEO Meg Whitman evaluating the potential sale of small businesses and projects not central to HP's objectives.
3) Top performing executives in India Inc. likely to receive disproportionately higher salary increases than other employees.
The annual report summarizes Whole Foods Market's financial performance and operations in 2006. It discusses record sales and profit growth, new store openings, commitment to stakeholders, and goals for continued expansion. Key highlights include double-digit comparable store sales growth, increased market share, and a plan to double sales and square footage by 2010 while maintaining a focus on core values.
The annual report summarizes Whole Foods Market's financial performance and operations in 2006. It discusses record sales and profit growth, new store openings, commitment to stakeholders, and goals for continued expansion. Key highlights include double-digit comparable store sales growth, increased market share, and a plan to double sales and square footage by 2010 while maintaining a focus on core values.
This document discusses the future of retail and the imperatives for retail brands to succeed. It identifies four imperatives for retail brands of the future: engage consumers, help consumers, motivate consumers through incentives, and target consumers based on individual priorities. It also discusses how retail brands can engage consumers through experiences, communication opportunities, and constant innovation. Prosumers, who are influential consumers, are identified as a group that retailers should focus on engaging. Retailer websites and online activities are highlighted as important channels for engaging with prosumers and consumers.
Nike was founded in 1964 and has grown to become a leading global brand in athletic footwear and apparel. It has faced challenges including revelations about poor working conditions, increased competition, and more recently declines in sales due to the economic impact of the pandemic. Nike continues to focus on innovation in products and using endorsements to strengthen its brand recognition worldwide.
The document is an interim report for Future plc that provides highlights and financial information for the first half of 2011.
- Revenue was down 4% to £68.8 million due to declines in print advertising and circulation, though digital revenue grew 30%.
- EBITA fell to £2.4 million from £4.4 million due to increased investment in digital growth areas and a challenging macro environment.
- The company continued developing new digital products like iPad editions and custom publishing partnerships, which saw strong revenue growth.
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.
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
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Ending stagnation: How to boost prosperity across Scotland
VF1998AR
1. VF Corporation 1998 Annual Report
Welcome to
VF Corporation.
We’re behind
the brands
you know…
2. VF Corporation 1998 Financial Highlights
In thousands, except per share amounts 1997 1996
1998
Summary of Operations
Net sales $5,222,246 $ 5,137,178
$5,478,807
Operating income 605,073 557,283
684,169
Net income 350,942 299,524
388,306
Return on average common equity 18.2% 16.2%
19.7%
Financial Position
Working capital $ 835,558 $ 940,059
$ 815,146
Current ratio 2.1 to 1 2.2 to 1
1.8 to 1
Common shareholders’ equity $ 1,866,769 $1,973,739
$2,066,308
Per Common Share
Earnings — basic $ 2.76 $ 2.32
$ 3.17
Dividends .77 .73
.81
Book value 15.40 15.44
17.30
About VF
VF Corporation is one of the largest
apparel manufacturers in the world.
For the past 100 years, we’ve grown
by offering consumers high quality,
high value branded apparel. Our
leading brands in jeanswear, intimate
apparel, workwear, knitwear and
specialty apparel span virtually
every channel of distribution.
By understanding consumer needs
and working in partnership with
our retail customers, our goal is to
be the world’s most responsive
apparel company.
About Our Cover
We are pleased to introduce our
new corporate identity in this year’s
annual report. The new logo is
comprised of three distinct ele-
ments: The new VF mark builds on
our heritage while conveying our
vitality and dynamism; our essence Contents
statement, “We fit your life,” Letter to Shareholders 2
expresses our responsiveness to Operating Committee 17
all types of customers and con- Financial Review 17
sumers; and our 100th anniversary Corporate Directory 36
tag celebrates this milestone year. Investor Information 37
4. VF Corporation at 100 years:
1899: 1920: 1929: 1947: 1951:
John Barbey founds the Reading Renamed Vanity Fair To meet growing demand for Wrangler Westernwear is born Vanity Fair goes public,
Glove and Mitten Manufacturing Silk Mills, the company women’s stockings, Vanity Fair offering one-third of its shares
Company in Reading, PA begins manufacturing builds a new mill, the largest plant to the public
under garments of its kind in the world
To Our Shareholders: in mass merchandise stores, while our Vanity Fair,
Lily of France and Bestform brands are also well-
One hundred years ago, when known to U.S. consumers. JanSport’s market share
John Barbey launched the Reading in daypacks is nearly twice that of its nearest competi-
tor. Healthtex consistently ranks among the top three
Glove and Mitten Manufacturing
children’s apparel brands in department stores. Red
Company, no one suspected his fledg- Kap is the market leader in occupational apparel.
ling venture would grow to become And Jantzen continues to hold the number one posi-
tion in women’s swimwear. In Spain, our combination
the world’s largest publicly owned
of brands makes VF the intimate apparel leader in
apparel company. Today, many department and specialty stores.
decades and acquisitions later, VF
n Different brands for different consumers.
Corporation leads the industry with We have long understood that the key to creating
a portfolio of brands that reaches strong brands is to carefully target them to specific
consumer segments. And then to do everything possi-
consumers around the globe.
ble to ensure that they remain relevant to those con-
sumers. Continuous research enables us to respond
Nineteen ninety-eight marked our third consecutive
to shifts in consumer tastes. Recently, for example,
year of record sales and earnings. Since 1996, earn-
our research revealed eleven different segments of
ings per share have grown at a compound annual rate
jeans buyers. Armed with this data, we are positioning
of 17 percent. In 1998, earnings per share hit a record
each of our jeans brands to address particular style,
$3.17, up 15 percent from $2.76 in 1997 and well
fabrication and fit preferences, while at the same time
above our long-term target of eight to 10 percent
minimizing competition among our brands.
annual growth. Net income increased 11 percent dur-
ing the year, while sales grew five percent. Last year
n Lead with technology.
also marked the 26th consecutive year of increased
VF has always pioneered the use of new technologies,
dividend payments to shareholders. Reflecting our
keeping several steps ahead of the competition in
confidence in VF’s future and believing that our stock
the process. Building on our early implementation
continues to represent an excellent value, we invested
of electronic data interchange (EDI) and our develop-
$147 million in our share repurchase program. We
ment of a fully automated flow replenishment capabil-
plan to purchase additional shares in 1999 as well.
ity in the early 1990s, we’ve once again broken new
ground. We’re moving forward with new capabilities
Decades of Strong, Stable Performance
that will enhance our ability to deliver the right prod-
We’re proud of our rich heritage and history of success.
ucts to our target consumers, wherever they shop.
Our Company has prospered over the years because
Today we are testing a proprietary system to micro-
we’ve stayed true to a number of core strategies.
manage inventories on a store-by-store basis. Double-
digit sales increases have been logged in stores where
n Build strong brands.
this system is in place, and an aggressive schedule
First and foremost, we’ve focused our efforts on strong
of rollouts is planned for 1999 in leading mass mer-
brands that consumers know and want. Measured in
chandise stores.
terms of market shares, our success has been phenom-
enal. In the U.S., we hold nearly a third of the jeans
n Expand our global reach.
market through our multiple jeans brands, which
In 1998, we made good progress on the international
include Wrangler, Lee, Rustler, Riders and Brittania.
front with the acquisitions of formerly licensed jean-
In intimate apparel, Vassarette leads the bra category
swear operations in Latin America and Japan. The
2
5. VFM
1966: 1969: 1970: 1977: 1983: 1984:
Vanity Fair Mills trades on the Changing its name to VF VF joins the ranks of the VF International established to Sales hit the $1 billion mark VF acquires Modern Globe,
NYSE as VFM Corporation, the company makes Fortune 500 list of largest U.S. centralize overseas operations Bassett-Walker and Troutman
its first acquisition, Berkshire industrial companies; first outlet
International Corp., followed soon store is opened, marking a new
after by the purchase of the H.D. concept in retailing
Lee Company
momentum is continuing in spending and jeans demand in
1999, with additional expansion Germany, our largest market,
into Brazil, Chile, Peru and and increased competition from
Bolivia. A special team has been private label goods. During the
formed to develop strategies for year, we restructured our
consistent global positioning European organization to better
and communications for our leverage our portfolio of brands,
jeans brands. including Lee, Wrangler,
Maverick and Old Axe, in each
s Maintain conservative country.
financial policies. Domestic intimate apparel
At VF, we view our balance sales recorded the biggest
sheet as a competitive weapon. increase in 1998 due primarily
Mackey J. McDonald, Chairman, President and Chief Executive Officer
To give us the flexibility to make to the acquisition of Bestform
acquisitions, repurchase shares and deliver an average Group, Inc., whose brands include Bestform, Exquisite
annual dividend payout of 30 percent, we target a debt Form, Lily of France and Enhance. Double-digit sales
to capital level below 40 percent. For the past three growth in our Vassarette brand and strong perfor-
years, this ratio has averaged 24 percent. Careful inven- mance of our Private Brands business also boosted
tory management is another VF hallmark, and a key sales. More recently, Vanity Fair signed a license
contributor to our strong cash flow from operations. agreement with NIKE, Inc. for a new line of high
Finally, any discussion of our core strategies must performance sport bras to be introduced this summer.
include a look at consumerization. By concentrating all And early in 1999 we announced that Bestform would
our efforts and resources on being the leader in identi- be joining forces with Tommy Hilfiger Licensing, Inc.
fying and fulfilling our target consumers’ needs – the to produce and market a complete line of intimate
essence of consumerization — we believe we can con- apparel under the Tommy Hilfiger brand, which will
tinue to deliver both profitable growth and competi- debut in the year 2000.
tive returns to our shareholders. In workwear, Red Kap’s sales improved over prior
The scope of consumerization is enormous, forcing year levels. Acquisitions are a key component of our
tremendous changes throughout VF. From how we growth plans in workwear; in late 1998 we completed
allocate resources, to which products we make and the purchase of Penn State Textile Manufacturing, Inc.,
what systems we use to run our business — consumer- a market leader in service apparel whose products
ization is touching every aspect of everything we do. range from lab coats to aprons and other apparel and
products for the restaurant industry. And the acquisition
1998: Consumerization at Work of Fibrotek Industries, Inc., a maker of “cleanroom”
In 1998, consumerization helped us continue to do products often used by personnel in the semiconductor,
what we do best: respond effectively to our consumers pharmaceutical and automotive industries, was complet-
and customers. In our growth categories – jeanswear, ed early in 1999.
domestic intimate apparel, workwear and daypacks – Good demand for JanSport, the best-known day-
sales rose 12 percent. New products such as Lee pack brand in the world, continued in 1998. This
Dungarees, Lee Pipes, Wrangler Khakis and Brittania year, JanSport will continue to build on its reputation
drove jeanswear sales, in addition to the continued for product innovation with the introduction of its
solid growth of Wrangler and Timber Creek in mass revolutionary “Airlift” comfort system.
merchandise stores. Our maintenance categories, which include
International jeans sales were up modestly in 1998, knitwear, playwear, European intimates and Jantzen,
reflecting expansion in Latin America and Japan. Soft had mixed results in 1998. These categories are pri-
sales in Europe were the result of weak consumer marily focused on improving profitability. Sales and
3
6. 1986: 1991: 1992: 1997: 1998:
VF acquires the Blue Bell VF launches its Market Response Through a series of acquisitions, Consumerization is launched, Corporate headquarters is
companies, adding Wrangler, System, spearheading the VF adds a variety of European designed to spur future growth relocated from Wyomissing, PA to 1999:
Rustler, Red Kap, Jantzen, industry’s move to EDI and flow intimate apparel brands through investments in marketing, Greensboro, NC VF celebrates centennial year
JanSport and Girbaud to its replenishment; and acquires technology and acquisitions
portfolio of brands HealthTex, Barbizon and
WorkWear
profitability in knitwear were both information about our products,
down sharply in 1998, reflecting consumers and customers across
industry pricing and capacity VF. We’re installing SAP software
issues. Moving to lower cost to run our core systems, supple-
manufacturing locations, keeping mented by an array of additional
the pipeline full of new products software in such areas as plan-
and continuing to provide the ning, forecasting and micromar-
best service in the industry will keting, to help us integrate data
be our focus in 1999. Healthtex across our companies. In 1999,
Lawrence R. Pugh, Retiring Chairman
enjoyed excellent performance our jeanswear and domestic inti-
A Special Thank You:
in 1998, while our European mates businesses will begin to
intimates and Jantzen businesses After nearly two decades of leadership, move onto the new system.
were relatively flat. VF Chairman Larry Pugh announced his
Outlook
retirement in 1998. Larry has been the
n Building a Competitive We’ve set aggressive goals for
visionary force behind many of VF’s
Advantage. VF, including a sales target of
most important initiatives. Since he
On the manufacturing side, we’ve $7 billion. Accordingly, we
now moved 57 percent of the continue to direct our resources
joined the Company in 1980, sales
sewing of products sold in the to those areas we believe offer
have grown ten-fold from $544 million
U.S. to Mexico, the Carribbean the greatest potential for future
to $5.5 billion. Hallmarks of Larry’s VF
and other cost-efficient locations, growth. Investments in acquisi-
career include an impressive record of
up from 45 percent at the end tions, technology and brand
of 1997. We plan to gradually marketing will continue to be
acquisitions, new brand and product
increase this percent over the our priorities. And our long-term
launches and the introduction of the
coming years to help offset rising growth rate target continues to
Market Response System. VF today,
labor costs and combat continued be eight to 10 percent. At the
with its dual focus on consumer
pricing pressures. At the same same time, healthy cash flow
time, we will continue to maintain responsiveness and innovative uses of levels should allow us to continue
flexible, domestic manufacturing to repurchase our shares.
technology, is the result of seeds plant-
to quickly meet the needs of our We are excited about what our
ed by Larry years ago. We are indebted
customers, and provide great centennial year – and the new
to him and wish him all the best.
value to consumers. millennium – will hold for VF.
New technology being imple- We have tremendous confidence
mented throughout our operations in the people of VF – their pro-
holds the greatest promise for our fessionalism, intelligence, integrity
future growth – and also poses our greatest current and loyalty. With their help, and the support of our
challenge. What began four years ago as a study of Board of Directors and shareholders, we look forward
“best practices” has evolved into the biggest global to creating a new legacy for VF for the next 100 years.
systems reengineering project we have ever undertak-
en. Our objective: to put all our companies on a
common systems platform comprised of the most
advanced software applications available today. This
initiative will enable us to manufacture and deliver a
more complex mix of products with greater flexibility
and at a lower cost. It will also enable us to easily Mackey J. McDonald
integrate acquisitions and improve our ability to share Chairman, President and Chief Executive Officer
4
7. The facts speak for themselves.
A collection of brands that
spans the globe – and the
century. Fashions that never
go out of fashion. And a focus
on consumers that builds sales
for our retail partners.
The facts add up to an
apparel company that offers
enduring value.
8. (Their brand.) Brands come and go in the apparel business. At VF,
brands grow stronger and smarter. Over the past
100 years, we’ve built some of the best-known brands
in the world. And we’ve kept these brands growing by
OurBran making sure they give consumers what they want, year
after year. Because we know that consumer tastes and
fashion trends can change overnight. That’s where
our skill in managing a portfolio of brands that extends
to a broad cross section of consumers really pays off.
You might say we’ve got something for everyone.
We Fit Your Life www.vfc.com
11. United States
Canada
Argentina
Brazil
Chile
Mexico
Australia
Greece
India
Japan
Germany
France
VF products speak the language wherever they’re
Italy
Great Britain
sold. People in over 150 countries welcome our
Poland
brands because they have confidence in their quality Norway
Denmark
and value.
China
Spain
Portugal
Whether it’s a child in Beijing, a construction worker
Egypt
in Buffalo or a retiree in Tallahassee, we use the power Malta
Ireland
of research and technology to identify exactly what’s
Belgium
Austria
important to each. VF is one of the world’s largest and
Hong Kong
most successful apparel companies because we focus Hungary
Indonesia
on our consumers, one at a time. Netherlands
Scotland
Wears
Sweden
Switzerland
Malaysia
Peru
Puerto Rico
Philippines
Thailand
Venezuela
Costa Rica
Panama
Honduras
Dominican Republic
Bolivia
South Korea
Pakistan 9
12. Our brands buck all the trends. Because we know
our success doesn’t depend on being first in fashion.
It’s about satisfying consumers with innovative
products that set the standard for value. Using
technology to break new ground in flexible
manufacturing and retail service. And speak-
ing directly to consumers who know that
things like quality, comfort, function and fit
never go out of style.
Always
We Fit Your Life www.vfc.com
14. Jane goes shopping.
And we know just what Jane wants and where she expects
to find it. VF’s systems have been busy collecting and
analyzing details about consumer demographics, spending
habits and preferences.
Jane likes what she sees.
Our Consumer Response System helps us understand
Jane’s lifestyle. Armed with this information, we work
closely with retailers to customize displays and merchan-
dise assortments. So Jane’s shopping experience is easy
and satisfying.
Jane buys.
Eureka! Our consumer research and retail space management
skills have paid off. As Jane buys VF products, cash registers
transmit data back to us directly, giving us fast feedback on
how well we’re doing.
Come again, Jane.
Jane can count on us every time she shops. The systems
we’ve put in place pinpoint consumer demand right down
to particular store locations. Jane always finds what she’s
looking for, even during the busiest selling seasons.
Make
VF Technology
We Fit Your Life www.vfc.com
15. Simple, huh?
It just looks that way. We’ve spent years redesigning
our internal processes and identifying the best software
to support them. The result? Jane knows that VF and
its retail partners will never disappoint her.
s it Work 13
16. Earnings Per Share: VF Corporation vs.
U.S. Apparel Industry Average 1988–1998
In Dollars
$20
$3.0
15
1.5
10
0.0
5
-1.5
0
-3.0
1988 1993 1998
VF Corporation (left scale)
S&P Textile Index (right scale)
Perfo
The Payoff is
We Fit Your Life www.vfc.com
17. One powerful brand can make for great results.
Lots of powerful brands result in exceptional
performance. At VF, it also provides a level of
stability that’s rare in our industry.
Year after year, we’ve performed – for consumers,
retailers and shareholders alike. We conduct our
business conservatively by keeping debt low, cash flow
high and our eye firmly fixed on the bottom line.
Through strategic acquisitions, stock buybacks and
the development of new technology, we invest our
shareholders’ dollars wisely.
Of course past performance is no guarantee of future
success. So we don’t spend a lot of time looking back.
We’re too busy thinking about the next hundred years.
rmance 15
18. Normally, we’d applaud a 15%
increase in earnings.
In 1998, a year of unprecedented
global market volatility,
the strength of our performance
is astounding. It attests to
our effectiveness at combining
the art of basic fashion with the
most advanced systems
and technologies.
19. VF Corporation Financial Review
Contents
Management’s Discussion and Analysis 18
Quarterly Results of Operations 22
Consolidated Statements of Income 23
Consolidated Statements of Comprehensive Income 23
Consolidated Balance Sheets 24
Consolidated Statements of Cash Flows 25
Consolidated Statements of Common Shareholders’ Equity 26
Notes to Consolidated Financial Statements 27
Management’s Responsibility for Financial Statements 33
Report of Independent Accountants 33
Financial Summary 34
VF Corporation Operating Committee
(front row, left to right)
Dan MacFarlan
VP and Chairman, Knitwear, Playwear and Intimate Apparel Coalitions
John Schamberger
VP and Chairman, North and South America Jeanswear and Work-
wear Coalitions
Tim Wheeler
VP, Controller
(second row)
Tim Lambeth
VP, Global Processes
Mackey McDonald
Chairman, President and Chief Executive Officer
Candace Cummings
VP, Administration, General Counsel and Secretary
(third row)
Bill Green
Director, Marketing Development
Frank Pickard
VP, Treasurer
Susan Larson Williams
VP, Human Resources
(back row)
Bob Shearer
VP, Finance and Chief Financial Officer
Tom Payne
President, VF Services
17
20. VF Corporation Management’s Discussion and Analysis of
Operations and Financial Condition
Analysis of Operations in translating foreign currencies into U.S. dollars had the effect
of reducing total sales by 1% (and earnings by $.07 per share).
The Company’s record sales and earnings over the last three
Gross margins were 34.5% of sales in 1998, compared with
years reflect the successful results from investments in our prod-
34.1% in 1997 and 32.7% in 1996. The margin improvement
uct categories targeted for growth and improvement in our
over the last two years resulted from the continuing shift to lower
businesses focused on enhancing profitability. The decisions to
cost sourcing, lower raw material costs and increased operating
balance our manufacturing base with lower cost offshore loca-
efficiencies.
tions and to reorganize the Company into six product-based
For the United States market, VF manufactures its products in
coalitions have resulted in cost reductions and increased
owned domestic plants and offshore plants, primarily in Mexico.
efficiency in both domestic and international businesses. We
In addition, VF contracts the sewing of products from indepen-
have reinvested a significant portion of the savings from these
dent contractors mostly located outside of the U.S. There has
actions in (1) promotional spending to support and build our
been a shift over the last three years toward a more balanced
brands, (2) investments in technology and (3) expansion of our
sourcing mix, with more products being manufactured in and
offshore manufacturing base. Finally, the acquisition of Bestform
contracted from lower cost facilities in Mexico and the
Group, Inc. in 1998, the conversion of licensed international
Caribbean Basin. The amount of domestic sales derived from
businesses into owned businesses, and other domestic and inter-
products sewn outside the United States has increased to 57%
national business acquisitions have also contributed to the
by the end of 1998 from approximately 30% during 1995. Simi-
improved operating results.
larly, in foreign markets, sourcing is being shifted from higher
The Company classifies all of its businesses into two cate-
cost owned plants located primarily in Western Europe
gories: a “growth” category where investments are made to
to lower cost owned and contracted production in locations out-
support top line growth and a “maintenance” category where
side of Western Europe.
efforts are focused on increased profitability. In the growth cate-
Marketing, administrative and general expenses were 21.9%
gory businesses, which include jeanswear, domestic intimate
of sales in 1998, compared with 22.5% and 21.8% in 1997 and
apparel, workwear and daypacks, sales advanced by $456 mil-
1996, respectively. Expenses declined as a percent of sales in
lion in 1998, including acquisitions. The rate of sales increase in
1998 due to the benefits of the coalition consolidations and other
this category was 12% over 1997. Sales in the Company’s mainte-
cost reduction initiatives, partially offset by higher spending on
nance category, which includes our knitwear, international inti-
information systems. The increase in 1997 resulted from higher
mates, playwear and swimwear businesses, declined by $199 mil-
marketing spending, primarily advertising, compared with 1996.
lion in 1998 due to lower sales of knitwear products and the
Other operating income and expense includes goodwill amor-
elimination of unprofitable product lines.
tization expense, offset by net royalty income. Amortization of
Net sales in 1997 increased by 2% over 1996. Unit sales in
goodwill increased in 1998 primarily from acquisitions com-
1997 increased by 1% over 1996, and the impact of changes in
pleted during the year, and net royalty income declined in 1998
product mix and pricing increased sales by 2%. Offsetting these
from the conversion of certain formerly licensed businesses to
increases was the impact of a stronger U.S. dollar in 1997, which
owned operations.
Sales Gross Margin
5,479 34.5
34.1
5,222
Dollars in millions 32.7
Percent to sales
5,137
Sales reached record More balanced
levels in 1998, manufacturing, lower
up five percent over raw material costs and
1997 levels. increased operating
efficiencies contributed
to the expansion in
gross margins in 1998.
96 97 98 96 97 98
18
21. Net interest expense increased in 1998 due to higher short-term Cash provided by operations was $432.7 million in 1998,
borrowings related to the 1998 business acquisitions. In addition, $454.7 million in 1997 and $711.5 million in 1996. The record
interest income includes $10.5 million in 1997 and $2.6 million in level in 1996 resulted from reductions in accounts receivable due
1996 relating to settlements of prior years’ tax examinations. to the timing of the year-end, historically low inventory levels
The effective income tax rate was 38.5% in 1998, 40.1% in and an increase in current liabilities during 1996.
1997 and 41.1% in 1996. The effective rate declined in 1998 and Capital expenditures were $189.1 million in 1998, compared
1997 due to a reduction in foreign operating losses with no with $154.3 million and $138.7 million in 1997 and 1996, respec-
current tax benefit. Also in 1998, the effective rate was reduced tively. Capital expenditures relate to expansion of offshore manu-
by lower state income taxes and higher tax-free income from facturing capacity and investments in information systems. Capital
investments funding compensation plans. expenditures in 1999 are expected to remain at the 1998 level and
are expected to be funded by cash flows from operations.
Analysis of Financial Condition Beginning in late 1994 and continuing through 1998, the
In managing its capital structure, VF balances financial leverage Company purchased 19.0 million shares of its Common Stock in
with equity to reduce its overall cost of capital, while providing open market transactions. During 1998, 3.2 million shares were
the flexibility to pursue investment opportunities that may purchased at a cost of $147.4 million, and 9.1 million shares were
become available. It is management’s goal to maintain a debt purchased during 1997 for $391.7 million. Under its current
to capital ratio of less than 40%. Our debt to capital ratio authorization from the Board of Directors, the Company may
remains within these guidelines: 27.1% at the end of 1998 and purchase up to an additional 2.0 million shares.
22.5% at the end of 1997. Cash dividends totaled $.81 per common share in 1998,
compared with $.77 in 1997 and $.73 in 1996. The dividend pay-
out rate was 26% in 1998, compared with 28% in 1997 and 31%
Balance Sheets
Increases in accounts receivable and inventories at the end of in 1996. The indicated annual dividend rate for 1999 is
1998 result primarily from the 1998 acquisitions. In addition, $.84 per share. VF has paid dividends on its Common Stock
the increase in inventories reflects a higher average cost per unit annually since 1941 and intends to maintain a long-term payout
due to a higher fashion content. rate of 30%.
Intangible assets and short-term borrowings increased during The Company’s strong financial position, including existing
1998 due to the acquisitions completed during the year. cash balances, unused credit lines and a low debt ratio, provides
substantial capacity to meet investment opportunities that may
arise.
Liquidity and Cash Flow
Working capital was $815.1 million and the current ratio was 1.8
to 1 at the end of 1998, compared with $835.6 million and 2.1 Foreign Currency Exposures
to 1 at the end of 1997. Over 16% of our 1998 sales and operating income were derived
from foreign operations. In addition, a growing percentage of
the total product needs to support our domestic businesses are
manufactured in foreign countries. VF’s financial position and
Debt to Capital Ratio 27.1 Cash Provided 711
Percent by Operations
Dollars in millions
22.5
21.4
VF’s debt to capital Cash provided by
ratio remains near operations remains at 455
historic lows, provid- 433
healthy levels, due in
ing flexibility to pursue part to VF conser-
’s
a variety of investment vative management of
opportunities. inventories.
96 97 98 96 97 98
19
22. operating results can be influenced by economic conditions in • Inventorying all date-sensitive systems and equipment
countries where VF conducts business and by changing foreign • Assessing compliance and assigning priorities to items
currency exchange rates. Management monitors foreign cur- identified as not being compliant
rency exposures and may in the ordinary course of business • Repairing or replacing items identified as not being
enter into foreign currency forward exchange contracts related compliant
to specific foreign currency transactions or anticipated cash • Testing converted systems and equipment
flows. These contracts are generally for periods of less than six
months and are not material. VF does not hedge the translation Infrastructure: This category relates to all mainframe, per-
of foreign currencies into the U.S. dollar. sonal computer and network hardware, as well as operating sys-
A new common currency, the Euro, was created effective Jan- tem software. Approximately 75% of the actions recquired for
uary 1, 1999 to eventually replace eleven separate currencies of this category have been completed at January 2, 1999. All such
countries within the European Union. The introduction of components are expected to be fully compliant during the sec-
the Euro is not expected to have a significant impact on the ond quarter of 1999. The testing phase is ongoing as hardware or
Company’s operating results. system software is remediated, upgraded or replaced and is
scheduled to be completed during the second quarter of 1999.
Applications software: This refers to all computer software
Year 2000 Update
The Year 2000 issue relates to computer systems that will programs, whether internally developed or purchased from out-
not properly recognize date-sensitive information when the year side parties. Approximately 90% of such software systems are
changes to 2000. A Year 2000 issue that is not properly compliant at January 2, 1999, and all software is expected to be
addressed could result in a system failure or miscalculations. fully compliant during the second quarter of 1999. The testing
While the Company’s products are not directly affected by the phase has begun and is scheduled to be completed for all critical
Year 2000 problem, its computer systems and equipment, as applications during the second quarter of 1999.
well as the systems and equipment of its vendors, service Processors: The Company is currently taking an inventory of
providers and customers, may be affected. all processors embedded in the Company’s manufacturing, distri-
Senior management of the Company has established a task bution and administrative equipment. This assessment is
force to address Year 2000 issues and regularly reviews its expected to be completed during the first quarter of 1999. As
progress with the Board of Directors. The task force activities Year 2000 issues are noted, the hardware or software is remedi-
relate to four broad business categories: (1) infrastructure; ated, upgraded or replaced. The testing phase is ongoing and is
(2) applications software; (3) processors embedded in machinery scheduled to be completed during the second quarter of 1999.
and equipment used in the Company’s manufacturing, distribu- Third Parties: The Company has initiated formal communica-
tion and administrative operations; and (4) significant third party tions with all of its significant vendors, service providers and cus-
vendors, service providers and customers. Actions common to tomers to determine the extent to which the Company is vulner-
evaluation of Year 2000 issues in each of these business cate- able to those third parties’ failure to remediate their own Year
gories include: 2000 issues. The communication and evaluation process is ongo-
Return on Average Dividends Per Share
19.7 .81
Common Equity .77
Dollars
18.2
.73
Percent
16.2
At 19.7 percent, our VF’s dividend payout
ROE is well within rose five percent
our target range of in 1998, with an
17 to 20 percent. indicated payout
of $.84 per share
for 1999.
96 97 98 96 97 98
20
23. ing and will include visits to certain critical third parties through Cautionary Statement on Forward-Looking Statements
From time to time, the Company may make oral or written
the second quarter of 1999.
statements, including statements in this Annual Report, that con-
In addition, contingency plans are being developed and will
stitute “forward-looking statements” within the meaning of the
evolve as the testing phase and third party assessments are com-
federal securities laws. This includes statements concerning
pleted.
plans and objectives of management relating to the Company’s
Although the Company expects its critical systems to be com-
operations or economic performance, and assumptions related
pliant by the middle of 1999, it is possible that all Year 2000
thereto.
problems may not be identified or corrected or that third parties
Forward-looking statements are made based on management’s
with which the Company has significant relationships will not
expectations and beliefs concerning future events impacting the
resolve all of their Year 2000 issues. However, with the investiga-
Company and therefore involve a number of risks and uncertain-
tion and remediation of Year 2000 issues as scheduled, the Com-
ties. Management cautions that forward-looking statements are
pany expects to reduce significantly the level of uncertainty
not guarantees and actual results could differ materially from
about the Year 2000 problem and, in particular, about the Year
those expressed or implied in the forward-looking statements.
2000 compliance and readiness of its material third party rela-
Important factors that could cause the actual results of opera-
tionships. Also, since the Company conducts business with
tions or financial condition of the Company to differ include, but
numerous vendors, has numerous manufacturing and distribu-
are not necessarily limited to, the overall level of consumer
tion facilities around the world and has a broad customer base,
spending for apparel; changes in trends in the segments of the
the Company believes that the possibility of significant interrup-
market in which the Company competes; the financial strength
tions of normal operations should be reduced. Nevertheless, if
of the retail industry; actions of competitors that may impact the
there were serious systems failures by the Company or its third
Company’s business; the Company’s ability, and the ability of its
party relationships, they could have a material adverse effect on
suppliers and customers, to adequately address the Year 2000
the Company’s financial position or results of operations.
computer issue; and the impact of unforeseen economic changes
The estimated total cost of resolving the Year 2000 issues,
in the markets where the Company competes, such as changes in
including internal personnel and outside vendors and consul-
interest rates, currency exchange rates, inflation rates, recession,
tants, is approximately $25 million over the period 1997 through
and other external economic and political factors over which the
1999, of which $22 million has been spent through January 2,
Company has no control.
1999. These costs are being expensed as incurred.
21
24. VF Corporation Quarterly Results of Operations (Unaudited)
In thousands, Earnings Per Common Share Dividends Per
except per share amounts Net Sales Gross Profit Net Income Basic Diluted Common Share
1998
$1,326,205 $ 453,225 $ 78,106 $ .63 $ .62 $.20
First quarter
1,350,319 455,956 86,781 .70 .69 .20
Second quarter
1,458,780 514,108 119,615 .98 .96 .20
Third quarter
1,343,503 468,832 103,804 .86 .84 .21
Fourth quarter
$5,478,807 $1,892,121 $388,306 $3.17 $3.10 $.81
1997
First quarter $1,262,781 $ 417,837 $ 70,186 $ .54 $ .53 $.19
Second quarter 1,255,549 427,650 78,904 .61 .60 .19
Third quarter 1,416,906 487,311 108,692 .86 .84 .19
Fourth quarter 1,287,010 448,837 93,160 .75 .74 .20
$5,222,246 $1,781,635 $350,942 $2.76 $2.70 $.77
1996
First quarter $1,158,123 $ 380,517 $ 55,930 $ .43 $ .43 $.18
Second quarter 1,220,997 396,319 69,892 .54 .53 .18
Third quarter 1,380,919 446,358 91,048 .71 .69 .18
Fourth quarter 1,377,139 455,818 82,654 .64 .63 .19
$5,137,178 $1,679,012 $299,524 $2.32 $2.28 $.73
Ten Years of Growth
Dollars in millions
6,000
Net sales
Gross profit
Net income
5,000
4,000
3,000
2,000
1,000
88 89 90 91 92 93 94 95 96 97 98
22
25. VF Corporation Consolidated Statements of Income
In thousands, except per share amounts Fiscal year ended January 2, 1999 January 3, 1998 January 4, 1997
$5,478,807 $5,222,246 $5,137,178
Net Sales
Costs and Operating Expenses
3,586,686
Cost of products sold 3,440,611 3,458,166
1,198,854
Marketing, administrative and general expenses 1,175,598 1,122,076
9,098
Other operating expense (income) 964 (347)
4,794,638 4,617,173 4,579,895
684,169 605,073 557,283
Operating Income
Other Income (Expense)
6,411
Interest income 23,818 13,406
(62,282)
Interest expense (49,695) (62,793)
3,300
Miscellaneous, net 6,684 512
(52,571) (19,193) (48,875)
631,598 585,880 508,408
Income Before Income Taxes
243,292 234,938 208,884
Income Taxes
$ 388,306 $ 350,942 $ 299,524
Net Income
Earnings Per Common Share
$ 3.17
Basic $ 2.76 $ 2.32
3.10
Diluted 2.70 2.28
$ .81 $ .77 $ .73
Cash Dividends Per Common Share
See notes to consolidated financial statements.
VF Corporation Consolidated Statements of Comprehensive Income
In thousands Fiscal year ended January 2, 1999 January 3, 1998 January 4, 1997
$388,306 $350,942 $299,524
Net Income
Other Comprehensive Income
Foreign currency translation,
10,471
net of income taxes (42,538) (14,055)
$398,777 $308,404 $285,469
Comprehensive Income
See notes to consolidated financial statements.
23
26. VF Corporation Consolidated Balance Sheets
In thousands January 2, 1999 January 3, 1998
Assets
Current Assets
$ 63,208
Cash and equivalents $ 124,094
Accounts receivable, less allowances of
705,734
$52,011 in 1998 and $39,576 in 1997 587,934
954,007
Inventories 774,755
99,608
Deferred income taxes 94,750
25,595
Other current assets 19,933
1,848,152
Total current assets 1,601,466
776,091 705,990
Property, Plant and Equipment
951,562 814,332
Intangible Assets
260,861 200,994
Other Assets
$3,836,666 $3,322,782
Liabilities and Shareholders’ Equity
Current Liabilities
$ 244,910
Short-term borrowings $ 24,191
969
Current portion of long-term debt 450
341,126
Accounts payable 301,103
446,001
Accrued liabilities 440,164
1,033,006
Total current liabilities 765,908
521,657 516,226
Long-term Debt
181,750 143,813
Other Liabilities
54,344 56,341
Redeemable Preferred Stock
(20,399) (26,275)
Deferred Contributions to Employee Stock Ownership Plan
33,945 30,066
Common Shareholders’ Equity
Common Stock, stated value $1; shares
authorized 300,000,000; shares outstanding,
119,466
119,466,101 in 1998 and 121,225,298 in 1997 121,225
801,511
Additional paid-in capital 744,108
(25,639)
Accumulated other comprehensive income (36,110)
1,170,970
Retained earnings 1,037,546
2,066,308
Total common shareholders’ equity 1,866,769
$3,836,666 $3,322,782
See notes to consolidated financial statements.
24
27. VF Corporation Consolidated Statements of Cash Flows
In thousands Fiscal year ended January 2, 1999 January 3, 1998 January 4, 1997
Operations
$ 388,306
Net income $ 350,942 $ 299,524
Adjustments to reconcile net income
to cash provided by operations:
128,495
Depreciation 128,734 132,440
32,890
Amortization of intangible assets 27,518 28,138
31,161
Other, net (9,396) (18,239)
Changes in current assets and liabilities:
(48,771)
Accounts receivable (9,972) 25,270
(52,406)
Inventories (55,677) 110,807
(17,013)
Accounts payable (12,587) 43,196
(29,983)
Other, net 35,099 90,318
432,679
Cash provided by operations 454,661 711,454
Investments
(189,059)
Capital expenditures (154,262) (138,747)
(299,900)
Business acquisitions (16,003) (24,284)
(16,943)
Other, net (13,578) 36,887
(505,902)
Cash invested (183,843) (126,144)
Financing
212,457
Increase (decrease) in short-term borrowings 8,745 (213,746)
4,132
Proceeds from long-term debt – 15,556
(2,998)
Payment of long-term debt (1,253) (111,522)
(147,398)
Purchase of Common Stock (391,651) (61,483)
(101,660)
Cash dividends paid (100,141) (97,036)
45,689
Proceeds from issuance of Common Stock 64,964 67,819
2,115
Other, net 1,983 1,656
12,337
Cash provided (used) by financing (417,353) (398,756)
(60,886) (146,535) 186,554
Net Change in Cash and Equivalents
124,094 270,629 84,075
Cash and Equivalents – Beginning of Year
$ 63,208 $ 124,094 $ 270,629
Cash and Equivalents – End of Year
See notes to consolidated financial statements.
25
28. VF Corporation Consolidated Statements of Common Shareholders’ Equity
Common Additional Accumulated Other Retained
In thousands Stock Paid-in Capital Comprehensive Income Earnings
$ 63,439 $593,976 $ 20,483 $1,093,608
Balance December 30, 1995
Net income – – – 299,524
Cash dividends:
Common Stock – – – (93,020)
Series B Preferred Stock – – – (4,016)
Tax benefit from Preferred Stock dividends – – – 827
Redemption of Preferred Stock – – – (1,218)
Restricted Common Stock – 23 – –
Purchase of treasury shares (1,015) – – (60,468)
Exercise of stock options,
net of shares surrendered 1,484 74,555 – (388)
Foreign currency translation, net of
$7,568 deferred income taxes – – (14,055) –
63,908 668,554 6,428 1,234,849
Balance January 4, 1997
Net income – – – 350,942
Cash dividends:
Common Stock – – – (96,337)
Series B Preferred Stock – – – (3,804)
Tax benefit from Preferred Stock dividends – – – 700
Redemption of Preferred Stock – – – (1,855)
Restricted Common Stock 9 (520) – 601
Purchase of treasury shares (5,239) – – (386,412)
Exercise of stock options,
net of shares surrendered 1,457 76,074 – (48)
Foreign currency translation, net of
$22,905 deferred income taxes – – (42,538) –
Two-for-one stock split 61,090 – – (61,090)
121,225 744,108 (36,110) 1,037,546
Balance January 3, 1998
– – – 388,306
Net income
Cash dividends:
– – – (97,943)
Common Stock
– – – (3,717)
Series B Preferred Stock
– – – 568
Tax benefit from Preferred Stock dividends
– – – (2,763)
Redemption of Preferred Stock
19 208 – (37)
Restricted Common Stock
(3,223) – – (144,175)
Purchase of treasury shares
Common Stock held in trust for
(233) – – (6,728)
deferred compensation plans
Exercise of stock options,
1,678 57,195 – (87)
net of shares surrendered
Foreign currency translation, net of
– – 10,471 –
$5,638 deferred income taxes
$119,466 $801,511 $(25,639) $1,170,970
Balance January 2, 1999
See notes to consolidated financial statements.
26
29. VF Corporation Notes to Consolidated Financial Statements
Note A Accounting Policies Note B Acquisitions
Principles of Consolidation: The consolidated financial state- On January 8, 1998, the Company acquired the stock of
ments include the accounts of VF Corporation and all majority Bestform Group, Inc. for $184.3 million in cash, plus repayment
owned subsidiaries after elimination of intercompany transactions of $44.4 million of debt. Bestform is a manufacturer and marketer
and profits. of intimate apparel in the United States. The Company also
acquired three other businesses during 1998 for an aggregate cost
Inventories are stated at the lower of cost or market. Inventories
of $76.1 million. Intangible assets related to these acquisitions
stated on the last-in, first-out method represent 48% of total 1998
totaled $166.2 million. The following unaudited pro forma results
inventories and 53% in 1997. Remaining inventories are valued
of operations assume that these acquisitions had occurred at the
using the first-in, first-out method.
beginning of 1997:
Property and Depreciation: Property, plant and equipment are
In thousands, except per share amounts 1998 1997
stated at cost. Depreciation is computed by the straight-line
Net sales $5,587,378 $5,733,355
method over the estimated useful lives of the assets, ranging up to
Net income 388,743 361,238
40 years for buildings and 10 years for machinery and equipment. Earnings per common share:
Basic $ 3.17 $ 2.84
Intangible Assets represent the excess of costs over the fair value
Diluted 3.10 2.78
of net tangible assets of businesses acquired, less accumulated
amortization of $243.5 million and $208.3 million in 1998 and
During the years 1996 and 1997, the Company acquired a total
1997. These assets are amortized on the straight-line method over
of four businesses, primarily related to jeanswear products, for an
ten to forty years.
aggregate cost of $40.3 million, of which $28.6 million represents
The Company’s policy is to evaluate intangible assets for
intangible assets.
possible impairment whenever events or changes in circumstances
All acquisitions have been accounted for as purchases, and
indicate that the carrying amount of such assets may not be recov-
accordingly the purchase prices have been allocated to the net
erable. This evaluation is based on a number of factors, including
assets acquired based on fair values at the dates of acquisition. The
a business unit’s expectations for operating income and undis-
excess of cost over fair value of the purchased businesses has been
counted cash flows that will result from the use of such assets.
allocated to intangible assets and is being amortized primarily
Advertising Costs are expensed as incurred and were $287.5 over 40 years. Operating results of these businesses have been
million in 1998, $309.3 million in 1997 and $271.4 million in 1996. included in the consolidated financial statements since the dates
of acquisition.
Other Comprehensive Income consists of certain changes in
assets and liabilities that are not included in Net Income but are
Note C Inventories
instead reported under generally accepted accounting principles
within a separate component of Common Shareholders’ Equity. In thousands 1998 1997
All amounts in Accumulated Other Comprehensive Income relate
Finished products $552,729 $434,000
to foreign currency translation and are net of income taxes at a Work in process 185,929 166,947
35% rate. Materials and supplies 215,349 173,808
$954,007 $774,755
Stock Split: During 1997, the Company declared a two-for-one
stock split. Common Stock increased and Retained Earnings
The current cost of inventories stated on the last-in, first-out
decreased by $61.1 million, representing the stated value of addi-
method is not significantly different from their value determined
tional shares issued. Amounts presented in the Consolidated State-
under the first-in, first-out method.
ments of Common Shareholders’ Equity are based on actual share
amounts outstanding for each period presented.
Note D Property, Plant and Equipment
Use of Estimates: In preparing financial statements in accordance
In thousands 1998 1997
with generally accepted accounting principles, management makes
estimates and assumptions that affect amounts reported in the Land $ 45,296 $ 44,786
Buildings 443,619 437,903
financial statements and accompanying notes. Actual results may
Machinery and equipment 1,222,216 1,086,263
differ from those estimates.
1,711,131 1,568,952
Less accumulated depreciation 935,040 862,962
$ 776,091 $ 705,990
27