VF Restructuring Helps 4Q Profit
GREENSBORO, N.C. (AP) _ VF Corp., the manufacturer of Lee and Wrangler jeans and other apparel, Tuesday said it swung to a fourth-quarter profit as it began to reap the benefits of restructuring efforts.
The maker of reported net income of $76.6 million, or 69 cents a share, for the period ended Jan. 4, 2003. In quarter ended Dec. 29, 2001, VF had a net loss of $112.6 million, or $1.03 a share.
The results for the latest quarter included restructuring charges of 18 cents a share and gains totaling 5 cents a share. A year ago, the company recorded restructuring charges of 80 cents a share.
Excluding these items, as well as results from discontinued operations, Greensboro-based VF said it earned $84.4 million, or 76 cents a share, compared with earnings of $56 million, or 49 cents a share, a year earlier.
The mean estimate of analysts surveyed by Thomson First Call was for earnings, excluding items, of 75 cents a share.
Sales rose 6.2 percent to $1.31 billion from $1.23 billion. In October, the company said it expected fourth-quarter sales to be about even with the level of the previous year.
VF said its fourth-quarter profit improved at nearly every unit due to the restructuring program, which included facilities closings and job cuts.
For 2002, VF reported a net loss of $154.5 million, or $1.49 a basic share, compared with net income of $137.8 million, or $1.19 a share, a year earlier. Sales fell 2.6 percent to $5.08 billion from $5.22 billion in 2001.
In afternoon trading, shares of VF rose $1.45, or 4.3 percent, to $35.15, on the New York Stock Exchange.