Branded lifestyle apparel maker VF Corp.'s (VFC) fourth-quarter GAAP net income attributable to the company climbed to $334.17 million, or $2.98 per share, from $257.32 million, or $2.28 per share a year earlier.
Adjusted net income totaled $344.39 million, or $3.07 per share in the quarter. On average, 18 analysts polled by Thomson Reuters expected earnings per share of $3.03 for the quarter. Analysts' estimates typically exclude one-time items.
Revenues went up 4 percent, and by 5 percent in constant dollars, to $3.0 billion, from $2.9 billion in the same period of 2011, driven by strength in the Outdoor & Action Sports and Sportswear coalitions, and in the company's international and direct-to-consumer businesses. The John Varvatos sale in April 2012 affected VF's revenue growth by 1 percentage point in the fourth quarter. Analysts estimated revenues of $3.07 billion for the quarter.
Looking ahead to 2013, adjusted earnings per share are expected to grow 11% to $10.70, while GAAP earnings per share are likely to increase 9 percent to about $10.60. Sales for the year were anticipated to increase by about 6 percent to $11.5 billion, including growth in every coalition. Analysts project earnings of $10.95 per share, on $11.86 billion revenue for 2013.
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