ion, the company operates outlet stores in both premium outlet malls and various traditional value-based locations. The company’s improving global direct-to-consumer operations included 1,401 stores in 2014. The company operates retail store locations for various brands, such as Vans, Timberland, The North Face, Nautica, 7 For All Mankind, Kipling, Lee, Wrangler, lucy, Napapijri, Splendid, and Ella Moss. The company also operates 80 VF Outlet stores in the U.S. that sell a selection of excess VF products, as well as other non-VF products. Additionally, it has approximately 800 concession retail stores located principally in Europe and Asia. The company markets various brands online, such as The North Face, Vans, Timberland, 7 For All Mankind, Kipling, SmartWool, Lee, Wrangler, lucy, Nautica, Splendid, Ella Moss, JanSport, Reef, Napapijri, Eastpak, and Eagle Creek. The company continues to expand its e-commerce initiatives by rolling out additional, country-specific brand sites in Europe and Asia. In addition to the company’s direct-to-consumer operations, its licensees, distributors, and other independent parties own and operate approximately 3,000 partnership stores. These are primarily monobrand retail locations selling the company’s products that have the appearance of company-operated stores. Majority of these partnership stores are located in Europe and Asia, and are concentrated in The North Face, Vans, Timberland, Kipling, Nautica, Napapijri, Lee, and Wrangler brands. Customers The company’s products are primarily sold on a wholesale basis to specialty stores, department stores, national chains, and mass merchants. It also sells products on a direct-to-consumer basis through company-operated stores and e-commerce sites. Licensing Arrangements As part of the company’s strategy of expanding market penetration of company-owned brands, the company enters into licensing agreements with independent parties for specific apparel and complementary product categories when such arrangements provide manufacturing, distribution, and marketing than could be achieved internally. The company also has license agreements to use trademarks owned by third parties. It markets apparel under licenses granted by Major League Baseball; the Major League Baseball Players Association; the National Football League; the National Basketball Association; the National Hockey League; Harley-Davidson Motor Company, Inc.; major colleges and universities; and individual athletes and related organizations, majority of which contain minimum annual royalty and advertising requirements. Seasonality The company’s quarterly operating results vary due to the seasonality of its individual businesses, and are historically stronger in the second half of the year (year ending December 2014). On a quarterly basis in 2014, consolidated revenues ranged from a low of 20% of full year revenues in the second quarter to a high of 29% in both the third and fourth quarters, while consolidated operating margin ranged from a low of 9% in the second quarter to a high of 18% in the third quarter. This variation results primarily from the seasonal influences on revenues of the company’s Outdoor & Action Sports coalition, where 18% of the coalition’s revenues occurred in the second quarter compared to 30% in both the third and fourth quarters of 2014. History V.F. Corporation was founded in 1899.
vf corp (VFC:New York)
105 Corporate Center Boulevard
Greensboro, NC 27408
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