US: VF Q2 profit edges up 2%
Apparel group VF Corp said its second-quarter profit grew 2%, helped by further spending on marketing, new talent and infrastructure
Net income was US$99m compared to $96.7m the year before as revenues rose 8% to $1.57bn from $1.45bn last year.
For the first six months of 2006, income grew 7% to $227.2m from $211.4m. Revenues increased 7% to $3.23bn from $3.034bn in 2005.
"This quarter is further evidence of the power of our brands, which are benefiting from continued investments in marketing, new talent and infrastructure designed to keep them strong and growing," said Mackey J McDonald, chairman and CEO.
"We are gratified by the strong organic growth our brands are currently generating, which we expect will continue. We are also continuing to aggressively pursue acquisitions, which remain an important component of our future growth."
The company has upped its full-year guidance to $5.00 per share from $4.95 previously, which represents a 10% increase over the $4.54 reported in 2005 before the cumulative effect adjustment.
Revenues are now expected to rise about 7% for the year, to nearly $7n.
VF's brands include Wrangler, Lee, The North Face, Vans, Nautica and Lee Sport.
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