USA: VF Corp Posts 10 Per Cent Slump In Sales And Profits

The world's largest jeans maker, VF Corp, on Wednesday revealed a sharp fall in fourth quarter earnings due to a 10 per cent slide in sales and a $236 million restructuring charge that included 13,000 job cuts. The Greensboro-based denim giant, which produces Wrangler and Lee jeans along with Vanity Fair lingerie and North Face outerwear, said net earnings, excluding restructuring charges, were $57.4m, or 50 cents per share, compared with $86.8m, or 74 cents per share in the year-ago period.