-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CojK57YZJ6cquDh5B7PbNB/v/2kGKoXpUxY5MReMMeYfNVHZqq5JI6NdYH/YKg2S Cjhg2t3cdRi2/T+UoYXsDA== 0000893220-03-001068.txt : 20030613 0000893220-03-001068.hdr.sgml : 20030613 20030613081111 ACCESSION NUMBER: 0000893220-03-001068 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030613 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: V F CORP CENTRAL INDEX KEY: 0000103379 STANDARD INDUSTRIAL CLASSIFICATION: MEN'S & BOYS' FURNISHINGS, WORK CLOTHING, AND ALLIED GARMENTS [2320] IRS NUMBER: 231180120 STATE OF INCORPORATION: PA FISCAL YEAR END: 0103 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05256 FILM NUMBER: 03742835 BUSINESS ADDRESS: STREET 1: 628 GREEN VALLEY RD., STE. 500 CITY: GREENSBORO STATE: NC ZIP: 27408 BUSINESS PHONE: (336)547-6000 MAIL ADDRESS: STREET 2: PO BOX 21488 CITY: GREENSBORO STATE: NC ZIP: 27420 FORMER COMPANY: FORMER CONFORMED NAME: VF CORPORATION DATE OF NAME CHANGE: 19900621 FORMER COMPANY: FORMER CONFORMED NAME: VANITY FAIR MILLS INC DATE OF NAME CHANGE: 19690520 8-K 1 w87383e8vk.txt VF CORPORATION FORM 8-K DATED JUNE 13, 2003 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: June 13, 2003 Commission file number: 1-5256 ---------------------------- V. F. CORPORATION (Exact name of registrant as specified in its charter) PENNSYLVANIA 23-1180120 (State or other jurisdiction of (I.R.S. employer incorporation or organization) identification number) 105 CORPORATE CENTER BOULEVARD GREENSBORO, NORTH CAROLINA 27408 (Address of principal executive offices) (336) 424-6000 (Registrant's telephone number, including area code) ITEM 9 - Regulation FD Disclosure On June 13, 2003, VF Corporation issued a press release setting forth a revised outlook of operating results for the second quarter of 2003. A copy of the press release is attached hereto as Exhibit (99.1) and hereby incorporated by reference. 99.1 Press release issued by VF Corporation on June 13, 2003.
2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. V.F. CORPORATION ---------------- (Registrant) By: /s/ Robert K. Shearer -------------------------- Robert K. Shearer Vice President - Finance & Global Processes and Chief Financial Officer (Chief Financial Officer) Date: June 13, 2003 3 EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION SEQUENTIAL PAGE NUMBER 99.1 Press release issued by 5 VF Corporation on June 13, 2003
4 EX-99.1 3 w87383exv99w1.txt PRESS RELEASE ISSUED JUNE 13, 2003 (VF LOGO) FOR IMMEDIATE RELEASE Contact: Cindy Knoebel VP, Financial & Corporate Communications VF Services, Inc. (336) 424-6189/(212) 696-1110 VF ADJUSTS OUTLOOK FOR SECOND QUARTER RESULTS GREENSBORO, NORTH CAROLINA - JUNE 13, 2003 - Citing difficult retail conditions, VF CORPORATION (NYSE: VFC), the world's largest apparel company, today revised its expectations for earnings and sales for the quarter ending July 5, 2003. Previously, the Company had indicated that earnings per share were expected to be flat to down 5% from the prior year's second quarter, excluding the effect of restructuring actions taken in the 2002 period. The Company now believes that second quarter earnings per share could decline by approximately 20 to 25%. Sales could be down 5 to 7%, instead of flat. In the second quarter of 2002, the Company reported income from continuing operations of $.79 per share, which included a $.03 per share benefit from restructuring actions, and sales of $1,160.3 million. VF Chairman and Chief Executive Officer Mackey J. McDonald indicated that slow retail traffic due to weak economic conditions and aggressive moves by its retail customers to control inventories have impacted sales across most of VF's businesses. "Our second quarter basically reflects external factors that are affecting most retailers and suppliers across most product categories and channels of distribution," he said. "Fortunately, our brands remain very healthy, and they are continuing to outperform our competitors at retail. Inventory control remains a priority for us, and we have taken the appropriate actions to keep our inventories in line." The Company also noted that it was still pursuing options for its Playwear business and could have a decision by the end of the second quarter. The guidance above relating to second quarter earnings excludes any impact that may result from a possible sale or disposition of this business. At the present time the Company is not revising its expectations for sales and earnings in the second half of 2003. Management will provide an update to its outlook for the full year when it releases second quarter results next month. Management will be available to take questions from investors regarding this release in an open call today at 9:00 a.m. EDT. Interested parties should call 888-806-9467, domestic, or 703-871-3627, international. You may also access this call via the Internet at www.vfc.com. A replay of today's call will be available for one week and can be accessed by dialing 888-266-2086, domestic, and 703-925-2435, international. The pass code is 175602. You may also access a replay at the Company's web site at www.vfc.com. Page 2 of 2 June 13, 2003 CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS Certain statements included in this release are "forward-looking statements" within the meaning of the federal securities laws. Management cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Important risk factors that could cause the actual results of operations or financial condition of the Company to differ include, but are not necessarily limited to, the overall level of consumer spending for apparel; changes in trends in the segments of the market in which the Company competes; competitive conditions in and financial strength of our suppliers and of our retail customers; actions of competitors, customers, suppliers and service providers that may impact the Company's business; the ability to achieve anticipated cost savings from the recent restructuring initiatives; additional terrorist actions; and the impact of economic and political factors in the markets where the Company competes, such as recession or changes in interest rates, currency exchange rates, price levels, capital market valuations and other external economic and political factors over which the Company has no control. Investors are also directed to consider the risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. ABOUT THE COMPANY VF Corporation is the world's largest apparel company and a leader in jeanswear, intimate apparel, playwear, workwear and daypacks. Its principal brands include Lee(R), Wrangler(R), Riders(R), Rustler(R), Vanity Fair(R), Vassarette(R), Bestform(R), Lily of France(R), Lee Sport(R), Healthtex(R), JanSport(R), Eastpak(R), Red Kap(R) and The North Face(R). VF Corporation's press releases, annual report and other information can be accessed through the company's home page, http://www.vfc.com. -----END PRIVACY-ENHANCED MESSAGE-----