UNITED
STATES
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 (Date of earliest |
March 11, 2011 |
V.F.
Corporation
(Exact
Name of Registrant as Specified in Charter)
Pennsylvania |
1-5256 |
23-1180120 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
105 Corporate Center Boulevard Greensboro, North Carolina |
27408 |
|
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s telephone number, including area code: |
336-424-6000 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure.
The following information is furnished pursuant to Item 7.01, “Regulation FD Disclosure.”
On March 11, 2011, VF Corporation issued a press release announcing its five-year growth targets. A copy of VF’s press release is attached hereto as Exhibit 99 and hereby incorporated by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(c) | Exhibits. | |
The following is furnished as an exhibit to this report: | ||
99 | VF Corporation press release dated March 11, 2011. |
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 |
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(Registrant) |
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By: |
/s/ Laura C. Meagher |
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Laura C. Meagher |
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Vice President – Deputy General Counsel |
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Date: |
March 11, 2011 |
EXHIBIT INDEX
Exhibit No. |
Description |
99 |
VF Corporation press release dated March 11, 2011 |
- 4 -
Exhibit 99
The Next $5 Billion: VF Corporation Announces New 5-Year Growth Targets and Strategic Growth Drivers
Leadership team outlines strategy to add $5 billion in revenue growth and $5 in earnings per share by 2015
Information regarding VF’s webcast of “The Next Five Years” can be found at the end of this release. The webcast begins today at 9:30 a.m. ET.
GREENSBORO, N.C.--(BUSINESS WIRE)--March 11, 2011--VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, today is announcing new 5-year financial targets at its investor meeting in New York City. Eric Wiseman, Chairman and Chief Executive Officer, and other members of VF’s management team will be discussing the company’s plans to reach its 2015 goals of adding $5 billion in revenues and $5 in earnings per share growth from 2010 levels.
Presentations and videos from the meeting will be available at www.vfnext.com beginning at 1:00 p.m. EST.
“VF’s momentum continues to build,” said Wiseman. “We’re approaching the next five years with confidence, and with the belief that the full potential of our brands is just beginning to unfold. We have a strategic plan in place to drive revenues at a 10 percent annual rate and earnings at a 12 percent annual rate, with operating margins rising to 15 percent over the next five years. Our goal is to reach $12.7 billion in revenues by 2015. Growth will come domestically and internationally, across all coalitions, and in both our wholesale and direct-to-consumer businesses.”
Key components of the $5 billion in expected revenue growth include:
The meeting is also focusing on international and direct-to-consumer growth plans and targets, including:
Expanding Margins and Strong Cash Generation
The profitability of VF’s Outdoor & Action Sports, international and direct-to-consumer businesses are substantially above the corporate average. Higher growth in these highly profitable businesses will fuel expansion in both gross margins and operating margins over the next five years. By 2015 operating margins are expected to rise to 15 percent from 13.3 percent in 2010.
Cash flow from operations reached $1 billion in 2010; continued strong cash flow generation is anticipated over the next five years, reaching a cumulative total of $6 billion over the period.
“We are confident we have the brands and infrastructure in place to support these growth plans,” continued Wiseman. “We have well-established platforms not only in the United States, but also in Europe, Asia and Latin America that will be leveraged to grow our existing portfolio of powerful brands. We also have the financial strength and cash flow to build significant shareholder value. Our priority for cash flow continues to be acquisitions, primarily in the outdoor and action sports category.”
Also to be presented at the meeting will be an update to VF’s Growth Drivers, which include a new focus on innovation.
“Innovation is our newest Growth Driver, and will play a significant part in our plans to drive organic growth and higher gross margins,” said Wiseman. “We will foster a global culture of innovation across brands and functions, supported by new processes, new skills and talent, and new collaborative networks to accelerate the pace of breakthrough product introductions.”
VF’s other Growth Drivers include:
Build Lifestyle Brands: Emphasizing activity-based lifestyle brands that speak authentically to consumers’ needs and aspirations.
Go Global: Growing in both established and emerging markets, with efforts concentrated in Europe, China, India, Brazil and Mexico, with a goal of 40% of total VF revenues from international markets by 2015.
Serve Consumers Directly: Growing direct-to-consumer revenues to 22% of total revenues by adding branded retail stores and building stronger consumer relationships through brand websites and social media.
Enable VF’s Future. Investing in people through tools, training and development opportunities, and in supply chain capabilities that reduce cost and provide speed, flexibility and value.
Win with Winning Customers. Leveraging consumer knowledge and global brand expertise to grow market shares and bring exclusive brands to key retail customers.
Statement on Forward Looking Statements
Certain statements included in this release are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting VF and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements in this release include the overall level of consumer spending on apparel; the level of consumer confidence; fluctuations in the price, availability and quality of raw materials and contracted products; disruption and volatility in the global capital and credit markets; VF's reliance on a small number of large customers; the financial strength of VF's customers; changing fashion trends and consumer demand; increasing pressure on margins; VF's ability to implement its growth strategy; VF's ability to grow its international and direct-to-consumer businesses; VF's ability to successfully integrate and grow acquisitions; VF's ability to maintain the strength and security of its information technology systems; stability of VF's manufacturing facilities and foreign suppliers; continued use by VF's suppliers of ethical business practices; VF's ability to accurately forecast demand for products; continuity of members of VF's management; VF's ability to protect trademarks and other intellectual property rights; maintenance by VF's licensees and distributors of the value of VF's brands; foreign currency fluctuations; and legal, regulatory, political and economic risks in international markets. More information on potential factors that could affect VF's financial results is included from time to time in VF's public reports filed with the Securities and Exchange Commission, including VF's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
About VF
VF Corporation is a global leader in branded lifestyle apparel with more than 30 brands, including Wrangler®, The North Face®, Lee®, Vans®, Nautica®, 7 For All Mankind®, Eagle Creek®, Eastpak®, Ella Moss®, JanSport®, John Varvatos®, Kipling®, lucy®, Majestic®, Napapijri®, Red Kap®, Reef®, Riders® and Splendid®.
Webcast Information
VF will hold a webcast today at 9:30 a.m. ET that can be accessed via the Company’s website at www.vfc.com. A replay of the webcast also will be available on the website shortly after its completion.
CONTACT:
VF Services
Cindy Knoebel, CFA
VP, Corporate Relations
212-841-7141/336-424-6189
cindy_knoebel@vfc.com