VFC Reporting
Annual Reports
2009 Quarterly Updates
2008 Financials
Financial Summary
| Dollars in thousands, except per share amounts |
2008 |
2007 |
2006 |
2005 |
2004 |
| Summary of Operations |
|
|
|
|
|
| Total revenues from continuing operations |
$ 7,642,600 |
$ 7,219,359 |
$ 6,215,794 |
$ 5,654,155 |
$ 5,218,066 |
| Operating income from continuing operations |
938,995 |
965,441 |
826,144 |
767,951 |
664,357 |
| Income from continuing operations |
602,748 |
613,246 |
535,051 |
482,629 |
398,879 |
| Discontinued operations(1) |
— |
(21,625) |
(1,535) |
35,906 |
75,823 |
| Cumulative effect of a change in accounting policy(2) |
— |
— |
— |
(11,833) |
— |
| Net income |
602,748 |
591,621 |
533,516 |
506,702 |
474,702 |
| Earnings (loss) per common share—basic |
|
|
|
|
|
| Income from continuing operations |
$ 5.52 |
$ 5.55 |
$ 4.83 |
$ 4.33 |
$ 3.61 |
| Discontinued operations(1) |
— |
(0.20) |
(0.01) |
0.32 |
0.69 |
| Cumulative effect of a change in accounting policy(2) |
— |
— |
— |
(0.11) |
— |
| Net income |
5.52 |
5.36 |
4.82 |
4.54 |
4.30 |
| Earnings (loss) per common share—diluted |
|
|
|
|
|
| Income from continuing operations |
$ 5.42 |
$ 5.41 |
$ 4.73 |
$ 4.23 |
$ 3.54 |
| Discontinued operations(1) |
— |
(0.19) |
(0.01) |
0.31 |
0.67 |
| Cumulative effect of a change in accounting policy(2) |
— |
— |
— |
(0.10) |
— |
| Net income |
5.42 |
5.22 |
4.72 |
4.44 |
4.21 |
| Dividends per share |
2.33 |
2.23 |
1.94 |
1.10 |
1.05 |
| Dividend payout ratio(3) |
43.0 % |
42.7 % |
41.1 % |
24.2 % |
24.9 % |
| Average number of common shares outstanding |
109,234 |
110,443 |
110,560 |
111,192 |
109,872 |
| Financial Position |
|
|
|
|
|
| Working capital |
$ 1,640,828 |
$ 1,510,742 |
$ 1,563,162 |
$ 1,213,233 |
$ 1,006,354 |
| Current ratio |
2.6 |
2.3 |
2.5 |
2.1 |
1.7 |
| Total assets |
$ 6,433,868 |
$ 6,446,685 |
$ 5,465,693 |
$ 5,171,071 |
$ 5,004,278 |
| Long-term debt |
1,141,546 |
1,144,810 |
635,359 |
647,728 |
556,639 |
| Redeemable preferred stock |
— |
— |
— |
23,326 |
26,053 |
| Common stockholders’ equity |
3,555,892 |
3,576,829 |
3,265,172 |
2,808,213 |
2,513,241 |
| Debt to total capital ratio(4) |
25.2 % |
26.4 % |
19.5 % |
22.6 % |
28.5 % |
| Book value per common share |
$ 32.37 |
$ 32.58 |
$ 29.11 |
$ 25.50 |
$ 22.56 |
| Other Statistics(5) |
|
|
|
|
|
| Operating margin |
12.3 % |
13.4 % |
13.3 % |
13.6 % |
12.7 % |
| Return on invested capital(6) (7) |
13.5 % |
14.8 % |
14.7 % |
14.2 % |
13.4 % |
| Return on average common stockholders’ equity(7) |
16.5 % |
18.4 % |
18.0 % |
18.0 % |
17.8 % |
| Return on average total assets(7) |
9.1 % |
10.4 % |
10.0 % |
9.4 % |
8.5 % |
| Cash dividends paid |
$ 255,235 |
$ 246,634 |
$ 216,529 |
$ 124,116 |
$ 117,731 |
- Women’s intimate apparel business sold in April 2007.
- After tax effect of change in accounting policy in 2005 to adopt FASB Statement 123(R), Share-Based Payment.
- Dividends per share divided by the total of income from continuing and discontinued operations per diluted share.
- Total capital is defined as common stockholders’ equity plus short-term and long-term debt.
- Operating statistics and market data are based on continuing operations.
- Invested capital is defined as average common stockholders’ equity plus average short-term and long-term debt.
- Return is defined as income from continuing operations before net interest expense, after income taxes.
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