A transcript of VF Corp’s Q3 conference call reveals positive numbers for several of the company’s brands, including Vans.
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Vans parent company VF Corp announced today that comparable revenue for the third quarter had dropped five percent to $2,093.8 million, compared to $2,206.6 million in the third quarter of 2008.
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According to VF Corp’s Investor Relations Web site, the company announced today that it will release its Q3 results on Monday, Oct. 26
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VF Corp announced an 11 percent decline in second quarter earnings today, with revenues dropping to $1,485.6 million compared with $1,677.5 million in the second quarter of 2008. While revenue for VF’s Outdoor and Action Sports Coalition was down two percent, the North Face and Vans brands both continued to outperform the market, according to President and Chief Executive Officer of VF Corp Eric C. Wiseman.
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VF Corp has asked the U.S. Bankruptcy Court in Delaware to send it all notices in the Eddie Bauer bankruptcy case as it is a “party in interest,” according to court documents filed yesterday. Iconix Brand group, which owns Op, has filed similar paperwork.
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VF Corp has seen the company’s US markets “stabilize” and says the company has compiled a war chest for acquisitions and is actively pursuing opportunities, especially in action sports.
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Kevin Bailey, former Vice President of Retail at Vans, was named President of Vans-America, effective as of June 1st, according to an announcement released by the company today:
“Cypress, CA (May 29, 2009) - Stephen Murray, President, VF Action Sports - Americas, announced the appointment of Kevin Bailey as President of Vans - Americas, effective June 1st. In his new role, Bailey is responsible for Vans global brand strategy, including product development worldwide.
Bailey brings more than 20 years of sales, merchandising and retail operations experience to the role, including more than 5 years at Vans between 2002 and 2007 as Vice President of Retail, where he spearheaded Vans initiative to upgrade its own store environment by showcasing product and superior visual merchandising.
Prior to Vans, Bailey held various leadership positions with American Eagle, Nike and Golfsmith. Most recently, he was Executive Vice President of Global Sales and Operations at Lucky Brand, a division of Liz Claiborne.
“Kevin has a deep understanding of the Vans brand, VF’s culture and the action sports market sector,” said Murray. “His track record of developing retail strategies in line with overall brand positioning and building successful management teams focused on consistent global execution makes him ideal to lead the continuing growth of the Vans business.”
“I’m excited to return to a brand I care very deeply about, that has a strong connection to board sports and youth culture, and is so well managed,” said Bailey. “Vans’ heritage is invaluable and we will continue a ‘brand first’ approach as we manage our growth in the future.”
Stay tuned to Transworld Business for follow-up information.
VF Corporation announced today that Jim Gerson will be taking the reins as President of Reef. Gerson has been with VF Corp since 1986, and most recently served as Vice President of RD&D Soft Goods at The North Face.
Here’s the press release:
Carlsbad, CA – May 26th, 2009 - Reef is pleased to announce the appointment of Jim Gerson, currently Vice President of Apparel at The North Face, as President of Reef-Americas. In his new role, Jim will be responsible for developing the product line and brand strategy for the Reef brand worldwide and for the profitability of Reef-Americas beginning June 1st, 2009.
Gerson joined VF in 1986 as part of the Jantzen business and held progressive sales and merchandising roles leading their swimwear division. In 2000, he became Vice President of Swimwear for VF’s Tommy Hilfiger Licensee business. Gerson joined the The North Face as Vice President, Research, Design and Development and Brand Management in April 2001.
As The North Face grew, Jim transitioned to Vice President RD&D Soft Goods in 2005, overseeing all of the apparel business.
“Jim has spearheaded The North Face’s dedication to product innovation and has been a key contributor to the tremendous success of The North Face throughout his tenure with the brand,” said Stephen Murray, President of VF Action Sports Americas. “His successful background in managing key accounts in sales and leading merchandising initiatives brings to Reef a wide range of knowledge and experience from all angles of the business. I am confident that his expertise will prove to be a great asset to Reef.”
Gerson adds, “Reef is a strong brand with a rich heritage and a history for creating outstanding products. I look forward to sharing my product and brand experience to help Reef reach its full potential.”
Gerson holds a Bachelor of Science degree from the University of Idaho, with a Marketing emphasis in Management. He will transition to his new position at Reef effective June 1.
Media Contact: Lindy_Williams@vfc.com / 760.431.2366
According to Bloomberg.com, VF Corp CEO Eric Wiseman said the company “is in ‘active discussion’ on possible acquisitions to increase revenue from outdoors and action-sports brands.”
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Vans domestic revenues up 3%, The North Face up 14% globally.
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