Annual report pursuant to Section 13 and 15(d)

Quarterly Results of Operations (Unaudited)

v2.4.1.9
Quarterly Results of Operations (Unaudited)
12 Months Ended
Jan. 03, 2015
Quarterly Results of Operations (Unaudited)

Note X — Quarterly Results of Operations (Unaudited)

 

    First
Quarter
    Second
Quarter
    Third
Quarter
    Fourth
Quarter
    Full
Year
 
    In thousands, except per share amounts  

2014 (a)(b)

         

Total revenues

  $ 2,780,778      $ 2,402,076      $ 3,520,447      $ 3,578,860      $ 12,282,161   

Operating income

    403,190        219,808        633,082        181,644        1,437,724   

Net income attributable to VF Corporation

    297,193        157,682        470,529        122,101        1,047,505   

Earnings per share attributable to VF Corporation common stockholders: (d)

         

Basic

  $ 0.68      $ 0.37      $ 1.09      $ 0.28      $ 2.42   

Diluted

    0.67        0.36        1.08        0.28        2.38   

Dividends per common share

  $ 0.2625      $ 0.2625      $ 0.2625      $ 0.3200      $ 1.1075   

2013 (a)(c)

         

Total revenues

  $ 2,611,869      $ 2,220,411      $ 3,297,269      $ 3,290,099      $ 11,419,648   

Operating income

    357,728        201,334        579,703        508,382        1,647,147   

Net income attributable to VF Corporation 

    270,417        138,274        433,761        367,667        1,210,119   

Earnings per share attributable to VF Corporation common stockholders: (d)

         

Basic

  $ 0.61      $ 0.32      $ 0.99      $ 0.84      $ 2.76   

Diluted

    0.60        0.31        0.97        0.82        2.71   

Dividends per common share

  $ 0.2175      $ 0.2175      $ 0.2175      $ 0.2625      $ 0.9150   

 

(a) 

The fourth quarter and full year 2014 consisted of 14 weeks and 53 weeks, respectively, compared with 13 weeks and 52 weeks in the respective 2013 periods.

 

(b) 

Goodwill and intangible asset impairment charges in the fourth quarter of 2014 reduced fourth quarter and full year operating results as follows: operating income — $396.4 million; net income — $306.8 million; basic earnings per share — $0.71; and diluted earnings per share — $0.70. See Notes F, G and T.

 

(c) 

Transaction and restructuring costs related to the acquisition of Timberland reduced operating results in 2013 as follows:

 

     First      Second      Third      Fourth      Full  
     Quarter      Quarter      Quarter      Quarter      Year  
     In millions, except per share amounts  

Operating income

   $ 2.8       $ 4.5       $ 2.8       $ 0.6       $ 10.7   

Net income

     2.2         3.8         2.2         0.6         8.8   

Earnings per share:

              

Basic

   $ 0.01       $ 0.01       $       $       $ 0.02   

Diluted

   $ 0.01       $ 0.01       $       $       $ 0.02   

 

(d) 

Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and all other quarterly amounts may not equal the total year due to rounding.