moncler outlet usa VFC CEO Steve Rendle on Q3 2017 Results moncler outlet usa
moncler jacket outlet Sign in / Join NowGreetings, and welcome to VF Corporation Third Quarter 2017 Earnings Conference Call. At this time, all participants are in a listen only mode, a question and answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.I would now like to turn the conference over to your host, Joe Alkire, Vice President of Investor Relations. Thank you, you may begin.Good morning, and welcome to VF Corporation’s third quarter 2017 earnings call. Participants on today’s call will moncler outlet online make forward looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially. These uncertainties are detailed in documents filed regularly with the SEC. Unless otherwise noted, amounts that our participants refer to on today’s call will be in adjusted and currency neutral terms, which we defined in the press release that was issued this morning. We use adjusted and currency neutral amounts as lead numbers in our discussion because we believe they more accurately represent the true operational performance and underlying results of our business. GAAP. Reconciliations of GAAP measures to adjusted and currency neutral amounts can be found in the supplemental financial tables included in the press release, which identify and quantify all excluded items and provide management’s view of why this information is useful to investors.During the second quarter of 2017, the Company completed the sale of its Licensed Sports Group or LSG business. In conjunction with the LSG divestiture, VF executed its uk moncler outlet plan to entirely exit moncler outlet sale the licensing business, which comprises the LSG and JanSport brand collegiate businesses. Accordingly, the Company has classified the assets and liabilities of these businesses as held for sale and included the results of these businesses in discontinued operations for all periods presented.During the third quarter of 2016, the company completed the sale of its Contemporary Brands businesses. Accordingly, the company has classified the assets and liabilities of Contemporary Brands businesses as held for moncler outlet sale, and included the results in discontinued operations for all periods presented. Unless otherwise noted, results presented on today’s call are based on continuing operations.Joining me moncler sale outlet on today’s call will be VF’s President and Chief Executive Officer, Steve Rendle; and Chief Financial Officer, Scott Roe. Following our prepared remarks, we’ll open the call for questions. Steve?Thanks Joe, and good morning, everyone. Welcome to our third quarter moncler outlet woodbury 2017 conference call. Our third quarter results were a bit stronger than expected. With broad based strength across core growth engines. International, direct to consumer, our big three brands and Workwear. Our focus and investment in support of our 2021 strategies driving accelerated growth and value creation across key pillars of our portfolio. We are in the early phases of this strategic journey we began earlier this year and while the rapidly changing consumer landscape and dynamic retail environment around the world is sometimes difficult to predict, we are confident that the choices and capabilities embedded in our strategic growth plan will enable our strong portfolio of diverse global brands to connect more deeply with consumers and fuel accelerated growth.Third quarter revenue increased 4% as our momentum continued to accelerate. As a reminder, our growth rate during the quarter was reduced by moncler uk outlet about 3% due to the shift in timing of our fall order book, which we discussed during our last call. Our big three brands, Vans, The North Face and Timberland, grew at a combined rate of 6% in the quarter. Our international business grew 10%, including 14% growth in Europe and 9% growth in China. Direct to consumer increased 17% with more than 35% growth in digital. Our Workwear business grew 11% and our digital wholesale accounts a key growth driver for VF during the next five years increased more than 20%.Gross margin improved 180 basis points in the quarter, excluding a negative 80 basis points impact from FX. The continued strength of our gross margin demonstrates the power of moncler coat mens our diversified model and the discipline and focus we place on quality growth. Adjusted EPS increased 10% to $1.23 in the quarter. This is ahead of the outlook range we provided in July.Based in our strong third quarter performance and confidence in the balance of the year, we are once again increasing our full year outlook, raising cheap moncler sale our dividend for the 45th year in a row, while at the same time, committing an additional $25 million to fuel growth. Combined with the $40 million we announced in July, we have now committed $65 million of additional investment behind our strategy relative to our initial outlook in February.We will continue to evolve VF and our brands to become more consumer and retail centric. You are beginning and I stress beginning to moncler outlet store see that comes to life in our results. We will reshape our portfolio and align ourselves with our financial aspirations. We’ve made progress thus far in 2017, but we are not finished. We see many unique catalysts to ignite accelerated growth and value creation during the next several years and we look forward to updating you on our progress.And finally, before getting into the specific brand results, as you know, we formally welcomed Williamson Dickie to VF family on October 2nd. Our integration teams have worked in a collaborative matter since we announced the transaction. The teams and those that support them, I extend a sincere thank you. While, it’s early, I couldn’t be more pleased with the chemistry within the teams and even more confident about the value creation synergies, we see within our existing Workwear platform, it’s great to have the Williamson Dickie people part of VF.With that lets moncler usa review our third quarter results and dive deeper into our top five brands, Workwear and Sportswear. Beginning with The North Face brand, as expected global revenue decreased moncler womens jackets 3% driven primarily by the order book timing shift that we discussed https://www.moncler-jacket-outlet.com during our prior call. As expected on a more normalized basis global revenue increased 3%.D2C results were strong and increased at a low double digit rate with mid single digit comps and more than 20% growth from digital, wholesale was down 6% however excluding the order book shift, wholesale would have increased at a low single digit rate. By region, revenue in Americas as expected declined 10%, high single digit D2C growth including more than 12% growth in digital was more than offset by a mid teen decrease in wholesale which was influenced by discount moncler jackets the order book shift. Without the shift, revenue in the Americas was down best moncler jackets about 1%Turning to product performance, lifestyle, accessories and fall transition products such as rainwear and lightweight piece generated solid growth in the quarter. In August The North Face brand launched its Walls Are Meant for Climbing campaign and partnered with climbing gyms cheap moncler coats mens around the world to inspire athletes to climb new heights and explore the outdoors. The campaign intended to unite our global communities to the sport of climbing, is the perfect moncler sale online embodiment of The North Face spirit of explorationIn Europe the brand’s momentum continued with revenue growth of 17% including mid teen growth in wholesale and high teen growth in D2C. Our digital business was particularly strong growing more than 50% in the quarter.Consumer demand for The North Face brand remains exceptionally strong across the region with double digit growth across all major product categories, and building on our success in Asia the urban exploration product territories now in select markets across Europe and initial sell through results have been exceptional. Given the broad based momentum we have in the region we expect growth to accelerate further as we move into the fourth quarter and into cheap moncler jackets 2018.As expected, Asia returned to growth and was up 4%. D2C increased at a mid teen rate with almost 30% growth from digital and wholesale increased at a low single digit rate. Our fall season is off to a solid start with the strength from the GORE jacket and our urban exploration product territory. Now the outdoor market in China remains highly promotional our brand is strong and we expect accelerated growth as we move into the fourth quarter. There is no change to our full year outlook for The North Face brand as we continue to expect growth to be at the high end of the mid single digit range.Now to our largest and fastest growing brand Vans, which achieved record setting growth in the quarter. Revenue increased 26% with strength across all regions, channels and product franchises.Revenue in the Americas grew 22%, Europe increased 39% and Asia Pacific grew 23%. D2C increased more than 30% including almost 30% comp growth and 60% growth in our digital business. Wholesale increased 19% with mid single digit growth in the Americas and more than 35% growth internationally. We offer big congratulations to our Vans team around the world. The consistency and depth of the brand’s performance is truly remarkable.The ongoing energy and behind the Vans brand continues to grow with strong momentum across nearly all product categories. Vans icons moncler outlet prices including the old school and black and white checkerboard designs more than doubled in the quarter. The new Ultra range franchise launch exceeded expectations in our Back to School period with uk moncler sale 50% sell through in D2C and about 75% sell through at wholesale, even with the higher average selling price.We also launched our Customs 2.0 platform in Europe, helping to ignite accelerated growth on our digital platform in the region. During the quarter, Vans opened a new aspirational boutique store, The General in Brooklyn, which showcases its elevated product as well as the Vans Customs platform with fabric samples and everything else you need to build a custom pair of Vans. This space exemplifies what Vans is all about, inspiring, created self expression with consumers in communities it serves.Some of you may be wondering whether this moncler online store level of cheap moncler jackets womens growth for Vans is sustainable. Let me just say, the confidence we have in our largest brand is high. The brand is stronger than it has ever been with broad based growth across all regions, channels and product categories. Retail inventory levels are in great shape and cheap moncler jackets mens we remain disciplined with respect moncler sale to inventory management, merchandising and assortment planning.While we see a strong growth trajectory for this brand as we move into 2018, the year over year comparisons is going to be difficult. Then again over the past six years, the Vans brand has grown at a mid teen rate. So, the comparisons have always been somewhat difficult. Based on the strength of our third quarter performance, as well as increased growth expectations for the fourth quarter, we now expect about 15% growth for the Vans brand in 2017, up from our prior outlook at the high end of the low double digit range moncler jacket outlet.