North Face 2000 Annual Report Download - page 2

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In thousands, except per share amounts 2000*1999 1998
Summary of Operations
Net sales $5,747,879 $5,551,616 $5,478,807
Operating income 509,993 652,632 684,169
Net income 260,334 366,242 388,306
Return on average common equity 11.7% 17.3% 19.7%
Financial Position
Working capital $1,103,896 $ 763,943 $ 815,146
Current ratio 2.1 to 1 1.7 to 1 1.8 to 1
Common shareholders’ equity $2,191,813 $2,163,818 $2,066,308
Per Common Share
Earnings – basic $ 2.25 $ 3.04 $ 3.17
Dividends .89 .85 .81
Book value 19.52 18.62 17.30
*Net income was reduced by $76.7 million ($.67 per share) for restructuring charges and $6.8 million ($.06 per share) for the cumulative effect of
a change in accounting policy.
2000 Financial Highlights
Throughout the year we took action to ensure that our brands continue to
deliver style, service and value – and generate great results in the process. As the
world’s largest apparel company, VF sets the industry standard for responsiveness
and flexibility. Our leading brands span virtually every channel of distribution,
anticipating change and responding to consumers’ diverse needs.