North Face 2007 Annual Report Download - page 2

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If you want to really know the
quality of a garment, you can’t
just look at it on the rack. You need
to turn it inside out. Examine its
design. Check out the fabric and
the fit. Tug on the seam to see how
it is made—and what it is made of.
The same is true of a company, of
course. You have to go behind the
numbers to find out what really
makes its business tick and its
people perform. And that’s what
this year’s annual report is all about.
Take a closer look at VF—inside/out.
VF CORPORATION 2007 FINANCIAL HIGHLIGHTS
Dollars in thousands, except per share amounts
2007
2006
2005
SUMMARY OF OPERATIONS
Total revenues
$
7,219,359
$ 6,215,794 $ 5,654,155
Operating income
965,441
826,144 767,9 51
Operating margin
13.4
%
13.3
%
13.6
%
Income from continuing operations
613,246
535,051 482,629
Discontinued operations
(
21,625
) (1,535) 35,9 06
Cumulative effect of a change in accounting policy
—
—
(11,833)
Net income*
591,621
533,516 506,702
Return on invested capital
14.8% 14.7% 14.2%
FINANCIAL POSITION
Working capital $
1,510,742 $
1,563,162 $ 1,213,233
Current ratio
2.3 2.5 2.1
Cash flow from continuing operations
833,629
454,128 533,654
Debt to capital ratio
26.4
% 19.5% 22.6%
Common stockholders’ equity 3,576,829 3,265,172 2,808,213
PER COMMON SHARE
Income from continuing operations—diluted
$
5.41
$ 4.73 $ 4.23
Net income—diluted*
5.22
4.72 4.44
Dividends
2.23
1.94 1.10
Book value
32.58
29.11 25.50
33% OF REVENUE
299
233
393
9% OF REVENUE 40% OF REVENUE 14% OF REVENUE
126
806
142
988
134
828
‘05 ‘06 ‘07
IMAGEWEAR
452
479
1,868
1,455
2,387
2,697
2,897
2,780
430
66
684
91
685
100
651
‘05 ‘06 ‘07
SPORTSWEAR
2% OF REVENUE
*PARTIAL YEAR
HERITAGE COALITIONSLIFESTYLE COALITIONS
3-YEAR COALITION REVENUES AND PROFITS (DOLLARS IN MILLIONS)
25*
142*
‘05 ‘06 ‘07
CONTEMPORARY
‘05 ‘06 ‘07
JEANSWEAR
‘05 ‘06 ‘07
OUTDOOR
Revenues Profits
* Net income and related per share amounts include operating results of discontinued operations in each year and the cumulative effect of a change in accounting policy for stock-
based compensation in 2005. See details in our 2007 Annual Report on Form 10-K filed with the Securities and Exchange Commission, accessible on our website, www.vfc.com.
VF CORPORATION | 3