North Face 2015 Annual Report Download - page 81
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VF CORPORATION
Consolidated Statements of Income
Year Ended December
2015 2014 2013
In thousands, except per share amounts
Net sales ............................................... $12,250,678 $12,154,784 $11,302,350
Royalty income ......................................... 126,066 127,377 117,298
Total revenues .......................................... 12,376,744 12,282,161 11,419,648
Costs and operating expenses
Cost of goods sold ...................................... 6,393,800 6,288,190 5,931,469
Selling, general and administrative expenses ................. 4,178,386 4,159,885 3,841,032
Impairment of goodwill and intangible assets ................ 143,562 396,362 —
Total costs and operating expenses ....................... 10,715,748 10,844,437 9,772,501
Operating income ....................................... 1,660,996 1,437,724 1,647,147
Interest income ......................................... 7,152 6,911 4,141
Interest expense ......................................... (89,414) (86,725) (84,773)
Other income (expense), net ............................... 1,655 (5,544) (4,025)
Income before income taxes ............................... 1,580,389 1,352,366 1,562,490
Income taxes ............................................ 348,796 304,861 352,371
Net income ............................................. $ 1,231,593 $ 1,047,505 $ 1,210,119
Earnings per common share
Basic ................................................ $ 2.90 $ 2.42 $ 2.76
Diluted .............................................. 2.85 2.38 2.71
Cash dividends per common share ......................... $ 1.3300 $ 1.1075 $ 0.9150
See notes to consolidated financial statements.
F-5