North Face 2004 Annual Report Download - page 2

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01
“The Lee jeans
brand is in
Canada to stay!”
B A R B A R A N A R D I N I Z I T E L L A Sales Account Executive, Wrangler & Lee Brands Canada
A Banner Year: 2004 was definitely the most energizing year in my 25-year career.
The success of Lee in Canada has been overwhelming and I’m very proud to have been
part of it. B R I A N W I L L I A M S VP, Wrangler & Lee Brands Canada & Puerto Rico
2005 and Beyond: W e have aggressive plans to fuel growth with exciting initiatives for
the retail community and great products for consumers.
“The Lee brand
experienced a
nearly threefold
sales increase in
Canada in 2004.”
200 F I N A N C I A L H I G H L I GH T S
Dollars in thousands, except per share amounts 2004 2003 2002
SU M M AR Y O F O P E R AT I O N S
Net sales $6,054,536 $ 5,207,459 $ 5,083,523
Operating income 777,788 644,889 621,924
Operating margin 12.8%12.4%12.2%
Income from continuing operations $ 474,702 $ 397,933 $364,428
Net income (loss)* 474,702 397,933 (154,543)
Return on capital (continuing operations) 15.8%16.6%16.9%
F I N AN C I AL P OSI T I ON
Working capital $1,006,354 $ 1,419,281 $1,199,696
Current ratio 1.7 to 1 2.8 to 1 2.4 to 1
Cash flow from operations $ 730,256 $ 543,704 $645,584
Debt to capital ratio 28.5%33.7%28.6%
Common stockholders’equity $2,513,241 $ 1,951,307 $1,657,848
P E R C O M M O N S H AR E
Income from continuing operations–diluted $4.21 $ 3.61 $3.24
Net income (loss) – diluted* 4.21 3.61 (1.38)
Dividends 1.05 1.01 .97
Book value 22.56 18.04 15.28
*Net income (loss) and related per share amounts include operating results of discontinued operations and the cumulative effect of a
change in accounting policy in 2002. See details in the accompanying consolidated financial statements.
VF I S ABO UT P E OP LE .Our people.
And our consumers. In fact, one of the
reasons we’re so successful is because
we’re a reflection of our consumers.
Like them, we’re dreamers, rebels,
adventurers, teachers and inventors.
From our stockrooms to our boardroom,
we live our brands.