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US Apparel Giant TNF Announces Its First Quarter 2010 Earnings Report

2010/8/9 21:32:00 53

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TNF group, the parent company, announced its first quarter results in 2010.

The report showed total revenue of $1 billion 750 million, an increase of 1.4% over the same period last year, up from $1 billion 730 million in the first quarter of last year. Net income rose by 62% to a record $163 million 500 thousand, or $1.46 per share, as compared with the strong performance of the outdoor and extreme sports brand and the reduction in operating costs and product inventories. The net profit last year was 100 million 900 thousand dollars, or 91 cents per share.

"We have a strong start this year," said EricC.Wiseman, chairman and chief executive officer of the board of directors of the group. "The first quarter results are better than expected, and the gross revenue growth trend and gross profit even exceed our expectations.

The measures to reduce operating costs and reduce inventory from 09 years have provided a strong impetus for the first quarter.

We expect the growth of front-line product sales will continue to accelerate in the second quarter, and earnings per share will reach a new high this year.

We are confident of our main growth engine outdoor and extreme sports business and its development in China, and will increase investment and support in target marketing and brand building in these areas.

outdoors

In terms of brand, total revenue in the first quarter increased 10% compared to the same period last year, while operating revenues and profits also reached the best record in history.

The global income of NorthFace and Vans brands increased by 9% and 20% respectively; the total income of outdoor series in the Americas increased by 11% over the same period last year, while the international market increased by 8%; the total revenue of direct selling increased by 28% in the first quarter, and the brand growth of NorthFace, Vans, Kipling, Napapijri and Lucy reached two digits.

Despite increasing investment in marketing and brand building in the first quarter, the revenue of the outdoor and extreme sports section of the group has increased by 50% and profit has increased by nearly 20%.

In order to further enhance the growth of the dominant brand and the maximum growth of profits,

Wei Fu

The group decided to add $35 million to brand building and marketing this year, bringing the total investment to US $85 million.

Based on the good performance in the first quarter, the group has raised its 2010 annual profit and revenue expectations, from the original 2-3% to 3-4%, and expects to make a profit of $5.90 a year.

The company said it expects annual earnings per share of about $5.90, higher than previously expected 5.60-5.70 dollars.

Revenue is expected to grow by 3-4%, higher than previously expected 2-3%, with a total revenue growth of 10%.

In addition, the company has increased its expectations for the Asian market, hoping to grow by more than 25% annually.