VF Corp. has big plans for the next five years
NEW YORK -- VF Corp., whose stable of banners includes Vans and The North Face, announced an aggressive growth, including plans to open 400 U.S. stores across its various brands during the next five years. The company discussed these plans and more at an investor conference held recently in New York City.
In addition to the U.S. expansion, VF is looking to open some 225 stores in Europe and 80 in Asia. The expansion is expected to bring the company’s global store count to 1,500 units.
Speaking at the conference, VF chairman and CEO, Eric Wiseman, discussed the company's plans to reach its 2015 goals of adding $5 billion in revenues and $5 in earnings per share growth from 2010 levels.
"VF's momentum continues to build," said Wiseman. "We're approaching the next five years with confidence, and with the belief that the full potential of our brands is just beginning to unfold. We have a strategic plan in place to drive revenues at a 10 percent annual rate and earnings at a 12 percent annual rate, with operating margins rising to 15% over the next five years. Our goal is to reach $12.7 billion in revenues by 2015. Growth will come domestically and internationally, across all coalitions, and in both our wholesale and direct-to-consumer businesses."
During the next five years, the company expects to generate $3 billion from its outdoor and action sports division, where revenues have grown on average by 17% over the past five years, $1 billion from growth in Jeanswear through the Wrangler and Lee brands, led by expansion in international markets such as Asia, Europe and Latin America and $1 billion from higher revenues across Sportswear, Imagewear and Contemporary Brands.