Business

VF Corp. has 5 percent decline in net income

JOURNAL STAFF AND WIRE REPORT

Published: October 27, 2009

GREENSBORO - VF Corp. said yesterday that it had a 5 percent decline in net income to nearly $2.1 billion in the third quarter. Diluted earnings were down 16 cents to $2.10 a share.

The earnings for the current quarter were affected by a combined 17-cent charge related to higher pension expense and foreign currency translation. The company also had a 7-cent earnings gain in the third quarter of 2008.

Eric Wiseman, the chairman, president and chief executive of VF, said that though retail conditions stabilized during the third quarter, the company expects that its full-year earnings will be in the range of $4.85 to $5 a share compared with $5.42 in fiscal 2008.

The forecast is that earnings for fiscal 2009 will be affected by a combined 70-cent charge from higher pension expense and currency translation.

VF's board of directors declared a quarterly cash dividend of 60 cents a share, up 1 cent. The dividend is payable Dec. 18 to shareholders registered on Dec. 8.