Shares of VF Corp (NYSE:VFC) ended Friday session in red amid volatile trading. The shares closed down -1.53 points or -2.49% at $60.03 with 3,085,068 shares getting traded. Post opening the session at $60.92, the shares hit an intraday low of $59.57 and an intraday high of $61.11 and the price vacillated in this range throughout the day. The company has a market cap of $24.28 billion and the numbers of outstanding shares have been calculated to be 414.74 million shares.
VF Corp (VFC) on August 8, 2016 announced the appointment of Jim Pisani to the position of Global Brand President, Timberland®, effective immediately. Pisani most recently served as President of VF’s Licensed Sports Group, which includes the Majestic® brand. He will report to Scott Baxter, Vice President, VF and Group President, Outdoor & Action Sports Americas.
“Jim is a tremendously talented and accomplished executive with a proven track record of delivering consistent business results and generating new growth opportunities,” said Baxter. “His passion, energy, and embodiment of the values deeply rooted in the Timberland brand and in VF make him the ideal leader to guide the brand into its next phase of global growth.”
Pisani joined VF in 2008 as President of VF Licensed Sports Group. The business unit’s Majestic® brand is the official on-field uniform provider for Major League Baseball. It also supplies apparel and fanwear through licensing agreements with U.S. and international professional sports leagues, colleges and universities, and lifestyle brands. Prior to VF, Pisani held a succession of leadership roles in branding, merchandising, sales and marketing at PepsiCo and Kraft Foods.
“I’m truly honored to be given the responsibility to lead this powerful and iconic brand with such rich history,” said Pisani. “There are so many opportunities in front of the Timberland brand and I look forward to partnering with the talented teams around the world to leverage our collective strengths and accelerate growth.”
Shares of Foot Locker, Inc. (NYSE:FL) ended Friday session in green amid volatile trading. The shares closed up +0.47 points or 0.72% at $66.00 with 1,158,412 shares getting traded. Post opening the session at $65.32, the shares hit an intraday low of $65.26 and an intraday high of $66.38 and the price vacillated in this range throughout the day. The company has a market cap of $8.99 billion and the numbers of outstanding shares have been calculated to be 135.99 million shares.
Foot Locker, Inc. (FL) on Aug. 19, 2016 reported financial results for its second quarter ended July 30, 2016.
Second Quarter Results
Net income for the Company’s second quarter ended July 30, 2016 was $127 million, or $0.94 per share, compared with net income of $119 million, or $0.84 per share, last year. Second quarter comparable-store sales increased 4.7 percent. Total sales increased 5.0 percent, to $1,780 million this year, compared with sales of $1,695 million for the corresponding prior-year period. Excluding the effect of foreign currency fluctuations, total sales for the second quarter increased 5.4 percent.
The Company’s gross margin rate improved to 33.0 percent of sales from 32.6 percent a year ago, while the selling, general, and administrative expense rate increased to 19.7 percent of sales from 19.5 percent.
“As a Company, Foot Locker has strong leadership positions in the athletic industry, with the most important being our deep understanding of the core customer for each of our banners,” said Richard Johnson, Chairman of the Board and Chief Executive Officer. “We share this understanding with our key vendors, which enables us to partner with them to deliver the trend-right, premium footwear and apparel assortments our customers seek, which in turn has led to consistently outstanding financial results such as we announced. Within the second quarter, we drove comparable sales gains across basketball, running, and classic footwear, as well as apparel. We also posted gains in all regions and channels in which we operate, reflecting the success of our strategic initiatives to build our Company to be an enduring retail leader with strengths across many dimensions.”