VF Corporation reaffirmed sales and earnings guidance for 2005 and established sales and earnings guidance for 2006, in conjunction with its investor meeting to be held today. The company is maintaining its expectation for an increase in earnings of about 10% for 2005 to approximately $4.65 per share. Sales for 2005 should rise 5% to 6%.
In line with earlier guidance, the company expects fourth quarter sales to rise about 2%, while earnings per share should be flat to up slightly over the $1.10 reported in the same period a year ago.
For 2006, the company anticipates sales growth of about 4% to 5%, excluding any additional acquisitions. Net earnings on a fully diluted basis are expected to increase about 6% to approximately $4.95 per share, also excluding any additional acquisitions.
“We're very pleased to be on track to report a record year in sales and earnings in 2005 and to build upon that success for another record year in 2006,” said Mackey J. McDonald, chairman and CEO. “We will continue to leverage our strong cash flows from our current portfolio to deliver growth in our lifestyle brands, while also continuing to search for acquisitions that fit our strategic vision and meet our financial criteria.”