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VF Posts Net Income Gain Of 28 Percent

VF Posts Net IncomeGain Of 28 PercentGreensboro, N.C.-based VF Corp. reported second-quarter 2002 net income increased 28 percent to $88.9 million, up from $69.4 million for the second quarter 2001. Record earnings of 79 cents per share for the quarter compared with 60 cents for the second quarter 2001. VF credits the improved earnings to the success of its strategic repositioning program announced in late 2001 (See News, TW, January 2002). The higher earnings contrasted with lower sales, down 10 percent to $1,193.5 million from $1,323.0 million for the second quarter 2001. The decline reflects a soft retail apparel market and the companys exit from nonstrategic businesses, according to VF. September 2002