...SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 29, 2012 Commission file number: 1-5256 V. F. CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania (State or other jurisdiction of incorporation or organization) 23-1180120 (I.R.S. employer identification number) 105 Corporate Center Boulevard Greensboro, North Carolina 27408 (Address of principal executive offices) (336) 424-6000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, without par value, stated capital $1 per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: NONE Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES x Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ¨ NO ¨ NO x Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. YES x NO ¨ Indicate by check mark whether the registrant...
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...VF Brand: Global Supply Chain Strategy ABSTRACT: This case examines VF Brands global supply chain strategy. Historically, VF has used a combination of in-house manufacturing and traditional arms-length sourcing arrangements. At the time of the case, the company is considering a third approach to supplier relations that involves much closer cooperation and partnerships. The goal of this "third way" approach is to create a sourcing relationship that combines some of the virtues of vertical integration with the flexibility of sourcing. Such arrangements are increasingly discussed in the operations literature and in practice. ANALYSIS: Alternative 1: Abandon the Third Way – go back to the old way The Third Way could potentially cause many difficulties for VF, hence abandoning this way before investing too much money is a possible alternative. Firstly, VF maintains the flexibility to change volumes or to change to a supplier who is offering a lower price, by adopting the outsourcing. It is also independent from the supplier’s problems, for instance if you are not satisfied with the quality of the product, you can simply switch to a different supplier. Following the old way, you do not need to spend money and time until the problem is fixed. Secondly, it is tough to find suppliers willing to form a partnership with the given conditions. To agree to not supply the same category of products to competitors anytime in the future is a huge barrier for a supplier and drags...
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...http://www.academia.edu/9339215/CASE_STUDY_OF_THE_NORTH_FACE_INC._AUDITING_ Summary Founded in the mid-1960's by Hap Klopp, The North Face, Inc., was a premier supplier of high-quality hiking, camping, and outdoor gear. In July 1996, North Face's went public. Initially, it sold at $14 per share, then peaked at $30 per share. In March 1999, NASDAQ halted public trading of North Face stock following the company's announcement it would be restating financial statements due to "bad bookkeeping".Christopher Crawford (CFO) boosted company sales by negotiating a barter transaction structured to avoid triggering materiality levels. Result: In May 2000, VF Corporation bought North Face for $2 per share. (Knapp, 2013) Question1 Should auditors insist that their clients accept all proposed audit adjustments, even those that have an "immaterial" effect on the given financial statements? Defend your answer. AnswerforQuestion1: • Auditors should not insist that clients accept all proposed audit adjustments. • Auditors are not perfect and clients should therefore have the right to reject proposed audit adjustments. • If a client does not accept a proposed audit adjustment, the auditor should generally be more suspicious as to the possibility of fraud and misstatement. Question2 Should auditors take explicit measures to prevent their clients from discovering or becoming aware of the materiality thresholds used on individual audit engagements? Would it be feasible for auditors...
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...market. Vans regional strengths are the West Coast while maintaining international strengths through their distribution in over 50 countries as well as through the Internet. Since Vans shoes has been in business for nearly 50 years their Product Lifecycle has varied. The Product Lifecycle of Vans Shoes now is at the maturity stage, where sales grow at slowing rates and finally stabilize. In this stage, products get differentiated, price wars and sales promotion become common and a few weaker players exit. Growth in the Americas, representing about 70 percent of total revenues in 2011, will account for nearly half of the anticipated $1 billion in revenue growth. With balanced growth across both wholesale and direct-to-consumer channels, a key focus will be expansion outside Vans’ core West Coast market. Major metropolitan areas such as New York City and Mexico City, where Vans has demonstrated great success, will be utilized as epicenters to drive brand awareness. In EMEA (Europe/Middle East/Africa), Vans expects to add $350 million in revenues by 2016. This follows a year of exceptional growth in 2011 when Vans achieved 55 percent constant dollar revenue growth in the region. Building on successful strategic execution in the United Kingdom, Vans outlined how investments in social media, traditional advertising and grassroots events will serve as a catalyst to drive continued growth across Europe. Asia Pacific (APAC) is expected to be Vans’ fastest growth region with its largest...
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...with a sample of securities whose business characteristics are similar to the company being valued. Assume that the company has similar financial ratios to the “comparable” companies. A number of different ratios are typically used: Price/Earnings, Market/Book, Market Value/Sales, EBIT. Then back out the implied value of the company being studied. Comparables Approach relies on two assumptions: Comparable companies have future cash flow expectations and risks similar to the firm being valued Performance measure is actually proportional to value 2 Different ways of Doing Comparables “Comparable Company” – Uses a multiple calculated from the trading values of firms in the same industry as the firm being valued. “Comparable Transaction” – Uses a multiple from companies that were involved in a similar transaction as the firm being valued. “Comparable Industry Transaction” – Uses a multiple from companies from the same industry that were involved in a similar transaction as the firm being valued. 3 Problems with Comparables Approach Generally tough to find appropriate companies to be comparable Which ratio/comparable do you use? There isn’t a “right” answer, so comparables approach will give a range of values rather than one? Many comparable companies have different capital structures. Leverage will mechanically affect some financial ratios. It is often a good idea to use ratios that are not affected by leverage (for example,...
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...9-205-058 REV: AUGUST 19, 2011 MALCOLM BAKER JAMES QUINN Ber rkshire Partne Bid e ers: dding f Cart for ter’s In the spring of 2001, Bost o ton-based pri ivate equity firm Berkshi Partners w consider ire was ring a levera aged buyout (LBO) of the William Cart Co., a lead ter ding producer of infant, ba r aby, and child dren’s appar in the Un rel nited States. Berkshire Par B rtners, which had extensi h ive experienc investing i the ce in retail and manufac cturing sector was initia drawn to Carter’s bec rs, ally o cause of the s strong brand name ngth of the s the co ompany had developed during its 136 d 6-year history as well as for the stren y, s senior mana agement team (See Exhibit 1 for a profil of Berkshir m. t le re.) To investigate the option of a potential LBO, Berkshir assembled a five-memb team, to b led o t f L re d ber be by managing dire ectors Ross Jo ones and Bra adley Bloom and senior a associate Mich hael Ascione (See e. Exhib 2 for biogr bit raphical sketc ches.) The tea would hav less than e am ve eight weeks to move throu all o ugh the stages of a Gol ldman Sachs-led auction— —from initial r research and due diligenc to valuation and ce bid st trategy. In addition to running the auction and thereby serv ving as Carter agent, Go r’s oldman Sachs (GS) s would be offering “staple-on” financing. Under this arr d g rangement, th winning b he bidder would have d ...
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...Company Overview – Crocs, Inc. Crocs, Inc. (“Crocs”, the “company”) is a designer, manufacturer and distributor of footwear and accessories for men, women and children. Crocs began in 1999 as a limited liability company and later incorporated as a Delaware corporation in June 2005 before completing an initial public offering in February of 2006. The company’s primary products utilize a proprietary closed cell-resin, called Croslite. The major of the company’s products consists of footwear but Crocs also sells accessories and apparel. The company currently sells their products in more than 90 countries, mainly in the Americas, Asia, and Europe, through domestic and international retailers and distributors and directly to end-user consumers through their company-operated retail stores, outlets, kiosks and webstores. Crocs first introduced a single style clog in 2002 which was offered in six colors. The company since has expanded and currently offers of a wide product line of footwear, including boots, sandals, sneakers, mules and flats, which are made of leather and textile fabrics as well as Croslite. A key competitive advantage of the company’s footwear is the use of the Croslite material, which is uniquely suited for comfort and functionality. Croslite is extremely lightweight, comfortable and non-marking while also being water resistant and virtually odor free. The unique characteristics of Croslite enabled the company to offer consumers a shoe unlike any other footwear...
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...Converse Inc. Situational Analysis ID: 936605550 ID: 911484064 ID: 933327329 ID: 919538922 ID: 938345647 Table of Contents Company Analysis ……………………………………………………………………………………………………………………………….. 3-‐6 Consumer Analysis………………………………………………………………………………………………………………………….……. 6-‐7 Product Analysis……………………………………………………………………………………………………………………..……………. 7-‐9 Competitive Analysis……………………………………………………………………………………………………………………………. 9-‐14 Market Analysis……………………………………………………………………………………………………………………………………. 14-‐15 Other Considerations (Past and Present Communications)…………………………………………………………………… 15-‐17 SWOT………………………………………………………………………………………………………………………………………………….… 18-‐19 Primary Research Considerations………………………………………………………………………………………………………….. 19 Work Cited and Appendix……………………………………………………………………………………………………………………… 20-‐29 2 ID: 936605550 ID: 911484064 ID: 933327329 ...
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...7 FOR ALL MANKIND COMPILED AND PRESENTED BY: POOJA S RAWAL FD- 7 BATCH- 1 27/08/2013 1 29-08-2013 INTRODUCTION 7 For All Mankind (often referred to simply as Seven, Seven Jeans or 7FAM) is a premium denim brand founded by Michael Glasser, Peter Koral, and Jerome Dahan in 2000. It is headquartered in Los Angeles, California. Since 2007, it has been owned by the VF Corporation. 7 for All Mankind began by designing women's jeans. A men's jeans line was introduced in fall 2002, and its Children Denim Collection for boys and girls in fall 2005. In addition to jeans, 7 for All Mankind produces other clothing items such as skirts, shorts, and denim jackets. The brand is sold in over 80 countries including Europe, Canada, and Japan. 2 29-08-2013 COMPANY PROFILE The story of premium denim is one that is intricately intertwined with the launch of 7 For All Mankind in Los Angeles, California during Autumn in 2000. 7 For All Mankind was the first company to truly bring premium denim to scale, marking Los Angeles, California, as denims’ venerable center for research and development worldwide changing the landscape of denim forever. The brand became an instant favourite among Hollywood’s elite. 7 For All Mankind rank as a preferred jean among Hollywood’s leading ladies such as Angelina Jolie, Cameron Diaz, Jennifer Garner and Liv Tyler. Male celebrities such as Jake Gyllenhaal, Ben Affleck, and Ryan Reynolds became fans after the launch of 7 For...
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...organizations having an IT governance domain consisting of proactive strategic guidance and participatory team building. Large enterprises, however, under-performed compared to SMEs and needed specific performance drivers, such as top management commitment to become effective. ß 2008 Elsevier B.V. All rights reserved. Keywords: ERP IT governance IT success IT value delivery Empirical survey 1. Introduction Today’s business requirements have moved IT governance into the focus of attention. The core processes underlying effective and comprehensive IT governance are the same as those for an enterprise. IT activities are critically important to all aspects of the enterprise. This applies to ERP system applications which are seen as key in supporting business processes in many organizations. ERP involves the seamless integration of processes across functional areas such as finance, human resources, manufacturing and logistics. They support improved...
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...Sears, Roebuck & Co G5 Investment Group Matt Nutsch Renis Kacani Melody Seely Ashley Green Wiley Eagle . G5 Investment Group December 4, 2004 Retail – Broadline Buy Stock Data Price (52 weeks) Symbol/Exchange Beta Fully Diluted Shrs Average Daily Vol Current market cap Book Value / Share Current ratio $31.21 - $55.90 S / NYSE 1.3 230.4 million 5,028,000 shrs 10.82B $28.3 1.32 Valuation (per share) Current Price Comparables DCF Analysis Residual Income DD Analysis Abnormal Earnings $34.78 $36.60 $36.94 $38.38 $27.97 $46.49 Summary Financials (in millions) for 2004 Revenue Earnings $36.6 billion $550 million 1 Executive Summary Sears is following a differentiated approach in a competitive industry. Consequently, Sears has lagged behind other broadline retailers such as K-Mart, Target, and Wal-Mart. Should Sears adjust its marketing approach, it would have great potential for success. Growth prospects for Sears include continuation and growth of sales and expansion. The development of subsidiary brands such as Lands’ End and the acquiring of 61 of-mall stores from K-Mart and Wal-Mart. of new stores abroad will fuel this growth. Financing the acquisitions should not be overly burdensome for Sears, given the company’s large cash. Also, the company’s Z-Score of 5.9 will provide easy access to financing if needed Sears has began to shift to an off-mall emphasis for its stores as it acquired stores...
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...w 9B11N012 Ken Mark wrote this case under the supervision of Professors James E. Hatch and Larry Wynant to provide material for class discussion. The authors do not intend to illustrate either effective or ineffective handling of a managerial situation. The authors may have disguised certain names and other identifying information to protect confidentiality. Richard Ivey School of Business Foundation prohibits any form of reproduction, storage or transmission without its written permission. Reproduction of this material is not covered under authorization by any reproduction rights organization. To order copies or request permission to reproduce materials, contact Ivey Publishing, Richard Ivey School of Business Foundation, The University of Western Ontario, London, Ontario, Canada, N6A 3K7; phone (519) 661-3208; fax (519) 661-3882; e-mail cases@ivey.uwo.ca. Copyright © 2011, Richard Ivey School of Business Foundation Version: 2011-11-07 INTRODUCTION It was late March 2007, and Richard McDonald, a managing director at Federal Securities (Federal), was briefing his team on a financing proposal for Lululemon Athletica (Lululemon). Federal Securities was a mid-sized investment bank and in recent years, had managed several capital issues for businesses in the retail sector. McDonald had been monitoring Lululemon’s progress over the past few years and had been impressed by the company’s unique positioning and its rapid growth. He felt it might be timely to approach the firm...
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...Lowe’s Home Improvement Stores Sheila Thomas Webster University Abstract Lowe’s exists to help customers improve and maintain their biggest asset- their home. We do this by meeting the changing needs of our customers by providing inspiration and support whenever and wherever they shop. Whether our customers shop in store, online, by phone, or if we’re meeting them at their home or place of business, Lowe’s is ready to help. In our more than 1,830 stores, we have implemented multiple systems to improve the customer experience, including an upgraded store information technology infrastructure that allows customers and employees to access richer product information, enjoy an endless aisle of product choices and manage their projects from inspiration to enjoyment (Lowe’s.com). Online, we are rapidly expanding our assortments to offer customers a broader range of products that can be researched and purchased online, in store or via our mobile app. MyLowe’s makes it easy for our customers to automatically track and store all purchases on their online customer profile. We’ve vowed to “Never Stop Improving” so we can satisfy the ever-changing needs of our customers (Lowe’s.com). Lowe’s operates more than 1,830 stores in the United States, Canada and Mexico. We serve approximately 15 million customers each week and employ more than 260,000 people (Lowe’s.com). Our stores stock 12 product categories ranging from appliances and tools, to paint, lumber and nursery...
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...BRIEF 3 CASE ABSTRACT: 3 AUDITOR’S DILEMMA: 3 AUDITOR’S QUESTION: 3 Research Questions: 3 CASE CONTEXT 4 Understanding of the North Face Entity 4 Understanding of the Entity’s Environment 6 INDUSTRY CONDITIONS 6 INDUSTRY LIFE CYCLE: 8 The Apparel Commodity Chain: 9 Demand and Competition 9 Regulatory Environment: 10 Revenue Recognition 11 Other External Factors: 12 Answer to Questions 13 Figure 1- The Apparel Creation-to-Sales Cycle 7 Figure 2 - The Fraud Triangle 19 Table 1 - Rules for Revenue Recognition in Manufacturing Industry 11 CASE BRIEF CASE ABSTRACT: Financial accountants and independent auditors commonly face challenging technical and ethical dilemmas while carrying out their professional responsibilities. This case profiles an accounting and financial reporting fraud orchestrated by the chief financial officer (CFO) of a major public company and his subordinates. The CFO, who was a CPA, took extreme measures to conceal the fraud from his company’s audit committee and independent auditors. Despite those measures, the independent auditors identified suspicious entries in the company’s accounting records that were a result of the CFO’s fraudulent scheme but did not properly investigate those items. Shortly before the fraud was publicly revealed, a partner of the company’s audit firm instructed his subordinates to alter prior year audit workpapers for the client to conceal improper decisions made by himself and his...
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...RESEARCH Sloan School Cambridge of Management Massachusetts Developing a Common Language About IT Risk Management George Westerman and Richard Hunter June 2009 CISR WP No. 377 A version of this paper will be published as “Developing a Common Language About IT Risk,” IESE Insight, Issue 1, Second Quarter 2009: 21–27. © 2009 Massachusetts Institute of Technology. All rights reserved. Research Article: a completed research article drawing on one or more CISR research projects that presents management frameworks, findings and recommendations. Research Summary: a summary of a research project with preliminary findings. Research Briefings: a collection of short executive summaries of key findings from research projects. Case Study: an in-depth description of a firm’s approach to an IT management issue (intended for MBA and executive education). Technical Research Report: a traditional academically rigorous research paper with detailed methodology, analysis, findings and references. CISR Working Paper No. 377 Title: Developing a Common...
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