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Vans Takes Big Step Up in Earnings After Going Public

ORANGE Vans Inc., a maker of sneakers, reported $6.5 million in earnings for its first fiscal year as a publicly traded company.

If not for onetime charges related to its August, 1991, public stock offering, the company said, it would have posted a profit of $9.6 million, or $1.07 a share, for the fiscal year ended May 31. Earnings per share for the year came to 72 cents.

The latest results contrast with a loss of $236,000 for the previous fiscal year. Since Vans was not publicly traded at that time, earnings per share were not disclosed.

Sales for the latest fiscal year came to $91.2 million, a 28.4% increase from $70.2 million in the previous 12 months.

"Our record sales and earnings during a period how much is a hermes handbag of prolonged nationwide recession were particularly gratifying," said Richard P. Leeuwenburg, Vans president.

Despite the gains for the year, the Orange based company noted that its fourth quarter results were weaker than expected. Leeuwenburg blamed the sluggish California economy, the Los Angeles riots and fake hermes leather handbags weakness in the retail markets of Mexico, Europe and Japan.

Earnings were $3.4 million, or 35 cents a share, in the fourth quarter, compared with a loss of $1.3 million in the corresponding period last year. Sales were $25 million, up 16.4% from $21.4 million.

Vans stock, which trades on the NASDAQ market, closed Thursday, fake Hermes bag maintenance a day after the company released its earnings statement, at $11.25 a share, up 75 cents.

Leeuwenburg said the company faces more difficult times.

"The weak economic picture for the important markets in which Vans sells will have an adverse copy hermes bags impact on sales at least through the balance of the quarter," he said. "However, longer term, our outlook remains very positive."


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Added Sep 5 '17


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