Outdoor financials: VF CEO receives '06 compensation valued at $9.3 million, plus Forzani

VF CEO receives ’06 compensation valued at $9.3 million
According to a filing with the Securities and Exchange Commission, VF Corp. (NYSE: VFC) CEO Mackey J. McDonald received 2006 compensation that the company valued at nearly $9.3 million. VF is the parent of various outdoor companies, including The North Face, JanSport and Eagle Creek.

McDonald’s salary was approximately $1.1 million and non-equity incentive plan compensation of $1.5 million, the filing said. He also received stock and option awards valued at about $6.6 million on the dates they were granted.

All other compensation totaled $80,510 and included $12,500 in matching contributions to a savings plan, $10,900 for financial planning, $18,740 for personal aircraft use and a $23,400 car allowance. Dues and subscriptions totaled $2,247, while tax gross up, which occurs when a company pays the taxes on an executive perks, came in at $12,723.

For 2006, VF’s earnings grew 5 percent to $533.5 million, or $4.72 per share, from $506.7 million, or $4.44 per share, in the previous year. Revenue climbed 10 percent to $6.22 billion from $5.65 billion a year ago.

VF will hold its annual stockholders’ meeting on April 24 in Greensboro, N.C. Shareholders will elect four directors, ratify an accounting firm and approve an amended and restated stock compensation plan.

Forzani’s FY ’06 profit up despite warm winter
Canada’s Forzani Group (TSX: FGL.TO) said its full-year net income increased by two-and-a-half times to CDN $35.2 million (USD $30.4 million), or CDN $1.04 per share (USD $0.89), from CDN $13.8 million, or CDN $0.42 a share, despite mild weather in eastern Canada.

Annual sales grew 12 percent to CDN $1.26 billion (USD $1.08 billion), from CDN $1.13 billion. Same-store sales rose 5.4 percent.

Fourth-quarter revenue was CDN $353.2 million (USD $305.3 million), up 3 percent from CDN $342.2 million in the year-earlier period.

Total quarterly sales at corporate and franchised outlets — which include Sport Chek, Coast Mountain Sports, Sport Mart, National Sports, Sports Experts, Intersport, Nevada Bob’s Golf, Hockey Experts and Fitness Source — edged up 0.5 percent to CDN $440.2 million (USD $380.5 million).

Comparable-store sales slipped 0.3 percent, including a 2.9 percent decline at franchised outlets, after a strong 8.3 percent overall same-store gain a year ago.

Quarterly net earnings rose to CDN $21.1 million (USD $18.2 million), or CDN $0.62 per share (USD $0.53), from CDN $17 million, or $0.51 per share.

Forzani’s total store count at year’s end was 270 corporate stores and 209 franchise locations totaling 479 from coast to coast, up 3 percent from 464 a year earlier.

The company said it plans to buy back up to 10 percent of its 33.7 million common shares this year. In a previous normal course issuer bid that expired last July, it bought back no shares.

(Conversion of Canadian dollars into U.S. dollars is for information only, is not necessarily relative to earnings, and is based on the currency rate as of Mar. 23.)

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