Athletic Footwear

Vans, Inc.

To use a dated term, Vans <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: VANS)") else Response.Write("(Nasdaq: VANS)") end if %> has been a bitchin' investment over the last two years due to 34% compounded sales growth, a 1995 restructuring, stepping on the marketing gas pedal, and the fast growth of extreme sports, where Vans' heritage lies. Snowboarding apparel and footwear products as well as solid international sales have provided robust growth over the last two years. Other factors contributing to the company's growth include BMXers joining mountain bikers in choosing Vans' products, east coasters taking to the Vans look, and retro GenX fashion. Sales growth was made from a low base in 1995, though, and since 1996 the stock has foundered. Return on tangible capital was an acceptable 12.2% last year, but should be higher for shareholders to realize strong returns in the coming year.

Latest Financials

Net sales for the fourth quarter increased 22.7% to $39.2 million, compared to $32 million for the fourth quarter of fiscal 1996. Net income rose to $2.7 million, versus net income of $1.5 million in the same period last year. Earnings per share for the fourth quarter rose significantly to $0.20, versus earnings per share of $0.14 last year.

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