21 April, 2018 -
03 May, 2018 -
Washington DC, U.S.
16 May, 2018 -
17 May, 2018 - 18 May, 2018
23 May, 2018 - 25 May, 2018
U.S. headquartered branded lifestyle apparel, footwear and accessories manufacturing group VF Corp has posted solid third-quarter results, and raises both outlook and dividends for 2017.
Third-quarter revenue from continuing operations for VF Corp, owner of the Timberland brand, increased 5% to US$3.5 billion (up 4% currency neutral), while gross margin from continuing operations improved 100 basis points (up 180 basis points currency neutral) to 50.1%. Revenue for the Outdoor & Action Sports category is reported to have increased 8% (+6% percent currency neutral), with the Vans’ brand revenue increasing 28% (+26% currency neutral) in the period.
International revenue increased 13% in the quarter (+10% currency neutral), including 18% growth in Europe (up 14% currency neutral) and 9% growth in China. Direct-to-consumer revenue was up 18%, with digital revenue increasing 38%.
The Group now expects 2017 revenue to increase about 6% on a reported basis (+5.5% on a currency neutral basis) to approximately US$12.1 billion, while reported earnings per share is now expected to be US$2.73 and adjusted earnings per share from continuing operations US$3.01. International revenue should increase approximately 10% versus the previous expectation of a low single-digit increase.