US: VF Corp Q4 sales and earnings climb
- Q4 net profit up 7%
- Gross margin at 48.2%
- Net sales climb 8%
Earnings grew 7% to $386m during the fourth quarter
Apparel giant VF Corporation has booked an increase in fourth-quarter earnings and sales, but results missed analyst expectations.
In the three months to the end of December, earnings grew 7% to US$386m or $0.82 per share, from $334.17m a year earlier. Thomson Reuters analysts had expected the company to report profit per share of $0.84.
Gross margin improved 80 basis points in the period to 48.2%, compared with 47.4% in the same period of 2012. The increase reflected the continuing shift of its revenue mix toward higher margin businesses as well as lower year-over-year product costs, the company said.
Revenues rose 8% to $3.3bn, driven by double-digit growth in the group's Outdoor & Action Sports, Sportswear, international and direct-to-consumer businesses, and high single-digit percentage growth in its Imagewear coalition.
Analysts had expected revenue of $3.34bn for the quarter.
For the full year, VF Corp said it expects revenue to increase by 7-8%, and EPS to increase 11-13% to $3 to $3.05.
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