US: VF Corp raises FY forecast after strong Q1
VF Corp has raised its full-year earnings guidance on the back of strong first-quarter results.
The company, which owns the North Face, Lee and Nautica brands, among others, today (27 April) said it expects adjusted earnings per share to rise to US$9.15 per share.
Net income increased 7.3% to US$215.2m over the quarter ended 31 March as revenue rose 31% to $2.5bn. Organic revenue growth, which excludes recent acquisitions Timberland and Smartwool, increased a better-than-expected 12%, due in part to earlier shipments and stronger sales of seasonal products.
Gross margin declined, primarily due to the negative impact of higher jeanswear product costs, down to 45.7% from 47.2% in the prior year period.
"Our excellent first quarter performance spotlights our success in driving brand growth across our portfolio and the ability of VF's diversified business model to deliver healthy, sustainable growth on both the top and bottom lines," said VF chairman and CEO Eric Wiseman.
"Our momentum is strong, and we are excited about the prospects for delivering another year of record revenues and earnings to our shareholders."
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