US: VF raises full-year forecast on strong Q2
- Q2 net income increased 19.9% to $ 155.4m
- Revenue rose 16% to $2.1bn
- Lifts FY guidance by $0.05 per share to $9.50
VF Corp today (19 July) raised its full-year guidance after recording a jump in second-quarter net income.
The owner of the North Face, Wrangler, Lee, and Nautica brands, lifted its full-year guidance by $0.05 per share to $9.50 after profit climbed 19.9% to US$155.4m in the three months ended 30 June.
Excluding the impact of the sale of the John Varvatos brand, net income declined to $123m from $129m in the same period of the prior year.
Revenue rose 16% to $2.1bn. On an organic basis, revenue increased 3%, driven by strong growth in its outdoor and action sports, and international businesses.
Gross margin was better than expected, rising 20 basis points to 46.1% as the impact of higher jeanswear costs eased.
Over the first-half, net income increased 3% on an adjusted basis to $341m as revenue rose 24% to $4.7bn.
"We've reached the halfway mark of the year, and are right on track to deliver another year of strong and very profitable growth to our shareholders," said chairman and CEO Eric Wiseman.
"The strength of VF's business model - a diverse portfolio strategy supported by an intense focus on financial and operational disciplines - provides us with a clear competitive advantage as we successfully navigate through an increasingly uncertain economic environment."
Australian surfwear brand Billabong has received a rival bid for the brand from VF Corp and private equity firm Altamont Capital Partners, which matches an offer from US boss Paul Naude and Sycamore P...
Singapore-based apparel company Ocean Sky is set to be acquired by Luen Thai Holdings for US$55m. ...
US women's wear retailer Bebe Stores has named Steve Birkhold as CEO, effective immediately....
Seattle-based outdoor wear brand Eddie Bauer has appointed Steve Venegas as vice president of distribution in North America....
A group of buyers representing some 20 global brands and retailers is this week visiting Bangladesh as part of a wider regional tour to explore sourcing alternatives to China....
- The new age of disruption on apparel production
- Will Vietnam struggle with impending trade deals?
- Yuan devaluation impact mixed for garment firms
- Kurt Cavano on “the Uberfication of everything”
- China devaluation: what’s the big deal?
- US Q2 in brief: J Crew, Aeropostale, Bebe Stores
- Adidas seeking to resolve shoe supplier dispute
- Luen Thai to continue investment in Vietnam
- Stock-out paradox persists despite data overload
- H&M offers $1m grant for sustainable innovations
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Ethiopia – the emerging textile and clothing industry
- Global market review of lingerie - forecasts to 2020
- Global market review of swimwear - forecasts to 2019