US clothing firm VF Corporation said its net income for the third quarter rose 13% to US$233.9m, from $207.2m during the same period last year, but said sales expectations were hit by market conditions.

The branded apparel company said its third quarter revenues rose over 6% to a record $2.2bn, compared with $2.07bn in the third quarter of 2007, but this was below the company's 9% target increase.

Revenues were hit by the continued deterioration in market conditions, as well as the impact of the strengthening dollar on foreign currency translations, VF said.

For the first nine months of 2008, revenues were up 9% to $5.73bn, a statement added, while net income was $486.9m, ahead of $427.2m in the comparable period last year.

Eric Wiseman, chairman and chief executive officer of VF Corporation, said: "We remain confident in our business model, which is built on a strong foundation of diversity across geographies, products and channels of distribution and supported by some of the best-known and most powerful apparel brands in the world.

"However, global market conditions have continued to deteriorate beyond what we could have anticipated, with a marked change particularly during the last several weeks. While our brand portfolio is healthy, general economic conditions are not, necessitating that we take a much more conservative stance toward our fourth quarter guidance."

By category, VF's Outdoor coalition's revenues were up 12% in the quarter with the The North Face and Vans brands growing revenues 15% and 11% in the quarter, respectively.

VF's total Jeanswear revenues declined 2% in the current quarter though, with  a slight gain in international business offset by lower revenues in the US. Revenues of VF's Sportswear coalition dipped 5% in the quarter but revenues of its Contemporary brands coalition, which consists of the 7 For All Mankind and Lucy,  rose 12%.

The company went onto say that international revenues increased 22% in the quarter and represented 34% of total revenues, and that retail revenues increased 12% in the quarter and represented 14% of total VF revenues.

In its outlook the company said that the month of September had marked a turning point in market conditions, and reduced its expectations for the fourth quarter to a 3 to 4% rise in revenues and a 1 to 5% increase in earnings per share. Previous guidance was for revenue and earnings per share increases of 8% and 20%, respectively.

"While admittedly difficult, today's environment is creating opportunities for strong companies with strong brands," said Wiseman. "In fact, we're planning higher spending in both advertising and product development in the fourth quarter, as we believe this is the right time to invest behind our brands to support their continued long-term growth."