Apparel group VF Corporation is raising its long-term revenue, operating margin and earnings per share growth targets for the next five years and has predicted growth during 2008.

In its guidance for this year, VF is anticipating revenue growth of 9% and earnings per share growth of 10%, excluding the impact of any new acquisitions.

Eric C Wiseman, president and chief executive officer of VF, said: "We're bullish about our prospects for 2008, despite the sharp downturn in investor sentiment surrounding many consumer-focused sectors. Not only do we expect to wrap up 2007 with a great fourth quarter, as previously announced on 19 December, but we look forward to continuing our momentum in 2008 with another year of record performance."

The company is raising its long-term revenue growth target from 6-8% to 8-10% annually and establishing a goal of $11bn in revenues by 2012. It said that key growth drivers would be international expansion and continued growth in its direct-to-consumer business. The company expects international revenues to expand approximately 13% annually.

The company also raised its operating margin target from 14% to 15%, and established a new target for earnings per share growth of 10-11%. VF expects its lifestyle businesses - Outdoor, Contemporary Brands and Sportswear - to continue to be its key growth engine over the coming years.