VF Corporation adjusts full year revenue forecast
VF Corporation has increased its third quarter revenue by 22% to $3.6 billion, but has cut its full year revenue forecast.
The owner of The North Face, Vans and Timberland saw its international revenue climb by 19% in the period following a 26% rise in sales in Europe, although sales in Greater China declined by 6%.
Meanwhile, direct to consumer sales rose strongly by 30% as online sales surged by 21% in the period.
Steve Rendle, VF’s chairman, president and chief executive, said: “We delivered strong double-digit top and bottom line results and returned about $500 million in cash to shareholders in the third quarter, all of which has been achieved amidst continuing macro headwinds.”
Never Miss a Retail Update!VF said it is now expecting revenue for its full year to come in at approximately $11.85 billion compared to a previously forecasted £12 billion. This reflects growth of around 28% including an approximate $600 million contribution from the Supreme brand.
Rendle added: “The broad-based momentum across our brands is testament to the resilience of our diversified portfolio model, which has enabled us to deliver a strong quarter and reaffirm our full year earnings outlook in a challenging environment. I am confident that VF remains well positioned for continued, profitable, long-term growth.”
