VF Corp. lifts full-year outlook amid a strong Q1

7/20/2018
The parent company of Timberland, Vans, The North Face, Wrangler, and other labels, started its fiscal year strong out of the gate.

For the quarter ended June 30, VF Corp.’s revenues increased 23% to $2.8 billion, or 40 cents a share. This was a jump from $2.25 billion, and 27 cents for the same period last year. This was also ahead of analyst expectations of $2.679 billion, and 33 cents per share.

Net income was $160.4 million, up from $109.9 million in the same period a year ago.

“VF's first quarter results were strong, driven by continued broad based acceleration across our core brands and platforms,” said Steve Rendle, chairman, president and CEO of VF Corp. “We are executing well against our 2021 growth plan and continuing on our journey to reshape the portfolio and transform VF into a purpose-led, performance driven, consumer-centric organization focused on and committed to delivering superior returns to shareholders.”

Based on these gains, the company raised its full-year outlook. Revenue is now expected to be in the range of $13.6 billion to $13.7 billion, reflecting an increase of 10% to 11%. This compares to the previous expectation of revenue between $13.45 billion and $13.55 billion, which reflected a 9% to 10% increase.

In addition, earnings per share is now expected to be in the range of $3.52 to $3.57, reflecting an increase of 12% to 14%. This compares to the previous expectation of $3.48 to $3.53, which reflected an increase of between 11% and 13%.
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