GREENSBORO, United States — Apparel and footwear company VF Corp on Friday reported first-quarter revenue that topped Wall Street estimates, on demand for Vans shoes and North Face apparel as well as higher online sales.
VF has ramped up efforts in reshaping its portfolio and elevating its most powerful brands like Vans sneakers, Wrangler jeans and Timberland boots.
Revenue jumped 22 percent to $3.05 billion, topping analysts' average estimate of $2.92 billion, according to Thomson Reuters I/B/E/S.
The Greensboro, North Carolina-based company said net income rose to $252.8 million, or 63 cents per share, from $209.2 million, or 50 cents per share, a year earlier.
VF has adopted a four-point strategy aimed at boosting its direct-to-consumer and digital businesses and directing investment to Asia, with a focus on China.
It completed the sale of its Nautica brand business to Authentic Brands Group, LLC, a brand-development company based in New York, on Monday.
For full-year fiscal 2019, the company expects revenue in the range of $13.45 billion to $13.55 billion, reflecting growth of approximately 9 percent to 10 percent. Adjusted earnings per share is expected to be in the range of $3.48 to $3.53 for fiscal 2019, reflecting growth between 11 percent and 13 percent.
Analysts on average are expecting earnings of $3.48 per share and sales of $13.30 billion for fiscal 2019, according to Thomson Reuters I/B/E/S.
By Siddharth Cavale and Melissa Fares; editors: Sai Sachin Ravikumar and Steve Orlofsky.