The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Apparel maker VF Corp raised its full-year forecast for revenue on Wednesday, as consumers working or attending classes from home during the Covid-19 pandemic boosted online sales of its sportswear and athleisure apparel.
A renewed focus on health and fitness during the pandemic has led more people to work out at home or adopt socially distant outdoor exercises such as running or biking, boosting sales for VF and other sportswear makers, including Nike Inc and Under Armour Inc.
VF’s direct-to-consumer digital sales jumped 53 percent in the third quarter.
The health crisis has pushed retailers to accelerate the shift to e-commerce operations as store closures earlier in the year bruised brick-and-mortar sales.
ADVERTISEMENT
VF, which recently closed the acquisition of streetwear brand Supreme, now expects fiscal 2021 revenue between $9.1 billion and $9.2 billion, compared with its prior estimate of at least $9 billion and a Refinitiv IBES estimate of $9.19 billion.
It also expects fiscal 2021 adjusted earnings per share of about $1.30, compared with its prior estimate of at least $1.20 and a Refinitiv IBES estimate of $1.36.
The Denver, Colorado-based company’s net revenue, however, fell to $2.97 billion from $3.38 billion, narrowly missing the average analyst estimate of $3 billion.
Excluding one-time items, VF earned 93 cents per share, compared with the average analyst estimate of 90 cents.
By Mehr Bedi and Praveen Paramasivam; editor: Devika Syamnath.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.