The VF Corp revealed better-than-expected first-quarter earnings and sales amid rising demand for its top brands and raised its guidance for the year.
The company, whose brands include Timberland, The North Face, Vans, and Dickies, said that its net income totalled $324.2M in the quarter ended 3 July, up from $285.6M in the year-ago period. Adjusted earnings were $0.27 a share. Analysts had been expecting adjusted earnings of $.11 a share. Total sales surged to $2.19bn from $1.08bn a year earlier. Analysts were expecting revenue of $2.17bn.
Revenue at VF’s four largest brands all increased by at least 61 per cent compared to last year. The strongest performing brand was Vans, whose sales surged 110 per cent. The North Face’s sales rose 93 per cent, while Timberland’s increased 70 per cent. Dickies’ sales were up 61 per cent.
“Our teams delivered an outstanding first quarter, powering VF back to pre-pandemic revenue levels while driving an earnings recovery ahead of our expectations,” said Steve Rendle, VF’s Chairman, President and CEO. “We continue to see broad-based momentum across the portfolio, supporting an increase to our fiscal 2022 outlook for each of our largest brands. Though the first quarter is a relatively small portion of our total year, this strong start reinforces my confidence in our ability to accelerate growth through fiscal 2022 and beyond.”
