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VF Corp: revenue up 6.5% for first quarter

Published
today Apr 28, 2014
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During the presentation of its 2013 annual results, VF Corp announced expectations of 7 to 8% growth in revenue as well as a gross margin at over 49% for the 2014 fiscal year.

Vans has recorded a 20% increase in turnover in the first quarter compared to the same period last year.


At the end of the first quarter, the American clothing giant has already registered an increase in its gross margin, which rose from 48.1% last year to 49.4 % over the first three months of 2014. In terms of revenue, VF has shown a 6.5% rise to 2.78 billion US dollars (2 billion euros). The group has had a good quarter and benefited from a favorable exchange rates.

"Led by outstanding performance from the Outdoor & Action Sports coalition, which had balanced growth across all channels and geographies, we delivered strong growth in revenue and profitability," said the group’s CEO, Eric Wiseman, in a statement.



In fact, the Outdoor & Actions sports coalition, which includes North Face, Vans and Timberland, recorded a 14% increase in sales to 1.13 billion euros. North Face posted +14%, with an increase of 30% in its component direct-to-consumer sales, rewarding strategic new shop openings.

Vans continues to show high growth at +20%, with double-digit growth across all geographies. Timberland has increased its turnover by 12% with an increase of over 20% for wholesale business in the Americas.

Other areas show more moderate changes. Jeanswear (Wrangler, Lee, etc.) and Contemporary Brands (7 for all Mankind) even saw declines of 4% and 5%, respectively to 498 and 71 million euros.

In contrast, Sportswear (Nautica and Kipling) and Imagewear (licenses with sports leagues) increased by 3% and 4% to 190 and 95 million euros. Other brands declined by 8% to less than 17 million euros.

For the quarter, VF Corp has achieved an operating income of 291 million euros, up 13% compared to the same period last year. Net income improved by 10% to 297 million euros.

For the full fiscal year, VF expects to achieve an 8% increase in turnover and to maintain its gross margin target at 49%.

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