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Profits increase at VF Corp

Profits at VF Corporation, the branded fashion house behind brands such as The North Face, Seven for all Mankind, Vans, Wrangler and Lee has reported a 12% rise in first quarter profits to $1.96bn (£1.18bn) for the three months ended March 31.

VF raised its revenue growth forecast to 10% for 2011, up from a previous forecast of 8%-9%, largely because of the weak U.S. dollar.

VF said the strongest growth was in its outdoor & action sports sector, where revenues increased 16%. Denim revenues grew 9%, imagewear revenues rose 12%, sportswear revenues increased 10% and contemporary brands revenues were up 8%.

International sales, which make up about one-third of revenues, rose 20%, led by a 52% jump in China.

Eric Wiseman chairman and chief executive said: “During the quarter we achieved higher revenues and operating income across all businesses, with exceptionally strong international growth as we continue to extend the reach of our brands to consumers around the world.”

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