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Revenues up 23% at VF Corporation

Revenues at VF have risen by 23% to $2.8bn (£2.13bn) for the three months to 30 June on the back of strong performances by Vans and The North Face.

Net income rose 46% from $109.9m (£83.8m) to $160.4m (£122.4m).

Vans saw its revenue increase by a third, The North Face saw revenues rise by 21%, Lee by 7%, Timberland by 5% and Wrangler by 5%. VF owns a total of 27 separate brands.

The firm announced that full year fiscal revenue was expected to be in the range of $13.7bn (£10.5bn), ”reflecting an increase of 10% to 11%” on 2017.

Gross margin from continuing operations increased to 50.3% on an adjusted basis. 

Steve Rendle, chairman, president and chief executive said: “VF’s first quarter results were strong, driven by continued broad based acceleration across our core brands and platforms.

“We are executing well against our 2021 growth plan and continuing on our journey to reshape the portfolio and transform VF into a purpose-led, performance driven, consumer-centric organization focused on and committed to delivering superior returns to shareholders.”

Last month the EMEA president of VF Martino Scabbia Guerrini told Drapers that “there’s an intensity and fluidity” within retail like never before, however he believed that brands needed to embrace the “global agenda”.

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