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VF Corp third quarter profit falls

Profits at VF Corporation, the parent company behind denim brands Wrangler and Lee, fell from $233.9m (£142.4m) to $217.9m (£132.7m) over the three months to October 3.

Third quarter sales at the company dropped 5% to $2.8bn (£1.7bn) while sales at VF Corps’ international arm, including the UK, fell 2% due to turbulent trading conditions in the European market.

VF Corps’ European jeanswear business was hit particularly hard over the period as sales fell 10%.

“We achieved an important improvement in our third quarter performance relative to the the first half of the year as conditions have stabilised,” said VF Corp chairman, president and chief executive, Eric Wiseman. “Our relentless drive to control costs, reduce inventories and focus investments on our highest return opportunities has served us very well during these volatile times.”

Wiseman said the firm’s four largest brands — Wrangler, Lee, North Face and Vans, representing about 60% of total revenues — “are strong and healthy and continue to gain share in most markets.”

For the first nine months of the year, profit was down 19% to $394.4m (£240.2) while total sales were down 7.4% to $5.3bn (£3.2bn).

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