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VF Corporation full year profits jump 24%

Profits at VF Corporation, the parent company behind brands 7 For All Mankind, Vans and Lee, rose 24% to $713.2m (£439.1m) in the year to December 31.

Revenues increased 7% to $7.7bn (£4.7bn) from $7.2bn (£4.4bn) over the period.

VF Corporation’s Outdoor & Action Sports division, which includes footwear brand Vans and outdoor brand The North Face, saw revenues rise by 14%.

Its Jeanswear division, which includes denim brand Lee, increased revenues by 1% its Contemporary Brands division, which includes US premium denim brand 7 For All Mankind, increased sales by 5%.

In Sportswear, which houses the Nautica and Kipling outdoor brands, revenues were flat.

In the fourth quarter, group profits grew 8% from $181.3m (£111.3m) to $196.1m (£120.6m) and revenues also rose 11% from $1.9bn (£1.2bn) to $2.1bn (£1.3bn).

Jeanswear revenues grew 7% and Sportswear sales also increased by 11%. Contemporary Brands revenues declined by 9% however.

Chairman and chief executive officer Eric Wiseman said: “These results - in an economic environment that remains fragile - prove that VF has the right brands and strategies to win.

“We’re uniquely positioned for long-term success, driven by our exceptionally powerful and diverse brand portfolio, substantial growth opportunities both domestically and internationally, and the balance sheet and cash to fuel our expansion.”

Wiseman added: “2011 should mark the highest rate of organic revenue growth since 2007. The investments made last year to drive organic growth were successful and will continue this year, further strengthening our foundation for delivering solid, sustainable growth in 2011 and beyond.”

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