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VF Corporation ups forecast after record quarter

VF Corporation, which owns brands including Lee and The North Face, increased its forecasts after record revenues for the third quarter of the year.

Revenues for rose 7% to $2.2 billion (£1.4bn) for the three months to Oct 2. Net income over the period was up 11% to $242.8m (£154.7m).     

In its actions and outdoor division, strong performers were The North Face and Vans brands, which showed double digit growth with revenues up 17% and 19% respectively.

In the jeanswear division, VF Corporation said revenues in its Lee and Western businesses rose 1% and 5%, respectively.

Revenue was also boosted by increased sales in international markets, which was up 10%, especially in Asia, were revenue was up 37%.

For the first nine months of 2010, revenues increased 5% to $5.6bn  (£3.6bn) with net income up 31% to $517m (£329m).

Chairman and chief executive Eric Wiseman said: “This quarter’s strong organic revenue growth and record gross margins are a testament to VF’s diverse business model and powerful brands,” said Officer. “The investments we’re making this year to drive growth in our strongest and most profitable businesses are clearly paying off.”

VF Corporation said that it expected revenues to increase more than the upper 5% figure of its previous guidance, to around $7.6bn (£4.8bn).

“We look forward to wrapping up a very strong 2010, with revenues near record levels and all-time highs in gross margins and earnings,” said Wiseman. “Looking ahead, we are confident that the investments made this year will drive another year of solid top and bottom line growth in 2011.”

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