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VF Corp raises full-year forecast on strong sportwear sales

Branded fashion group VF Corporation has raised its full-year expectations after posting a 23% increase in sales at its outdoor and sportswear division.

The US-based company, which owns brands including The North Face, Lee and Wrangler, reported a 15% rise in revenue to $1.84bn (£1.1bn) and has raised its full year revenue forecast to 12% to 13% from 10%.

International revenues rose by 30% over the period, driven again by outdoor and action sports and strong demand for its jeanswear products. It does not break out UK figures. Meanwhile, direct-to-consumer revenues grew by 17% driven by 29 new store openings, bringing its total number of owned stores to 808, and a 40% rise in e-commerce revenues.

Eric Wiseman, chairman and chief executive officer of VF, said: “With double-digit revenue growth in all coalitions, and in both our international and direct-to-consumer businesses, VF is firing on all cylinders. Our marketing investments continue to fuel outstanding growth, our brands are gaining momentum - and we are confident that this momentum is sustainable.”

Over the second quarter, outdoor and action sports, including The North Face, Vans, Kipling, was the company’s best performer, but it also saw double digit growth across all of its other divisions. Jeanswear, which also includes 7 For All Mankind, saw a 10% increase in overall revenue driven by a 24% increase in Asia, a 20% rise in the US, a more than 20% rise in Mexico and Latin America, and 13% increase in Europe.

Imagewear also had a strong quarter with an 16% increase in revenue driven by strong growth in its protective apparel business; while its contemporary brands, including womenswear and kidswear brand Ella Moss and menswear brand John Varvatos, division grew by 11%  thanks to new store openings and strong e-commerce sales.

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