Buoyed By Timberland, VF Posts Record Sales
VF Corp. says its third quarter revenues, the first results since completing its acquisition of Timberland last month, rose 23% to $2.75 billion. (Excluding Timberland, revenue grew 16%.) And net income for the Greensboro, N.C.-based company climbed 24% to $300.7 million.
Each of its divisions performed well, with outdoor and action sports revenues, which now include Timberland and Smartwool as well as the Northface and Vans, rising 37%; jeanswear sales, including Lee and Wrangler, increasing 8%; and revenue from sportswear, which includes Nautica and Kipling, advancing 18%.
“The strength of VF’s diversified brand portfolio has never been more evident,” Eric Wiseman, chairman/CEO says in its release. “These results, in this environment, clearly demonstrate that VF has the right brands and strategies for strong and sustainable long-term growth.” As a result, the company, upped its forecast for the year, and now expects revenues to rise 23%.