The North Face, Vans Drive Record Quarter For VF
VF Corp., parent company of such brand as Timberland, the North Face, Wrangler, Lee and Vans, says its fourth-quarter revenues gained 4% to $3 billion, a record, up from $2.9 billion a year ago. Net income for the Greensboro, N.C.-based company, which excludes its acquisition of Timberland, climbed 32% to $344 million, compared with $262 million in the fourth quarter of 2011.
The results included “solid results across nearly every coalition, channel and geography,” says Eric Wiseman, VF’s chairman/CEO, in the company’s release. “Our performance is confirmation of our greatest competitive advantage – the diversity of our portfolio.” In its outdoor & action sports brands, revenues added 6%, reaching $1.7 billion, with brand revenues for the North Face advancing 10%. And Vans’ revenues jumped 21%. Sales at Timberland fell 4%, partially due to unseasonably warm weather. Jeanswear revenues increased 3% to $735 million in the quarter.