Apparel and footwear company VF Corp. reported first-quarter earnings on Friday that beat Wall Street expectations due to strong sales, and the company raised its sales estimate for the current year.

The Greensboro-based company reported net income of $160.3 million, or 40 cents per share, up 46 percent from net income of $110 million, or 27 cents per share in the first quarter a year ago.

Analysts were expecting earnings of 33 cents.

Revenue of $2.79 billion in the quarter was up 23 percent and beat analyst estimates of $2.68 billion.

“VF’s first quarter results were strong, driven by continued broad-based acceleration across our core brands and platforms,” said Chief Executive Officer Steve Rendle in a statement.

VF’s shares rose $3.61, or 4.1 percent, to $92.85 in Friday morning trading.

The company also said it now projects revenue for the 2019 fiscal year to be between $13.6 billion and $13.7 billion. Analysts currently estimate the company to report revenue of $13.56 billion.

VF said it expects to report earnings for the 2019 year between $3.52 per share and $3.57 per share, in line with current estimates.

The company has been revamping its operations in recent years. In April, it sold its Nautica brand. Last year, it sold its licensed sports group business, including the Majestic brand.

VF has acquired the Altra footwear brand as well as the Icebreaker and Dickie’s clothing brands in the past year.

The company has more than 30 brands, including Vans, The North Face, Timberland, Wrangler and Jansport. More than half the backpacks sold in the U.S. are supplied by brands owned by VF Corp.