VF Stock Prices Soar More Than 12% With Third-quarter Results

1/21/19

By Mackenzie Harris, NCBIZNews

Apparel and footwear company VF Corp. saw its shares skyrocket after reporting third-quarter results that beat expectations and raising its estimates for the rest of the year.

VF’s shares rose $9.08, or 12.2 percent, to $82.34 on Friday.

Growth in VF’s Vans brand and The North Face Inc. division constituted a significant portion of VF’s third-quarter growth, with North Face’s outdoor brands recording an 11 percent increase in revenue while overall wholesale revenue for The North Face rose 19 percent for the quarter.

“VF’s third quarter results were fueled by strong growth in our largest brands and balanced growth across the core dimensions of our portfolio,” said Chief Executive Officer Steve Rendle in a statement.

VF’s third quarter results included adjusted earnings of $1.43 per share, outperforming the $1.32 per share Wall Street consensus.

Its revenue for the period totaled $3.91 billion, beating the $3.75 billion that analysts had previously predicted.

VF serves customers throughout the world with its brands, including Vans, The North Face, Timberland LLC, Wrangler, and Lee Company.

The company also raised its earnings and revenue projections for the year.

VF is expected to report earnings per share of $3.73, up from its previous estimate of $3.65 per share. And it said its revenue should hit $13.8 billion, up from its $13.7 billion projection.

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