VF Corp increases full-year expectations after strong third quarter

VF Corp increases full-year expectations after strong third quarter
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VF Corp, the owner of fashion brands like Vans, The North Face, Wrangler and Lee, has experienced a very good third quarter, prompting it to adjust its full-year forecast.

Strong growth for Vans

VF Corp’s third quarter turnover grew 5 % to 3.5 billion dollars (nearly 3 billion euro), considerably higher than analysts’ expectations. There was also a 4 % like-for-like turnover growth, but net profit dropped 23 % to 386 million euro.

 

The company’s growth was partially because of the 8 % turnover growth at its Outdoor & Action Sports division. The Vans brand even achieved a 28 % turnover growth. European turnover went up 18 % and Chinese turnover followed suit with 9 %. VF Corp’s online sales even went up 38 % compared to 2016’s third quarter.

 

On the back of this exceptional growth, the fashion company adjusted its full-year forecast. It now expects a 6 % turnover increase to 12.1 billion dollars (10.2 billion euro) and will invest additional funds to maintain this growth in 2018.