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VF Corporation (Vans, The North Face) has published a sales and operating profit increase in the second quarter. Growth was particularly significant in China.
Asia as a growth engine
In the months July, August and September, the company achieved a 5 % turnover growth to 3.4 billion dollars (3 billion euros). The ‘Outdoor’ segment (including The North Face and Timberland) grew by 4 %, while the ‘Active’ segment (including Eastpak and Vans) saw its sales grow by 9 %. The group’s workwear department (including the brands Dickies and Terra) was in a worse state and suffered a 4 % drop. In China, the fashion group recorded an impressive 20 % increase in turnover.
The operating result increased by 6 % to 579 million dollars (520 million euros), net profit even increased by 28 % compared to the same period the previous year. As a result, the quarterly dividend will be increased by 12 %.
For the whole financial year, the company still expects a turnover of 11.8 billion dollars (10.5 billion euros), which would mean 6 % growth on an annual basis. The group also confirms that earnings per share should be between 3.32 and 3.37 dollars (3 to 3.05 euros).
