UPDATE: VF Corp Posts Rise In Q2 Earnings
VF Corp (NYSE: VFC) reported a rise in its second-quarter earnings.
The Greensboro, North Carolina-based company posted quarterly earnings of $157.7 million, or $0.36 per share, compared to $138.3 million, or $0.31 per share, in the year-ago period.
Its revenue climbed 8% to $2.4 billion. However, analysts were expecting earnings of $0.35 per share on revenue of $2.36 billion.
Revenues for the Outdoor & Action Sports coalition rose 16% to $1.3 billion, while Jeanswear revenue declined 1% to $606 million. Imagewear revenue gained 3% to $250 million, while Sportswear revenue surged 5% to $140 million. Contemporary Brands coalition revenue dropped 2% to $96 million in the quarter.
International revenue climbed 14% in the quarter. Revenue in Europe surged 16%, while revenue in the Americas region gained 6%.
Direct-to-consumer revenue jumped 18% in the second quarter.
Its gross margin declined 10 basis points to 48.4%. Operating income climbed 9% to $220 million from $201 million.
Eric Wiseman, VF Chairman, President and Chief Executive Officer said, “Our strong second quarter results, led by our Outdoor & Action Sports coalition, put us right in line with our full-year outlook and long-term growth commitments.”
VF Corp affirmed its revenue growth forecast of 8% for the full year. It also projected earnings of $3.06 per share.
VF Corp shares dropped 0.97% to $61.00 in pre-market trading.
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