VF Corp Conference Call Highlights

VF Corp

reported its third quarter earnings on Monday. Shares of the company are neutral for the day. Below are some highlights from its conference call: Operational Highlights: • Total VF revenues in the third quarter were up 7%, which included a bit of a foreign currency headwind. • Performance during the quarter was once again led by the Outdoor & Action Sports coalition which was up 11%. Segments and Brands: • Our three big brands continued their strong momentum. • The North Face was up 9%. • Vans grew 12%. • And Timberland was up 15%. • And especially important result, coming off of last month's Timberland Investor Day where we detailed plans for the brand to reach $3.1 billion in revenues by 2019. • Such strong momentum that, today, we're happy to announce that we're taking up our 2014 revenue growth outlook for the Timberland brand to 13%. • A powerful brand, innovative product and global growth, built on a strategy supported by consumer insights. • Timberland is a perfect example to illustrate the power of our one VF approach to business. • And our international business was up 9% or 10% in constant dollars, with the EMEA and Asia Pacific regions on track to reach the full-year goals. • In line with our expectations, third quarter global revenues for The North Face were up 9%. • In the Americas, revenues were up at a low-double-digit percentage rate with almost 30% growth in D2C and high-single-digit growth in wholesale. • And during the quarter, our daypack sales at wholesale were up significantly with a 35% increase. • Global revenues for the Vans brand in the third quarter were up 12%, marking the 20th consecutive quarter of double-digit growth. • In Asia, Van's revenue grew nearly 40% with China increasing more than 40%, so strength across the board. • We're also seeing strong results in apparel and footwear. • We are incredibly proud of what Timberland has achieved during the past three years and have tremendous confidence in our ability to reach $3.1 billion in revenues by 2019. • In the Americas, revenues were up 22% driven by more than 30% growth in the wholesale business. • Revenues for the Lee brand were down 1% or flat in constant dollars. Financials: • Today, we announced a 22% increase in our quarterly dividend, lifting it to $0.32 per share. • We will return more than $1.2 billion to shareholders by the end of this year. • Our strategy to drive near- and long-term value to shareholders is working well. • We continue to inspire consumers with innovative products and deepen our relationships with them.