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.
