VFC VF Corporation

   By Patrick Thomas 
 

Booming sales for VF Corp.'s (VFC) Vans and The North Face brands lifted the apparel company's quarterly results Friday.

The Greensboro, N.C., company reported second-quarter net income of $507.1 million, $1.26 a share, for its quarter, compared with $386.1 million, or $0.97 a share, in the same period a year earlier.

Company revenue increased 15% to $3.91 billion from $3.39 billion a year earlier. The Vans brand had a 26% percent increase in revenue while The North Face brand was up 5%. International revenue increased 13%.

Adjusted earnings per share from continuing operations increased 19% to $1.43, including an eight-cent contribution from acquisitions Analysts polled by FactSet were expecting adjusted earnings of $1.33 a share and $3.86 billion in revenue.

Full-year fiscal 2019 revenue is now expected to be at least $13.7 billion, compared with previous guidance of $13.6 billion to $13.7 billion. Fiscal 2019 adjusted earnings per share are now expected to be $3.65, compared with the previous expectation of $3.52 to $3.57.

In August, the company announced its intentions to spin off its denim business, including its Lee and Wrangler jeans. The company also sold its surf brand Reef to The Rockport Group, a shoemaker, earlier this month for an undisclosed amount. The updated revenue outlook includes the negative impact of the expected divestitures of the Reef brand.

VF increased its quarterly dividend by 11% to 51 cents a share.

Write to Patrick Thomas at patrick.thomas@wsj.com

(END) Dow Jones Newswires

October 19, 2018 07:51 ET (11:51 GMT)

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