By Melodie Warner
VF Corp.'s (VFC) fourth-quarter earnings rose 30% as the
premium-brand apparel maker's margins improved despite
slower-than-expected revenue growth.
The company also forecast 2013 adjusted earnings of $10.70 a
share on revenue of $11.5 billion, while analysts surveyed by
Thomson Reuters expect $10.95 a share on $11.86 billion in
revenue.
VF, whose clothing brands include North Face, Wrangler and
Nautica, has seen increased revenue for over three years as its
2011 acquisition of the footwear company Timberland Co. contributed
to strong outdoor and action-sports segment sales.
VF reported a profit of $334.2 million, or $2.98 a share, up
from $257.3 million, or $2.28 a share, a year earlier. Excluding
items such as acquisition costs, adjusted earnings rose to $3.07
from $2.32. Revenue jumped 4.2% to $3.03 billion.
Analysts polled by Thomson Reuters most recently forecast
earnings of $3.03 a share on revenue of $3.07 billion.
Gross margin rose to 47.4% from 45.2%.
Sales at the outdoor and action-sports segment, the largest
top-line contributor, rose 5.6% to $1.71 billion. Jeanswear sales
increased 3.2% to $734.8 million.
Imagewear revenue rose 2.1%, sportswear sales climbed 15%, and
contemporary brands revenue was down 17%.
Shares closed Thursday at $152.81 and were inactive premarket.
The stock has risen 6.7% over the past year.
Write to Melodie Warner at melodie.warner@dowjones.com
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