By Ben Fox Rubin
VF Corp.'s (VFC) third-quarter earnings rose 14% as the maker of
North Face and Wrangler apparel reported stronger sales in its main
outdoor and sports business.
The company also unveiled a four-for-one stock split, as well as
a 21% boost in its current quarterly dividend to $1.05 a share.
The company, which has posted stronger revenue since its 2011
acquisition of the Timberland brand, reported a profit of $433.8
million, or $3.89 a share, up from $381.3 million, or $3.42 a
share, a year earlier. Excluding Timberland acquisition-related
costs, earnings rose to $3.91 a share from $3.52.
Revenue was up 4.7% to $3.3 billion.
Analysts surveyed by Thomson Reuters recently expected earnings
of $3.78 a share on revenue of $3.34 billion.
Sales at the outdoor and action-sports segment, the largest
contributor to revenue, rose 6.5% to $1.97 billion. In its
jeanswear business sales were up 4%. Revenue for Timberland grew
2%.
Shares of the company, which backed its full-year outlook,
closed at $204.30 on Friday and were inactive premarket. The stock
is up 35% so far this year.
Write to Ben Fox Rubin at ben.rubin@wsj.com
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