The maker of Vans shoes and the North Face is soaring after beating on earnings and guidance
- VF Corp., the apparel company behind Vans shoes and the North Face, released third-quarter results that beat on both the top and bottom lines.
- The company raised its full-year earnings and revenue forecasts.
- Shares spiked more than 11% on the news.
- Watch VF Corporation trade live.
VF Corp., the apparel company behind Vans shoes and the North Face, reported third-quarter results Friday morning that beat on both the top and bottom lines and raised its full-year outlook, sending shares up more than 11%.
The company reported adjusted earnings of $1.43 a share on revenue of $3.91 billion, beating the $1.32 and $3.75 billion that analysts surveyed by Bloomberg were expecting. VF says its active-brand segment saw a 16% jump in revenue, bolstered by a 25% increase in sales of its Vans brand.After the strong quarter, VF raised its full-year adjusted-earnings forecast to $3.73 a share and its 2019 revenue outlook to at least $13.8 billion. Analysts were expecting full-year earnings and revenue of $3.70 and $13.76 billion respectively.
"VF's third quarter results were fueled by strong growth in our largest brands and balanced growth across the core dimensions of our portfolio," said Steve Rendle, chairman, president and CEO.
"Based on the strength of our third quarter performance and the growth trajectory we see for the remainder of fiscal 2019, we are again increasing our full year outlook, including an additional $45 million of growth-focused investments aimed at accelerating growth and value creation into fiscal year 2020. We remain sharply focused on executing our integrated growth strategy and transforming VF into a purpose-led, performance-driven enterprise committed to delivering superior returns to shareholders."
VF shares were up 2.7% this year through Thursday, trading at $73.26 a share.