VF Corp Net Beats; Company Issues Rosy Outlook

Markets Reuters

VF Corp posted a higher-than-expected quarterly profit and forecast a strong year ahead on Friday, saying demand for its flagship clothing brands like The North Face and The Vans increased in global markets.

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In the fourth quarter ended Dec. 29, the company earned $334 million, or $2.98 a share, compared with $258 million, or $2.28 a share, a year earlier.

Excluding expenses from the company's September 2011 Timberland acquisition and a gain on the sale of John Varvatos Enterprises Inc, the profit came in at $3.07 a share. Analysts on average were expecting $3.03, according to Thomson Reuters I/B/E/S.

Revenue rose 4 percent to $3.0 billion.

Analysts say VF's diverse portfolio of brands helps the company do well in global markets. International revenue increased 7 percent in the fourth quarter, led by an 11 percent increase in Asia.

For 2013, the Greensboro, North Carolina-based company expects revenue to go up about 6 percent and earnings before special items to rise 11 percent to $10.70 a share.