VF Corp Net Beats; Company Issues Rosy Outlook


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.

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.

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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.