71
Fashion Jobs
L'OREAL GROUP
Multi-Brand Education Manager
Permanent · JOHANNESBURG
L'OREAL GROUP
E-Commerce Manager
Permanent · JOHANNESBURG
BEIERSDORF
Brand Manager
Permanent · DURBAN
G-STAR
Key Account Manager
Permanent · CAPE TOWN
ESTÉE LAUDER COMPANIES
Marketing & Sales Operations Manager (Sub Saharan Africa)
Permanent · JOHANNESBURG
ESTÉE LAUDER COMPANIES
Marketing & Sales Operations Manager (Sub Saharan Africa)
Permanent · JOHANNESBURG
PUMA
Payroll Administrator
Permanent · CAPE TOWN
ADIDAS
Senior Manager Sales: Shoe Channel - em South
Permanent · CAPE TOWN
ADIDAS
Senior HR Business Partner (6-Months Maternity Cover)
Permanent · CAPE TOWN
L'OREAL GROUP
Product Manager
Permanent · JOHANNESBURG
TREK
Country Manager
Permanent · SANDTON
L'OREAL GROUP
E-Commerce Key Account Manager
Permanent · JOHANNESBURG
BEIERSDORF
Precision Marketing & Audience Specialist
Permanent · DURBAN
CLINIQUE
Clinique - Roamer - Edgars Eastgate, Gauteng - 40 Hours - Full-Time - Permanent
Permanent · JOHANNESBURG
PANDORA
Sales Assistant Ppt 96 Hours Balito
Permanent · DURBAN
L'OREAL GROUP
Data Analyst
Permanent · JOHANNESBURG
HTNK
High-End Fashion/Denim Designer
Permanent · JOHANNESBURG
H&M
Talent Acquisition Specialist
Permanent · CAPE TOWN
ADIDAS
Specialist Franchise Excellence - Ems Africa Export
Permanent · CAPE TOWN
LOVISA
Full Time Team Member | v&a Waterfront, Cape Town
Permanent · CAPE TOWN
LOVISA
Store Manager | v&a Waterfront, Cape Town
Permanent · CAPE TOWN
PANDORA
Sales Assistant Pavillion
Permanent · WESTVILLE
Published
Jan 23, 2020
Reading time
2 minutes
Download
Download the article
Print
Text size

VF Corp’s sales growth comes in under expectations

Published
Jan 23, 2020

Vans parent company VF Corporation announced a 5% increase in third-quarter revenue (6% in constant currencies) on Thursday, falling short of analysts’ expectations, despite strong growth in China and the group’s digital channel.
 

The Vans brand posted an 8% rise in revenues in Q3 - Instagram: @vans


For the third quarter ended December 28, 2019, the Denver, Colorado-based company, which also owns the Timberland and The North Face brands, among others, reported revenues of $3.38 billion, up from $3.23 billion in the prior year period.
 
FactSet analysts cited by MarketWatch had expected VF’s quarterly revenues to total $3.43 billion.

On Tuesday, VF, which spun off its denim business as a separate company named Kontoor Brands in May of last year, revealed that it was exploring strategic alternatives for its occupational work business. Excluding the performance of the occupational work business, the company’s quarterly revenue increased 6%.
 
Elsewhere, revenues in VF’s active segment were up 8%, led by a 12% increase at the Vans brand, while the company’s outdoor segment posted a 3% rise, including an 8% increase at The North Face.
 
The group’s international revenues increased 8% in the quarter, with China, in particular, posting strong growth of 30%, while Europe saw a 4% rise.
 
Quarterly direct-to-consumer sales increased 7%, led by a 16% increase in VF’s digital channel.
 
Net income for the quarter totaled $465.0 million, up slightly from $463.5 million in the same period in the previous year, while diluted earnings per share increased 11% from $1.02 to $1.13.
 
Year to date, VF reported revenues of $9.0 billion, up 5% from $8.6 billion. Net income for the period was $1.2 billion, up 3% from $1.1 billion, while diluted earnings per share also rose 3%, from $2.82 to 2.90%.
 
“Our third quarter performance was strong and our year-to-date results are at the high end of our long-term growth objectives,” said VF chairman, president and CEO Steve Rendle in a release. “Despite a mixed holiday season in the US, we're on track to deliver solid performance and are well positioned for continued growth and value creation in fiscal year 2021.”
 
Nonetheless, in line with its third-quarter results, VF also announced that it was revising down its full-year guidance. The company now expects its annual revenue to total around $11.75 billion, up 5% from the previous year, compared to a previous guidance of around $11.8 billion.
 
Adjusted earnings per share are now predicted to be $3.30, reflecting growth of about 15%, compared to a previous guidance of between $3.32 and $3.37.
 
Following the company’s announcement of its disappointing revenues and reduced annual guidance, shares in VF Corp fell 1.7% in premarket trading on Thursday.

Copyright © 2024 FashionNetwork.com All rights reserved.