Vans and North Face owner raises FY forecasts amid revenue boost
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VF Corporation (VFC), Vans and The North Face owner, has reported a Q3 4% total revenue growth in its EMEA region and has raised its FY 2019 expectations.
In the three months ending December 2018 its Vans brand experienced a global increase of 27% and an 10% increase in its EMEA region. Comparatively its other leading brand The North Face saw a revenue increase in constant currency of 12%, and 16% in global revenue.
However this was slightly offset by a 5% decrease in the EMEA and a 2% global decrease at its Timberland brand.
As a result VFC announced it expects full year fiscal 2019 revenue to increase approximately 12% to “at least” $13.8bn (£10.75bn).
Steve Rendle, CEO of VFC said: “VF’s third quarter results were fueled by strong growth in our largest brands and balanced growth across the core dimensions of our portfolio. 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 $45m 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.”
