VF Corp H1 revenues soar 104% to $2.2bn
In turn, the group has raised its forecasted revenue for the financial year from $11.8bn (£8.47bn) to $12m (£8.61bn)
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VF Corporation, the apparel and footwear group, saw revenues increase 104% year-on-year to $2.2bn (£1.58bn) in H1 FY22.
The owner of Vans, The North Face, and Dickies also reported a swing to $324m (£232m) net income for the period, up from net losses of $286m (£205m) in FY21.
In turn, the group has raised its forecasted revenue for the financial year from $11.8bn (£8.47bn) to $12m (£8.61bn), including a $600m (£431m) contribution from the newly acquired Supreme brand.
The growth was driven by a 110% increase in Vans brand revenue, a 93% jump in The North Face revenues, and a 69% rise in Dickies revenues when compared to the same period last year.
Steve Rendle, chairman, president, and CEO at the group, said: “Our teams delivered an outstanding first quarter, powering VF back to pre-pandemic revenue levels while driving an earnings recovery ahead of our expectations.
“We continue to see broad-based momentum across the portfolio, supporting an increase to our fiscal 2022 outlook for each of our largest brands.”
He added: “Though the first quarter is a relatively small portion of our total year, this strong start reinforces my confidence in our ability to accelerate growth through fiscal 2022 and beyond.”
A quarterly dividend of $0.49 (£0.35) per share, payable on 20 September 2021, has also been declared by VF Corp’s board of directors.
