VF Corp enjoys 23% surge in quarterly revenues

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VF Corp update

The parent company of fashion retailers Vans, Timberland, The North Face and Wrangler has welcomed a 23 per cent surge in overall revenues in its latest quarter.

VF Corp raked in $2.8 billion (£2.13 billion) for the three months to June 30, thanks to solid performances by Vans and The North Face, with revenue growth of 33 per cent and 21 per cent respectively.

Lee’s revenue grew by seven per cent, while Timberland and Wrangler both recorded a five per cent uptick each.

Meanwhile, there was a 46 per cent uptick in net income, from $109.9 million to $160.4 million (£122.4 million).

Gross margin from continuing operations increased to 50.3 per cent on an adjusted basis.

“VF’s first quarter results were strong, driven by continued broad based acceleration across our core brands and platforms,” chief executive Steve Rendle said.

“We are executing well against our 2021 growth plan and continuing on our journey to reshape the portfolio and transform VF into a purpose-led, performance driven, consumer-centric organization focused on and committed to delivering superior returns to shareholders.”

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