Late last week apparel and footwear giant VF Corporation (VFC) reported fiscal first-quarter earnings that were in line with Wall Street expectations despite the impact of currency fluctuations that devalued income.
Total revenues rose 8 percent on a currency neutral basis to $2.8 billion, reflecting healthy growth in the Outdoor & Action Sports, Imagewear, International and Direct-to-Consumer businesses. Growth rates in Jeanswear and Sportswear were slower, reflecting difficultly in the U.S. denim and non-active apparel markets, while the Contemporary brands business turned in a disappointing quarter due to the ongoing challenges in the premium denim and women’s contemporary apparel sector. On a reported basis, total revenue increased 2 percent over the prior year period and narrowly missed analyst estimates.
Read more at Sourcing Journal.