(Filed Under Financial and General Interest News). Branded apparel manufacturer VF Corp.’s second-quarter earnings rose 16.7 percent compared to the year-ago period, resulting in the company raising its full-year estimates for the second time.
International sales, helped by currency fluctuation, were up 30 percent, which led to a 15.4 increase in revenues to $1.84 billion. Profit was $129.4 million, or $1.17 a share, compared to $110.8 million, or $1 a share, one year ago.
"With double-digit revenue growth in all coalitions, and in both our international and direct-to-consumer businesses, VF is firing on all cylinders," stated Eric Wiseman, Chairman and Chief Executive Officer of VF Corp. "Our marketing investments continue to fuel outstanding growth, our brands are gaining momentum — and we are confident that this momentum is sustainable."
VF Corp. raised its full-year estimates to $7.50 a share on revenue growth between 12 and 13 percent, up from $7.25 a share on 10 percent revenue growth in April. However, the company warned the second half of the fiscal year may be more difficult, as material costs are expected to go up. Gross margins fell from 47.1 percent to 45.9 percent, already reflecting the increase in costs of goods, which rose 14.3 percent to $2.03 billion.
VF Corp. is based in Greensboro, N.C. and makes activewear, sportswear and other apparel.
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