VF Corporation grows 6% and rises full year outlook
Excluding acquisitions and divestitures, the revenue of the American group grew 9% in the first quarter of its fiscal year. China led the growth of the group with a rise of 1%.
VF Corporation keeps growing after spinning off its business of denim. American giant has closed the first quarter of the year with a revenue of 2.3 billion dollars, 6% more. Excluding acquisitions and divestitures, the income of the group rised 9%.
The group scored losses for 48 million dollars in the first quarter, due to the impact of expenses in the spin off of Kontoor Brands, formed by Wrangler, Lee and Rock&Republic, that rised up to 59.5 million dollars.
VF also registered extra ordinaries like deal related expenses associated with the acquisition of Icebreaker and Altra, that rised up to 13 million dollars in the first quarter, the change of its headquarters to Denver, Colorado, and strategic desitions in South America.
VF forecasts its closure with a revenue of 11.8 billion dollars
After announcing these results, the company rised its full year outlook, and plans a revenue of 11.8 billion dollars, 6% more and 8% more without considering the impact on a currency neutral basics and excluding the impact of acquisitions and divestitures.
By business categories, the Active section rose its sales 8% empowered by Vans, that grew 20%. Outdoor sales grew 7% due to the growth of The North Face. China was, once again, the market that grew the most, with a rise of 21%. In total the company grew 2% in its international markets.
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