VF Corporation profit soar in first nine months

VF Corporation earnings soar. The parent company of brands like Vans, Lee and Kipling, triplicated its net profit in the first nine months of the fiscal year (closed last December 29). During this period, the group earned 1.13 billion dollars, in contrast with 405,7 million of the previous year.

The group attributed part of the result to the boost in sales of its main brands during the third quarter of the year, and also to the sale of Nautica, which was closed on April 28, and the consolidation of Williamson-Dickie, Icebreaker and Altra.

Between March and December, the group’s sales grew double-digit, reaching 10.6 billion dollars, 14% up compared to last year.

VF Corporation registered strong growth with its Work business, which grew by 57%

By units, the Work division was the one that grew the most, registering a revenue of 1.4 billion dollars, what entailed a 57% rise in comparison with the same period last year. The Active business (that includes firms like Vand, Kipling and Napapijri, among others) had revenue of 3.57 billion dollars, 20% more.

The Outdoor division, with North Face, generated 3.64 billion dollars, 6% up. On the other hand, the Jeans business of VF Corporation registered a fall of 4%, reaching 1.89 billion dollars between March and December.

By regions, the earnings of the company in the United States grew 15% in the first nine months of the year. VF Corporation’s revenue in Europe, Middle East and Africa went up  11%. In Latin America, the growth was of 14%. In the Asia-Pacific, the group registered a peak of 18% in the revenue. In that region, the group underlined the evolution of its business in China, where the increment was of 25%.