Apr 28, 2012
Author: MIke P.
VF Corp’s 1st quarter revenue is ripping. They report growth of 31%. This at a time when most brands are flat or down. VF attributes much of this success to the acquisition of Timberland, whose sales are up 12%. VF’s earnings rose 7.2% on the heels of their outdoor and action sports division. They are basically killing it, showing 15% growth.
We are guessing that Vans will be getting seconds at the dinner table. They where the top performing brand during the first quarter for VF, with global revenues growing 25% in reported currency and 27% in constant currency. At a time when Europe seems to be in a slump, Vans Euro revenue has grown 50%...wow!
The North Face is no slouch. Their global increase is at 14%. Due to all this awesomeness, VF has raised it’s full year earnings guidance after a very strong 1st quarter.
Hey click me for detail on this at VF's website!
Some Vans Numbers:
Global revenue: up 25% in reported currency, up 27 in constant currency.
America’s revenue: rose low double digits in constant currencies
Europe revenues: up 50%
Asia revenue: up in the high teens.
Direct to consumer: up 18%
Ecommerce sales: up 40%
Some VF Numbers:
Revenues: rose 31% to $2.5 billion. Excluding the newly acquired Timberland, revenues rose 12%.
International revenues: up 48%, or 15% excluding Timberland. Organic revenue growth in Europe was 13. In Asia, organic revenue growth was 19%. In India, revenues rose 18%.
Outdoor & Action Sports Coalition revenue: rose 60% to $1.3 billion. Excluding Timberland, revenues rose 15%.
Gross margin: Fell to 45.7% vs. 47.2% in the same quarter last year.
Adjusted net income: rose 9% to $219 million
Europe insight: VF revenue grew 16% in constant currency last year.