VF Corp. (VFC) posted higher first-quarter GAAP net income attributable to the company of $270.42 million, or $2.41 a share, compared with the prior-year quarter's $215.22 million, or $1.91 a share. Adjusted earnings totaled $272.65 million, or $2.43 per share, excluding Timberland acquisition-related items of $0.02 per share in the first quarter. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $2.18 for the quarter. Analysts' estimates typically exclude one-time items.
As expected, quarterly total revenues went up 2 percent, to $2.61 billion, from $2.56 billion in the same period of 2012, driven by strength in the Outdoor & Action Sports, international and direct-to-consumer businesses. Analysts estimated revenues of $2.64 billion for the quarter. The sale of John Varvatos in April 2012 negatively impacted VF's revenue growth comparison by 1 percentage point in the first quarter, according to the company.
For the full year, adjusted earnings per share are now expected to rise to $10.75 per share, up $0.05 from the $10.70 per share guidance provided on February 15. On a GAAP basis, which includes an estimated $0.10 per share in Timberland acquisition-related expenses, 2013 earnings per share are now expected to rise to $10.65 per share, up $0.05 from the prior guidance of $10.60 per share.
Revenue guidance for 2013 remains unchanged, with revenues expected to rise by 6 percent to $11.5 billion.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.