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Huge North Face growth in Europe not enough to satisfy VF

24/10/2016
Apparel and footwear group VF Corporation has reported overall revenue of $3.5 billion for the third quarter of 2016, which represents a 1% fall compared to the same quarter last year. Income from this total was also down 1% year on year, reaching $635 million.

However, the group’s outdoor and action sports segment registered growth in revenues of 2% and contributed $2.3 billion towards the total, on which income increase by 1% to $490 million.

Within outdoor and action sports, revenue for the quarter for outdoor brand The North Face was down by 1% overall, but was up by more than 20% in Europe. The picture for leisure footwear brand was the other way round: there was 7% growth for Vans overall, with a high single-digit percentage increase in the Americas and a low single-digit rate decline in Europe. Vans also achieved more than 20% growth in Asia Pacific.

For outdoor footwear brand Timberland, revenues were down by 1% overall, but there was a “mid-single-digit percentage rate increase” in Europe.

“We continue to operate in an uneven, global economic environment including especially sluggish retail conditions in the Americas, our largest market,” said outgoing chief executive, Eric Wiseman, on announcing the results. “With a strong balance sheet, powerful brands, and a growing global presence, we have great confidence in our ability to maintain near-term profitability, yet we’re not satisfied with our third quarter results.”



 

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New man to oversee sportswear at VF 07/02/2017
VF names new head of international division 09/12/2016

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