VF raises targets
Branded lifestyle apparel company VF Corporation is raising its long-term revenue targets as well as reporting guidance for 2008 revenues and earnings.
"Our outlook for growth and profitability is stronger than ever,” said president and chief executive officer, Eric Wiseman.
The company has raised its long-term revenue growth target from 6-8% to 8-10% annually and has established a revenue goal of $11 billion by 2012. It expects strong organic growth of 6-7%, with acquisitions contributing 2-3% to growth. International revenues are expected to expand by approximately 13% per year and are set to account for one-third of total revenues by 2012.
“Our Lifestyle businesses - outdoor, contemporary brands and sportswear - will continue to be our growth engines. Revenues in our outdoor and contemporary brands coalitions are expected to grow at a high single-digit to low double-digit rate, with sportswear growing at a mid single-digit rate,” said Mr Wiseman.
Revenue growth of 9% is anticipated for 2008, representing the group’s sixth consecutive year of record revenues and profits.
