Sportswear suffers despite record revenues at VF
Lifestyle apparel company VF Corporation has reported record results for its first quarter of 2008. Revenues rose 10% to $1.8 billion, compared with $1.7 billion in the first quarter of 2007. Income increased 11% to $149 million compared with $134.1 million in the prior-year quarter.
Total revenues for the outdoor sector rose 18% with double-digit growth in both its domestic and international businesses. The North Face, Vans, Kipling and Napapijri all posted double-digit revenue gains in the quarter. However, revenues for the sportswear coalition, which includes Nautica andJohn Varvatos, fell 11% during the quarter. Despite this, the Kipling and John Varvatos businesses achieved higher revenues.
The company continues to anticipate a record year for 2008 and is maintaining its guidance for a revenue increase of 9%.
