Feb 22, 2011
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VF Corp posts bigger-than-expected Q4 profit

Feb 22, 2011

Feb 22 - Apparel maker VF Corp posted a bigger-than-expected quarterly profit as it saw booming sales at its action sports unit during the holiday quarter.

VF Corporation
Kipling's signature monkey. Kipling is one of the many brands owend by VF Corp

The maker of brands like North Face, Vans and Lee jeans also said it expects 2011 to see the highest rate of organic revenue growth since 2007, and forecast earnings above estimates.

Greensboro, North Carolina-based VF Corp posted a fourth-quarter net income Of $54.2 million, compared with $66.9 million. On an adjusted basis, it earned $1.78 a share, while analysts, on average, were expecting earnings of $1.65 a share, according to Thomson Reuters I/B/E/S.

Revenue at the company, whose peers include Nike Inc and Levi Strauss & Co among others, rose 11 percent $2.13 billion.

Analysts were expecting revenue of $2.03 billion.

Shares of the company were up 2 percent at $92 Tuesday before the bell. They closed at $89.8 on Friday on the New York Stock Exchange.

(Reporting by Nivedita Bhattacharjee; Editing by Jarshad Kakkrakandy)

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