VF Corp raises full-year profit forecast after beating quarterly estimates

Earnings

Vans sneakers on beach

Source: Vans

VF Corp.’s quarterly revenue beat Wall Street expectations on Wednesday, helped by higher demand for its Vans sneakers and the North Face brand.

Net revenue rose 6.3% to $2.27 billion in the first quarter, beating analysts’ estimate of $2.24 billion, according to IBES data from Refinitiv.

Net income fell to $49.2 million, or 12 cents per share, in the quarter ended June 29, from $160.4 million, or 40 cents per share, a year earlier, primarily due to the spin-off of its less profitable jeans business in May.

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