United States Of America : VF Corp's Q1 2016 revenue up 2% to $2.8 billion

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VF Corp's Q1 2016 revenue up 2% to $2.8 billion

05
May '16

Courtesy: VF Corporation

US manufacturer and distributor of branded apparel, accessories and shoes, VF Corporation reported a rise of 2 per cent in its total revenue to $2.839 billion in the first quarter of 2016, ended March 31, as compared to $2.837 billion in the corresponding quarter last year.

The rise in total revenue was attributed to the strengthening outdoor & action sports sector, jeanswear, direct-to-consumer segment and international businesses.

The outdoor and action sports sector saw a rise of 4 per cent in its revenue to $1.644 billion in Q1 of 2016 as compared to $1.606 billion in the same period last year. The jeanswear segment also saw a rise of 4 per cent in revenue to $710.59 million as compared to $699.65 million last year.

Revenue at international businesses of VF Corporation was up 4 per cent as compared to the first quarter last year. It was up 8 per cent at the direct-to-consumer segment this quarter.

Commenting on the results, Eric Wiseman, chairman and CEO of VF said, “Our first quarter results demonstrate the ability of our diversified business model to perform as expected in an inconsistent environment.”

“By leveraging our strengths – driving innovation into the marketplace, connecting with consumers and operating with financial discipline – we are on track to deliver results consistent with our 2016 outlook, while also delivering on our commitment to shareholders,” he added.

The company expects revenue to increase at mid-single-digit percentage rate in the full-year 2016. (MCJ)

Fibre2Fashion News Desk - India

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