Lifted by continuing strength in its Outdoor & Action Sports coalition, VF Corp. reported a 9.9 percent increase in first-quarter profits and a 6.5 percent boost in quarterly revenues.Both the top and bottom lines exceeded analysts’ consensus expectations. The Greensboro, N.C.-based apparel giant boosted its full-year earnings and revenue guidance.In the three months ended March 29, net income reached $297.2 million, or 67 cents a diluted share, up from $270.4 million, or 60 cents, in the comparable period last year. Analysts on average had expected EPS of 63 cents.Revenues rose to $2.78 billion from $2.61 billion, with sales at the Outdoor & Action Sports group, the company’s largest, ahead 14 percent to $1.57 billion. Within the outdoor group, Vans revenues were up 20 percent and were the highest of any brand in the VF portfolio.The North Face sales rose 14 percent, with its direct-to-consumer component ahead almost 30 percent, while Timberland sales rose 12 percent.Strength in outdoor was offset somewhat by weakness in the Jeanswear coalition, where sales fell 4 percent, to $690.3 million, and were down at a high-single-digit rate in the Americas as department and midtier stores struggled with the denim classification. Similarly, Contemporary coalition sales were off 5 percent to $98 million as Seven For All Mankind struggled against a “challenging premium denim market,” the company said.International sales were up 11 percent, 10 percent in constant currency, while direct-to-consumer sales were up 16 percent, including double-digit gains in all regions.Gross margin checked in at 49.4 percent of sales, up 130 basis points from a year ago and the highest measure for any quarter in VF’s history. VF said margins increased in all of its coalitions.RELATED CONTENT: WWD Earnings Tracker >>“VF’s first-quarter results reflect the continued strength of our brands and our global business platforms,” said Eric Wiseman, chairman, president and chief executive officer of VF. “Led by outstanding performance from the Outdoor & Action Sports coalition, which had balanced growth across all channels and geographies, we delivered strong growth in revenue and profitability.”In updated guidance, VF now expects full-year EPS of about $3.06, 1 cent higher than the top of its previous range of between $3 and $3.05, and revenue expansion at the higher end of its previous guidance for an increase of between 7 and 8 percent.
Exclusive: @isabelmarant and @lorealmakeup have teamed up to create a capsule makeup collection. "She is rather natural in the day but doesn't have time to go back home before going out [in the evening] and redo her entire beauty look," said Marant on the 5 products included in the collection, which will launching in September. Read @jenniferbethweil's interview with the designer on WWD.com. #wwdnews #wwdbeauty
After 17 years, Tomas Maier is leaving @bottegaveneta. “I am deeply grateful to him and I personally thank him for the work he accomplished, and for the exceptional success he helped to achieve,” said François-Henri Pinault, head of parent company @kering_official. Head to WWD.com for more on his departure. #wwdnews #wwdfashion (📷: Davide Maestri)
@shaymitchell is no stranger to teaming up with beauty brands, but she’s made her latest partnership official: She’s signed with @buxomcosmetics as global creative brand ambassador, WWD learned exclusively. Mitchell and Buxom will collaborate on campaign development, social media strategy and content and new product and shade development. Read more on WWD.com. #wwdbeauty (📷: @clint_spaulding)
Today we’re at the WWD Retail 20/20 Forum where industry leaders will be talking about the future of shopping for fashion, footwear and beauty. Tune in on Instagram Live at 9 am and 3:30 pm to hear from two of our speakers –– @therealreal’s Rati Levesque and @bandier’s Stephen Ippolito. #wwdsummits (📷: @elizaflorendo)
Seen last night at @coach’s launch party for “Life Coach,” an interactive pop-up in Soho: @joansmalls. Open now, visitors of the pop-up can engage in themes of “creativity and self-expression,” through tarot, carnival games, live performances and art. See the rest of the party pics on WWD.com. #wwdeye (📷: @vnina)
“We figure there’s enough cynicism to go around the world right now let’s go out there and be ourselves, let’s be enthusiastic, let’s have positive energy, which is something I think a lot of people really want and need right now,” said musician @joshgroban ahead of hosting the Tony Awards with @sarabareilles. Read @leighn’s interview with Groban on how he picked his look for the night, his next record and more on WWD.com. #wwdeye #tonyawards (📷: @vnina)
“Rock as an attitude and not a uniform. Street as a style and not just clothing. Sportswear as the new normality,” @paul_surridge said of his first @roberto_cavalli men’s wear collection, previewed here. The British designer joined the brand as the creative director in May 2017, and is gearing up to unveil his debut for the label with a runway show at the Florence Charterhouse on June 13 at #PittiUomo. Head to WWD.com to read more about his collection and see more sneak peek photos. #wwdfashion (📷: @simonelezzi)