VF Corp, the parent company of Vans, North Face, and Timberland, reported higher-than-expected revenue and profit for the third quarter, thanks to strong demand and cost-cutting efforts.
Stock Rises on Strong Performance
- VF Corp’s stock jumped nearly 6% in premarket trading after the earnings report.
- The company beat revenue estimates for the third straight quarter, showing signs of a strong recovery.
- Revenue increased 2% to $2.83 billion, surpassing analysts’ expectations of $2.75 billion.
- Adjusted profit per share was 62 cents, much higher than the expected 34 cents.
Turnaround Plan Pays Off
- VF Corp is focusing on improving its Vans brand and cutting $300 million in costs by 2025.
- The company plans to sell non-core businesses like streetwear brand Supreme to streamline operations.
- More full-price sales and cost-saving measures helped increase the company’s profit margins.
What’s Next for VF Corp?
- The company is making progress, but CEO Bracken Darrell says there is still work to do to ensure long-term growth.
- VF Corp expects Q4 revenue to decline by 4% to 6%, close to analyst predictions.
With strong holiday sales and a clear turnaround strategy, VF Corp is regaining momentum in the apparel industry.
