With Vans and The North Face both showing stronger than expected growth, VF reported net income of $49,221,000 against $160,358,000 for the fiscal first quarter ended Jun. 30 on a 6% improvement in revenue to $2,271,479,000 compared to $2,137,135,000, which included the spin-off of the Kontoor jeans business, acquisition of Altra and Icebreaker and costs from the headquarters move to Denver. Adjusted revenue would have shown a 9% increase reported and 11% constant currency, led by constant currency gains of 23% at Vans globally and 12% at The North Face.
Based on Q1 and increased confidence in the balance of the ... Log in to view full article.