VF Corp Q3: Vans Sees Double Digit Growth
kailee bradstreet
- October 28 2009
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A transcript of VF Corp’s Q3 conference call reveals positive numbers for several of the company’s brands, including Vans. According to VF Corp’s Chairman and CEO Eric Wiseman, Vans and The North Face have shown considerable momentum despite what he called “arguably the worst period of consumer spending in recent history.” Chief Financial Officer and Senior Vice President Robert Shearer had this to say about Vans performance:
“Now taking a quick look at our coalition results, and I will start with Outdoor and Action Sports. Revenues were about flat, with those of the prior year’s quarter but up 3% in constant dollars, driven by strong growth in our North Face and Vans brands.
Our direct to consumer business continues to be an important growth driver for us with revenues up 17% overall and double digit growth in our North Face, Vans, and Napapijri brands. We were especially pleased to report record operating income and margins for the coalition in the quarter. It is a real achievement by our Outdoor and Action Sports teams, especially given the challenging environment. And we expect this strength to continue in the fourth quarter as well, with even higher revenue growth and continued operating margin expansion in the quarter versus prior year levels.”
Read the entire conference call transcript here, including the Q&A session.
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