V.F. reports mixed 1Q performance, but boosts guidance for the full year

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GREENSBORO, North Carolina — The maker of The North Face, Wrangler and Timberland brands reported a decline in its first-quarter profit as expenses and income taxes rose, but raised its profit guidance for the year.

V.F. Corp.'s earnings for the quarter still matched Wall Street's expectations. Its revenue rose but narrowly missed Street estimates.

The Greensboro, North Carolina-based company reported net income of $288.7 million, or 67 cents per share, for the period. That compares with $297.2 million, or 67 cents per share, a year earlier.

The results matched the average estimate of analysts surveyed by Zacks Investment Research.

Selling, general and administrative expenses increased to $992.9 million from $971 million, while income taxes rose to $90.2 million from $84.6 million.

The company posted revenue of $2.84 billion in the period as sales of The North Face, Vans and Wrangler rose. But the overall revenue figure was just short of the $2.85 expected by analysts surveyed by Zacks.

V.F. said Friday that it now anticipates 2015 adjusted profit to climb 14 percent from 2014's $3.08 per share. This implies earnings of about $3.51 per share. The company's prior guidance was for a 12 percent rise.

Analysts polled by FactSet predict full-year earnings of $3.21 per share.

Its shares were steady at $72.43 on premarket trading shortly before the market open.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VFC at http://www.zacks.com/ap/VFC

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Keywords: V.F., Earnings Report

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