UPDATE 1-VF Corp raises full-year forecast as sales of Vans sneakers soar [Reuters]
V.F. Corporation (VFC)
Last v.f. corporation earnings: 1/23 06:55 am
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Source: Reuters
VF Corp raises full-year forecast as sales of Vans sneakers soar | Reuters Reuters Staff 2 Min Read (Reuters) - Vans shoe maker VF Corp ( VFC.N ) raised its full year revenue and earnings forecast on Friday after soaring demand for its fashionable and high-priced sneakers helped its first-quarter results beat Wall Street estimates. Shares of the company rose 5 percent to $93.75 in pre-market trading and were on course to open at a record high. Sales of Vans, a favorite of skateboarders and appealing to a more fashion-centric crowd, rose 35 percent in the quarter. Over the past few years, VF pulled back inventories and updated styles to make the brand more popular with millennial and compete with Nike ( NKE.N ). “Vans remains on fire,” Cowen analyst John Kernan said in a client note. In stark contrast, Skechers USA Inc ( SKX.N ) reported a lower-than-expected profit and gave a disappointing quarterly forecast on Thursday, sending its shares tumbling. VF which also makes North Fac
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