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VF Corp. Profits Fall 10%, Jeanswear Up 2%

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VF Corp.’s net income for Q1 declined 10 percent to $260.3 million year over year, MarketWatch reported. Jeanswear revenue, however, rose two percent to $711 million from the same period one year prior.

Revenue for the Wrangler brand increased two percent overall with low single-digit growth in the Americas business and slight declines in Europe and the Asia-Pacific region.

Revenue for Lee was up one percent, also with low single-digit growth in the Americas, as well as mid-single-digit growth in Europe and a slight decline in the Asia-Pacific region.

In contrast, the company’s Imagewear division saw Q1 revenue drop five percent to $269 million (down 4 percent currency neutral) with the Licensed Sports Group business remaining flat and a high single-digit decline in the workwear business, which continues to be impacted by considerably less oil and gas exploration.

Sportswear’s first quarter revenue declined 13 percent to $118 million including a 14 percent decrease in Nautica brand revenues and an eight percent decrease in the Kipling brand’s North American business compared with the same period last year, reflecting ongoing challenges in demand for the sector.

First quarter revenue for the Contemporary Brands division was down 15 percent to $74 million, including a 53 percent decline in operating income.

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