V.F. Corp. on Jan. 18 raised its fiscal 2019 outlook again after posting a third-quarter profit that beat Street estimates, helped by double-digit growth in its active and outdoor segments.
The Timberland and JanSport-owner reported adjusted diluted EPS of $1.31 for the three months ended Dec. 29, up 30% year over year, beating the S&P Global Market Intelligence mean consensus normalized EPS estimate of $1.10.
Net income totaled $463.5 million, up from a loss of $90.3 million in the year-ago period. Quarterly net revenue rose 8% year over year to $3.94 billion, above the mean consensus estimate of $3.87 billion.
The U.S. lifestyle apparel-maker had raised its 2019 outlook on Oct. 19 while releasing second-quarter results, forecasting adjusted EPS of $3.65. It now expects that figure to be $3.73. Revenue for the year was expected to be at least $13.7 billion, which it now forecasts to be at least $13.8 billion.
In its top five revenue-generating brands for the quarter, Vans recorded the highest global growth rate of 28% year over year, followed by The North Face brand at 10%.
CEO Steve Rendle said the company will invest an additional $45 million to accelerate growth and value creation in fiscal 2020.
V.F. in August 2018 spun off its jeanswear business into an independent, publicly traded company, comprising brands like Wrangler, Rock & Republic and Lee, as well as its outlet businesses, to focus more on its "activity-based lifestyle brands," such as Vans sneakers and The North Face outerwear brands.
The company announced a quarterly dividend of $0.51 per share, payable March 18, to shareholders of record March 8.