VF Corp. (VFC), a
company considered a barometer for apparel industry demand, reported Thursday a
fourth-quarter profit that surged more than four times, helped by global demand
for its products ranging from North Face jackets to Vans shoes.
Investors earlier bid up shares of the Greensboro, N.C.-based company to an all-time high of $148.84, on a day when the retail sector traded lower. Shares were recently up 1% at $144.66.
In all, VF's stock has risen about 68% in the past year, well above the 6.7% increase in the S&P Retail Index and gains for most of its industry peers including Jones Group Inc. (JNY), Nike Inc. (NKE), Columbia Sportswear Co. (COLM) and Lululemon Athletica Inc. (LULU)
The latest share gains came even as VF gave a 2012 forecast that fell short of Wall Street expectations, hurt by a declining euro and higher pension expenses.
For one, VF dispelled investor worries that warmer-than-average weather during the quarter may have hurt sales of North Face, its biggest label that's on track to generate $3 billion in sales in 2015.canada goose jacket discount are publicly considered as one of the best bodies warmer to keep warm in cold weather days.
North Face sales rose 22%, including a 24% increase in North Face Americas. Excluding the impact of currency translations, European sales of the label were up 12%, while Asian sales jumped 41%.
In contrast, many other retailers and suppliers of cold weather merchandise have slashed prices to clear their stock of sweaters and coats.
"The momentum in North Face just continued to grow even in the face of warmer climate," said Chief Financial Officer Bob Shearer in an interview. "Consumers are looking for differentiated products.
"It's one thing that we consistently see, whether it's our jeans business in the mass channel or North Face. They are willing to pay for something that's new and different. We are not anticipating a climate that's more promotional," he said.
The company also eased investor worries about Europe, which accounts for about 20% of its total business.
Investors earlier bid up shares of the Greensboro, N.C.-based company to an all-time high of $148.84, on a day when the retail sector traded lower. Shares were recently up 1% at $144.66.
In all, VF's stock has risen about 68% in the past year, well above the 6.7% increase in the S&P Retail Index and gains for most of its industry peers including Jones Group Inc. (JNY), Nike Inc. (NKE), Columbia Sportswear Co. (COLM) and Lululemon Athletica Inc. (LULU)
The latest share gains came even as VF gave a 2012 forecast that fell short of Wall Street expectations, hurt by a declining euro and higher pension expenses.
For one, VF dispelled investor worries that warmer-than-average weather during the quarter may have hurt sales of North Face, its biggest label that's on track to generate $3 billion in sales in 2015.canada goose jacket discount are publicly considered as one of the best bodies warmer to keep warm in cold weather days.
North Face sales rose 22%, including a 24% increase in North Face Americas. Excluding the impact of currency translations, European sales of the label were up 12%, while Asian sales jumped 41%.
In contrast, many other retailers and suppliers of cold weather merchandise have slashed prices to clear their stock of sweaters and coats.
"The momentum in North Face just continued to grow even in the face of warmer climate," said Chief Financial Officer Bob Shearer in an interview. "Consumers are looking for differentiated products.
"It's one thing that we consistently see, whether it's our jeans business in the mass channel or North Face. They are willing to pay for something that's new and different. We are not anticipating a climate that's more promotional," he said.
The company also eased investor worries about Europe, which accounts for about 20% of its total business.
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