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Consumers Are Pulling Back: VF Corp. CEO

It’s much more difficult this year than it was 12 months ago, Eric Wiseman, CEO of VF Corp., owner of The North Face and Timberland brands, told CNBC’s “Squawk on the Street” on Thursday.

A Timberland store in  Schaumburg, Illinois.
Getty Images
A Timberland store in  Schaumburg, Illinois.

“Our growth rates are below where they’ve been,” Wiseman said, noting VF Corp. is seeing a slowdown in all its markets. “But we’re able to invest and gain share in those markets. That’s what we’re doing very purposefully on a brand-by-brand and market-by-market basis.”

Wiseman projected that revenues in Asia for the year will be up 20 percent, China will be up 25 percent and even Europe will see growth in the low double-digits.

While the fall in the U.S. looks encouraging, Wiseman said the company is calling for mid-single digit sales growth. (Related: What the Surprise Retail Sales Drop Is Telling Markets).

Earlier Thursday, VF Corp. posted earnings of $1.11 per share on an adjusted basis, beating analyst forecasts for 94 cents per share. Revenue rose 16 percent to $2.14 billion.

The company also raised its full-year earnings forecast 5 cents to $9.50 per share.

When asked about the integration of Timberland, Wiseman said, “We’re 10 months into the ownership, and it’s still very early days.” He added, “But we are very encouraged and each step along the way has been a little bit better than we thought.”

Questions? Comments? Email us at consumernation@cnbc.com.

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