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Apparel

Vans shoe maker VF Corp's quarterly results top estimates

Key Points
  • VF Corp. reported first-quarter revenue and profit that beat Wall Street estimates.
  • The apparel maker said revenue from the company's Vans shoe segment rose 35 percent in the quarter.
  • VF also raised its full-year earnings forecast, as demand for its high-margin Vans shoes soared.
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Apparel maker VF Corp. reported first-quarter revenue and profit that beat Wall Street estimates on Friday and raised its full year earnings forecast, as demand for its high-margin Vans shoes soared.

The Greensboro, North Carolina-based company's total revenue rose 23 percent to $2.79 billion in the quarter ended June 30, beating analysts' average estimate of $2.68 billion, according to Thomson Reuters I/B/E/S.

VF said revenue from the company's Vans shoe segment rose 35 percent in the quarter.

Shares of the company, which hit a record high earlier in the week, rose 1 percent to $90.24 in pre-market trading on Friday.

The company raised its full-year earnings forecast range to $3.52 to $3.57 per share from a prior expectation of $3.48 to $3.53.

Excluding certain items, VF, earned 43 cents per share, beating analysts' average estimate of 33 cents.

Net income rose to $160.4 million, or 40 cents per share, in the quarter, from $109.9 million, or 27 cents per share, a year earlier.

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Retail

Skechers drops more than 25% after earnings miss

Key Points
  • Earnings per share of 29 cents fell well short of the 41 cents a share expected by analysts for the second quarter.
  • Sales of $1.13 billion were up 10.6 percent from last year, but profit fell 23.9 percent, to $45 million.
  • The company expects third-quarter EPS of 50 cents to 55 cents a share, which is short of the 67 cents expected by analysts.