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.