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Reuters
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Feb 14, 2010
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VF Corp profit beats Street, shares up

By
Reuters
Published
Feb 14, 2010

NEW YORK, Feb 11 (Reuters) - Apparel manufacturer VF Corp (VFC.N) on Thursday 11 February posted higher-than-expected quarterly profit due to tight inventories and strong demand for outdoor wear, and its shares rose 2.1 percent.


VF Corp - Lee

The maker of brands such as The North Face, Wrangler, Lee, Nautica and Vans posted fourth-quarter net profit of $66.9 million, or 60 cents per share, down from $115.9 million, or $1.05 per share, a year earlier.

Excluding an impairment charge, it reported earnings of $1.62 per share, above analysts' average forecast of $1.47, according to Thomson Reuters I/B/E/S.

VF shares rose $1.56, or 2.1 percent, to $74.00 in premarket trade.

Quarterly revenue edged up 0.2 percent to $1.915 billion.

The Greensboro, North Carolina, company said it expects earnings per share for the full year 2010 to rise by 9 percent to 11 percent, to between $5.60 and $5.70 per share.

It expects 2010 revenue to rise by 2 percent to 3 percent. (Reporting by Phil Wahba in New York and Alexandria Sage in San Francisco; editing by John Wallace)

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