American lifestyle apparel retailer VF Corporation has posted double digit revenue growth in the second quarter (Q2) of 2012, driven by continued strong growth in Europe and Asia.
Revenues grew 16% to $2.1bn, including $239m from Timberland, compared to $1.8bn in the second quarter of 2011.
Organic revenue growth in the quarter was 3%, driven by strong performance in the Outdoor & Action Sports and international businesses.
The company said revenue growth in the reporting quarter was tempered by unseasonably warm weather that caused a slight shift in revenues from the second quarter to the first.
VF Corporation chairman and chief executive officer Eric Wiseman said the firm has reached the halfway mark of the year, and is right on track to deliver another year of strong and profitable growth.
"The strength of VF’s business model – a diverse portfolio strategy supported by an intense focus on financial and operational disciplines – provides us with a clear competitive advantage as we successfully navigate through an increasingly uncertain economic environment," Wiseman added.
Adjusted net income totalled $123m, excluding Timberland acquisition-related expenses and the gain on the John Varvatos sale, compared to $129m in the last year’s second quarter.
In the first half of 2012, revenues jumped 24% to $4.7bn from $3.8bn, reflecting growth in every coalition and $595m from Timberland.
During the same period, organic growth stood at 8%, while adjusted net income grew 3% to $341m from $330m in first half of 2011.
VF Corporation has more than 30 brands in its portfolio – its top six brands are The North Face, Wrangler, Timberland, Vans, Lee and Nautica.
Other VF brands include 7 For All Mankind, Bulwark, Eagle Creek, Eastpak, Ella Moss, JanSport, Kipling, lucy, Majestic, Napapijri, Red Kap, Reef, Riders, Splendid and Smartwool.
