VF Corp. (VFC) - Get Report , the maker of Vans shoes and North Face apparel, forecast double-digit percentage gains in per-share earnings over the next five years and robust growth as sales continue to be driven by popularity of its well-known offerings.
The Denver-based company outlined its growth plans through fiscal 2024, saying it expects per-share earnings to grow at a five-year compound annual growth rate (CAGR) of between 12% and 14%, and revenue to grow at a five-year CAGR of 7% to 8%.
VF Corp. is expecting growth to be driven by its biggest brands, which include Vans, Timberland and Dickies, among others, as well as its international and direct-to-consumer business platforms. Gross margin is expected to exceed 55.5% in fiscal 2024.
The 120-year-old company provided the guidance ahead of an investor day event Wednesday, at which it plans to unveil an updated corporate logo, tagline and other branding in its first refresh in more than two decades.
Shares of VF Corp. opened down 1.39%, or $1.20 a share, at $87.64 on Wednesday.