Shares of VF Corp. (VFC) , which owns brands such as Vans, Timberland and The North Face, surged more than 11% in early trading on Friday after the company reported better-than-expected fiscal third-quarter earnings, and raised its guidance for the coming quarters.
VF shares jumped 12.4% to close at $82.34 in trading on the New York Stock Exchange.
Net income for the Greensboro, North Carolina-based company rang in at $463.5 million, or $1.16 a diluted share, for its fiscal third quarter vs. a loss of $90.3 million, or 18 cents a share, a year earlier.
Revenue rose 8% to $3.94 billion from $3.65 billion in the year-earlier period.
For the full year, VF now expects revenue to increase approximately 12% "to at least $13.8 billion, with full-year fiscal 2019 adjusted earnings per share of $3.73, including an additional $45 million, or $0.09 per share, of incremental investment," the company said in a statement.
"Based on the strength of our third quarter performance and the growth trajectory we see for the remainder of fiscal 2019, we are again increasing our full-year outlook, including an additional $45 million of growth-focused investments aimed at accelerating growth and value creation into fiscal year 2020," CEO Steve Rendle said in the statement.
Founded in 1899, VF Corp. has more than 30 brands focused on outdoor, active, work and jeans segments, including Lee and Wrangler, Dickies and Kodiak, Jansport, Kipling and Eastpak.