Vans Warped Tour, one of the longest-running touring music festivals in North America, is closing its curtains after this summer. However, its iconic canvas slip-ons aren’t going anywhere.
Parent company V.F. Corporation (NYSE:VFC) announced better-than-expected first-quarter results as sales of Vans soared.
The apparel company reported earnings of US$0.40 per share on revenue of US$2.78bn compared with US$0.27 EPS on revenue of US$2.26bn in the previous year’s first quarter.
The North Carolina-based company beat Wall Street estimates of US$0.33 EPS on revenue of $2.68bn.
READ: PRE-MARKET MOVERS: Skechers USA skids lower in pre-market, but Honeywell International is sweet for investors
Sales of the skater sneaker rose more than 35% in the first quarter.
The company upped its guidance for the year ahead, expecting revenue in the range of US$13.6bn to US$13.7bn compared with its previous guidance of US$13.45bn to US$13.55bn. Earnings are expected to be between US$3.52 to US$3.57 compared with prior guidance of US$3.48 to US$3.53.
Its brand portfolio includes Cans, Timberland, The North Face and Wrangler.
In contrast, shoe giant Skechers USA (NYSE:SKX) shares slid after falling below estimates for quarterly profit and revenue due to declining sales.
Shares of V.F. were up more than 3% to US$91.99 in Friday morning trading.