The clothing and footwear manufacturer has reported

VF Corp. (VFC) today reported solid financial results for the third quarter of financial year 2022. However, despite the challenging economic situation, the results were achieved through widespread development of the company's brands.

"In 3rd quarter, we achieved a return to shareholders of around $500 million, which we achieved in the midst of a steady macroeconomic headwind," said CEO Steve Rendle.

Company report

VF Corp's adjusted earnings per share of $1.35 jumped 45% year-on-year, beating the Zacks' consensus estimate of $1.21.

Net revenues of $3,624.4 million were up 22% year-on-year and beat Zacks' estimate of $3,613 million. Excluding acquisitions, turnover of revenue increased by 15 percent thanks to the VF's biggest brand revenue.

EPS for FY22 is $3.20, consensus $3.17.

Lowered FY22 revenue forecast to $11.85bn from $12.0bn, consensus $11.95bn.

Revenues in the United States were up 24% year-on-year. Revenues in the Americas (excluding the US) were up 27%.

However, international revenues are expected to grow by 22-24% and margins are expected to be at least 55.0%, representing an assumed increase of at least 170 basis points.