WASHINGTON (dpa-AFX) - While reporting financial results for the first quarter of fiscal 2022 on Friday, VF Corp. (VFC) raised its adjusted earnings and revenue guidance for the full-year 2022.
For fiscal 2022, the company now projects adjusted earnings to be approximately $3.20, including an approximate $0.25 contribution from the Supreme brand.
The company also now expects full-year revenues to be approximately $12.0 billion, reflecting growth of approximately 30 percent, including an approximate $600 million contribution from the Supreme brand.
Previously, the company expected adjusted earnings to be approximately $3.05 on revenues of approximately $11.8 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.08 per share on revenues of $11.86 billion for the year. Analysts' estimates typically exclude special items.
'Though the first quarter is a relatively small portion of our total year, this strong start reinforces my confidence in our ability to accelerate growth through fiscal 2022 and beyond,' said Steve Rendle, Chairman, President and CEO.
Further, VF's Board of Directors declared a quarterly dividend of $0.49 per share, payable on September 20, 2021, to shareholders of record on September 10, 2021. Subject to approval by its Board of Directors, VF intends to continue to pay its regularly scheduled dividend.
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