* First-quarter earnings per share $2.43 vs est $2.19
* First-quarter revenue up 2 pct to $2.58 bln vs est $2.64
* Gross margin up 2.4 percentage points to record 48.1 pct
April 26 VF Corp, known for its flagship
clothing brands The North Face and Vans, reported a
better-than-expected first-quarter profit as margins rose to a
record high, and the company raised its earnings forecast for
VF said lower product costs and higher-margin products
helped to boost gross margins by 2.4 percentage points to 48.1
percent in the quarter ended March 30.
Shares of the company, which also owns the Wrangler and
Timberland brands, rose 2 percent in premarket trade.
The company raised its 2013 adjusted profit forecast to
$10.75 per share from $10.70.
Analysts on average estimate a profit of $10.80 per share
for the year, according to Thomson Reuters I/B/E/S.
Net income increased to $270.4 million, or $2.41 per share,
from $215.2 million, or $1.91 per share, a year earlier.
On an adjusted basis, the company earned $2.43 per share.
Analysts on average were expecting profit of $2.19 per share.
Revenue rose 2 percent to $2.58 billion, slightly below the
average market estimate of $2.64 billion.
Shares of Greensboro, North Carolina-based VF rose to
$179.00 in premarket trading after closing at $178.75 on the New
York Stock Exchange on Thursday.