July 19, 2012 / 11:48 AM / 5 years ago

UPDATE 2-North Face, Wrangler owner VF raises profit view

* Q2 adj EPS $1.11 vs est $0.94

* Sees FY 2012 adj EPS $9.50 vs est $9.48

* Shares up 2.4 percent before the bell

July 19 (Reuters) - VF Corp posted a higher-than-expected quarterly profit on lower product costs and strong demand for its outdoors and sports wear, and the company raised its full-year profit forecast.

Shares of the company rose 2.4 percent Thursday in before-the-bell action.

The owner of The North Face, Wrangler, Lee and Timberland brands now expects to earn $9.50 per share for the full year on an adjusted basis, 5 cents more than its previous prediction.

VF has bested Wall Street’s quarterly profit estimates for more than two years in a row. For the second quarter ended June 30, the company earned $155.3 million, or $1.40 per share, up from $129.4 million, or $1.17 per share, last year.

On an adjusted basis, the company earned $1.11 per share, beating analysts’ expectations of 94 cents a share, according to Thomson Reuters I/B/E/S.

Gross margin rose slightly to 46.1 percent from 45.9 percent as the impact of higher jeans wear product costs eased.

Revenue rose 16 percent to $2.14 billion.

Shares of the company closed at $141.81 on Wednesday on the New York Stock Exchange. They were trading at $145.21 before the bell.

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