VF Corporation now expects a 12% to 14% increase in first quarter earnings per share, a substantial improvement from its earlier guidance. Previously, the Company indicated that it expected first quarter earnings per share to be up slightly over the $1.00 per share (diluted) reported in the prior year's quarter before a one-time cumulative effect adjustment of $.10 per share related to the adoption of new accounting rules for stock-based compensation. The Company continues to anticipate a sales increase of approximately 5% in the quarter, in line with its initial guidance.
According to Mackey J. McDonald, Chairman and Chief Executive Officer, the higher than expected earnings are due primarily to stronger than anticipated results in the Company's domestic Jeanswear business resulting from improved performance of the Lee® brand as well as continued solid results across the Company's Mass and Specialty jeans businesses. He also noted that the Company's Outdoor coalition continued its very strong momentum in the quarter.
