VF Corp. the parent company of Timberland, The North Face, Wrangler etc. is in discussions to sell its apparel brand Nautica as it continues to focus on best-performing brand. The sell out is due to the company’s sale of its Licensed Sports Group business to Fanatics in April 2017 and the divestiture of its contemporary brands businesses which included 7 For All Mankind and Splendid, to Delta Galil Industries in August 2016. This was announced by the company in its Q4 earnings statement. Steve Rendle, Chairman and CEO, VF Corp, told investors during the company’s quarterly conference call, “While we do not yet have a definitive agreement, we are actively engaged with several parties, and we’ll update you as conditions warrant.”
VF’s revenues went up by 20 per cent to $3.62 billion for Q4, below forecasts of $3.7 billion. It reported $247 million in revenue from its Williamson-Dickie subsidiary which it acquired in October. Earnings per share on an adjusted basis came in at $1.01, a penny below forecasts. For the full year, revenues went up by 7 per cent to $11.8 billion. Earnings per share on a reported basis dropped 30 per cent to $1.79, including a negative impact from recent U.S. tax legislation. Adjusted earnings per share increased 4 per cent to $2.98.
