- Vivian Hendriksz |
London - US retail group VF Corporation remans confident about its future - so confident that it is set to invest an additional 40 million USD in its business to fuel and accelerate its growth for 2018.
The announcement comes after VF Corp published strong results for its second quarter, which surpassed analyst expectations. “We have really good momentum as we move into the second half of 2017 and are confident in our growth engines, as evidenced by an increase in our full year outlook and our plan to increase our cash returns to shareholders,” said Steve Rendle, President and Chief Executive Officer of VF Corp in a statement.
“Based on the strength of the first half of 2017 and our expectations for the second half of the year, we are making growth-focused investments in our largest brands and platforms to generate additional value for our shareholders both in the near and long term.” VF Corp aims to continue investigating what its largest growth opportunities will be to create more momentum within its businesses. At the moment VF Corp is currently focusing on streamlining its store portfolio by closing stores which do not achieve full profitability, according to an interview with WWD.
However, VF Corp is also set to open another 50 stores for the company’s three biggest brands, Vans, Timberland and The North Face, as part of the company’s five-year strategic plan, previously unveiled this March. Improving VF Corp portfolio remains a key part of the company’s five-year plan. “We think there are plenty of opportunities in the marketplace. We are very active in that process,” said Rendle.
Photo: Vans, VF Corp