January 18, 2019 / 12:30 PM / 7 months ago

UPDATE 1-VF Corp raises full-year forecasts on higher Vans demand

(Adds details on forecast, share price)

Jan 18 (Reuters) - VF Corp raised its full-year revenue and profit forecast on Friday after the apparel maker reported an increase in demand for its high margin Vans sneakers during the holiday quarter.

Quarterly revenue from the Vans unit rose 25 percent and the company has seen a demand surge in recent years due to the popularity of its skater culture inspired sneakers and expects the brand to achieve $5 billion in revenue by 2023.

VF, whose shares rose 6.5 percent to $78 in premarket trading, raised its full-year adjusted earnings forecast to $3.73 per share from a prior expectation of $3.65.

The company also raised its full-year revenue forecast by $100 million to $13.8 billion.

VF reported a net income of $463.5 million, or $1.16 per share, in the third quarter ended Dec. 29, compared to a loss of $90.3 million, or 23 cents per share, a year earlier.

Net revenue rose nearly 8 percent to $3.94 billion, beating analysts' average estimate of $3.87 billion, according to IBES data from Refinitiv.

On an adjusted basis, the company earned $1.31 per share, beating estimates of $1.10. (Reporting by Uday Sampath in Bengaluru; Editing by Shounak Dasgupta)

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