VF Corp is exploring strategic options for its denim business that could include a sale or spinoff of its Lee and Wrangler jeans. Greensboro, N.C.-based VF, which also makes Vans shoes, generates over $2.5 billion in annual revenue. Its jeans business has been declining since big retailers including Walmart stock more of their own private label brands.

The company recently released its financial results for the first quarter of fiscal 2019. The company’s revenue from continuing operations increased 23 per cent to $2.8 billion; revenue from continuing operations increased 12 per cent excluding the revenue contribution from acquisitions.

Active segment revenue increased 25 per cent including a 35 per cent increase in Vans brand revenue; Outdoor segment revenue increased 6 percent including an 8 percent increase in The North Face brand revenue and a 6-percentage point revenue growth contribution from acquisitions.