There seemed to be very little amiss in VF's (NYSE:VFC) second-quarter earnings release, but investors nonetheless bid the stock down. Perhaps they were hoping for a slightly more exciting outlook for the remainder of this year.

VF, the name behind well-known consumer brands such as North Face, Vans, and Lee, reported a 17% drop in second-quarter net income to $81.7 million, or $0.88 per share. (Those figures include the effects of selling its intimate apparel business to Berkshire Hathaway's (NYSE:BRK-A) (NYSE:BRK-B) Fruit of the Loom.) On a brighter note, income from continuing operations increased 18% to $105.8 million, or $0.93 per share.

Revenue increased 12% to $1.52 billion, with VF's outdoor, jeanswear, sportswear, and imagewear segments all reporting increased sales. VF's outdoor goods shone the brightest, posting a 20% increase in sales, followed by its imagewear component, which increased sales by 22%. (Imagewear includes the Majestic Athletic business VF purchased back in February, which contributed $45 million to Q2 revenue.)

Investors' jaundiced view of the consumer-goods company's results may stem from VF's failure to raise its guidance, like it did last quarter. VF said it's maintaining full-year guidance of 12% earnings and revenue growth to reflect its cautious outlook on retail and consumer trends. Anyone wondering whether the worsening economy will prompt customers to tighten their wallets should find that approach prudent.

At 15 times forward earnings, VF doesn't sound like a screaming bargain. Its valuation outpaces its expected earnings growth for that time frame, but VF does have a few key elements in its favor. Its portfolio includes some great brands, and VF continues to patiently snap up or sell brands in order to focus on certain consumer segments. It also sports a meaty 2.3% dividend yield, which helped earn VF a spot on the roster at Motley Fool Income Investor.

On the other hand, VF's got an incredibly boring name, thanks to its former Vanity Fair brand of intimates. In addition, other companies have fallen prey to the risks inherent in VF's strategy. Rival Liz Claiborne (NYSE:LIZ), another active buyer of apparel brands, has recently fared poorly; it's considering selling off 16 of its 36 brands as it restructures.

Still, VF seems to have a measured and focused approach to its brand-building. Though its namesake goods were meant to be kept out of sight, investors should keep a close eye on this stock.

VF is a Motley Fool Income Investor recommendation. Berkshire Hathaway has been recommended by both Motley Fool Stock Advisor and Motley Fool Inside Value. Try any of our Foolish newsletters free for 30 days.   

Alyce Lomax does not own shares of any of the companies mentioned.