VF Corp is considering a sale or spinoff of its denim business, sources told The Wall Street Journal on Friday. The apparel and footwear company owns popular denim brands Wrangler and Lee, along with smaller brands Rustlers and Rock & Republic.

Based on the denim business' sales, it could be valued at several billion dollars. The division posted $2.66 billion in sales and $422 million in profit last year. Since 2015, sales have fallen 5 percent and profit has fallen 2 percent.

The decline in VF's denim business has paralleled overall industry trends. Jeans sales in the U.S. were $16.2 billion last year, a decrease from 2013, when the industry had $18.8 billion in total sales.

VF Corp shares rose following news of a potential sale or spinoff, reaching a 52-week high of $97.

Last month, the company reported fiscal first-quarter earnings that beat Wall Street analysts' expectations. VF's other top brands include sneaker brand Vans, outerwear retailer The North Face and boots maker Timberland.

Read more about the potential changes at VF Corp's denim business in The Wall Street Journal.