World Footwear

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Strong quarter for VF

Feb 27, 2018 United States
Strong quarter for VF
The US-based company has reported better than expected fourth quarter results, with two digits growth in revenue for the period. Revenue growth in the full year totaled 7%
“VF's fourth quarter results were stronger than we expected as growth continues to accelerate across core dimensions of our portfolio”, stated Steve Rendle, Chairman and Chief Executive Officer, adding: “We delivered a top-quartile total return for shareholders in 2017 and our strong performance provided us with the capacity to reinvest about 100 million US dollars back into our business. I am confident that our investments will accelerate growth and drive even stronger long term value for shareholders. We remain in the early phase of a multi-year journey to become a purpose led, agile, consumer centric organization. I am pleased with our early progress and look forward to building on our momentum in 2018.”

In the fourth quarter VF Corporation’s revenue increased by 20% totaling 3.6 billion US dollars (up by 18% currency neutral), including a 247 million US dollars contribution from the Williamson-Dickie acquisition, which was closed on the 2nd of October. Excluding the Williamson-Dickie acquisition, revenue increased by 12% (up by 10% currency neutral), driven by broad-based strength across VF’s international and direct-to-consumer platforms, Outdoor & Action Sports coalition and Workwear businesses.

Fourth quarter loss per share was 0.18 US dollars on a reported basis, including a 1.16 US dollars negative impact from recent US tax legislation. On an adjusted basis, earnings per share increased 13% to 1.01 US dollars, including a 0.04 US dollars contribution from the Williamson-Dickie acquisition.

In the complete fiscal year 2017 revenue increased by 7% reaching 11.8 billion US dollars, including a 247 million US dollars contribution from the Williamson-Dickie acquisition. Excluding the Williamson-Dickie acquisition, revenue increased by 5% (up by 4% currency neutral), driven by continued momentum in VF's international and direct-to-consumer platforms, Outdoor & Action Sports coalition and Workwear businesses.

Earnings per share on a reported basis declined by 30% totaling 1.79 US dollars, including a 1.15 US dollars negative impact from recent US tax legislation. Adjusted earnings per share increased by 4% (up by 7% currency neutral) to 2.98 US dollars, including a 0.04 US dollars contribution from the Williamson-Dickie acquisition.

For the quarter ending on the 31st of March 2018, revenue is expected to approximate 2.9 billion US dollars, up by 16%. Excluding the Williamson-Dickie acquisition, revenue is expected to increase at a high single-digit rate due in part to changes in foreign currency.

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