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VF Corp announces full year results

May 20, 2022 United States
VF Corp announces full year results
The US-based apparel and footwear group has reported revenue growth of 28% over fiscal 2022, reaching 11.8 billion US dollars, as compared to fiscal 2021
"I am pleased with the progress we have made advancing our strategic priorities while successfully navigating another eventful year. We largely delivered on the commitments we made at the outset of Fiscal 2022 by achieving broad-based growth across our family of brands. A portion of our active segment did not achieve its potential. We understand the issues, we have the right people in place and we know we will do better (…) We will continue to thoughtfully invest in our brands and value-enhancing strategic growth opportunities and I am confident VF has a long runway for sustained profitable and broad-based growth ahead", commented Steve Rendle, Chairman, President and CEO of VF.


Fourth Quarter Results

In the fourth quarter of fiscal 2022, which ended on the 2nd of April, the company’s revenue increased by 9% (up by 12% in constant currency), totalling 2.8 billion US dollars, as compared to similar period of the prior fiscal year. The North Face's revenue rose by 24% (by 26% in constant currency) to 0.8 billion US dollars, and Vans' revenue growth was flat (up by 2% in constant dollars), amounting to 1.0 billion US dollars, on a comparable basis to the same quarter of fiscal 2021.

Earnings per share corresponded to 0.21 US dollars in the fourth quarter of fiscal 2022, up by 32%, and adjusted earnings per share to 0.45 US dollars, up by 67%, as compared to the same period of the previous year.


Full Year Results

Over fiscal 2022, VF Corp’s revenue reached 11.8 billion US dollars, which reflects an increase of 28% (of 27% in constant currency), as compared to the previous fiscal year.

In these twelve-months, Vans' revenue grew by 20% (by 19% in constant currency), totalling 4.16 billion US dollars, The North Face's revenue was up by 33% (by 32% in constant currency), adding up to 3.23 billion US dollars, Timberland reported revenue growth of 20% (of 20% in constant currency), reaching 1.82 billion US dollars, Dickies' revenue totalled 837.7 million US dollars, up by 19% (by 19% in constant currency), and other Brands' revenue amounted to 1.76 billion US dollars, reflecting an increase of 60% (of 60% in constant currency), on a comparable basis to fiscal 2021.

Gross margin widened by 180 basis points to 54.5% and adjusted gross margin by 150 basis points in fiscal 2022, on a comparable basis to the prior fiscal year.

In fiscal 2021, earnings per share were 3.10 US dollars, up by 242%, as compared to the previous year. Adjusted earnings per share increased by 143%to 3.18 US dollars, including a 0.19 US dollars per share contribution from acquisitions.


Fiscal 2023 Outlook

Based on the assumption that there will be no additional significant COVID-19 related lockdowns in any key commercial or production regions (and that the current restrictions in China will ease from the beginning of June 2022) and that consumer sentiment and global inflation rates do not worse, the company is anticipating revenue growth for fiscal 2023 of at least 7% in constant dollars. Earnings per share are expected to be in the range of 3.30 US dollars to 3.40 US dollars.


Image Credits: pymnts.com


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