World Footwear


VF Corporation with consistent revenue growth

Mar 14, 2015 United States
VF Corporation with consistent revenue growth
The group’s revenue was up by 9% during the fourth quarter, resulting in total annual growth of 8% for fiscal 2014
“Our powerful brands and the competitive advantage of our business platforms combined with our relentless focus on operational excellence delivered another year of strong returns for our shareholders,” commented Eric Wiseman, VF Chairman, President and Chief Executive Officer, adding: “Our four largest brands: The North Face, Vans, Timberland, and Wrangler, along with many of our other brands, were strong performers as we grew our business in every region and channel around the world”.

Revenue rose 9% to 3.6 billion US dollars driven by strong growth in the Outdoor & Action Sports coalition and the international and direct-to-consumer businesses. On a currency neutral basis, revenues increased 11% over similar quarter in 2013. VF uses a 52/53 week fiscal year and the fourth quarter of 2014 included a 53rd week, which added approximately 100 million US dollars in revenue, representing about 3 percentage points of growth. Revenue increased 8% to a record 12.3 billion US dollars, compared with 11.4 billion US dollars in 2013, driven by continued strength in the Outdoor & Action Sports coalition, and our international and direct-to-consumer businesses. On a currency neutral basis, revenue increased 8% for the year. Inclusion of the 53rd week, as previously noted, added approximately 1 percentage point of growth in 2014.

Adjusted earnings per share for the fourth quarter increased 20% to 0.98 US dollars per share, while the annual increase of this indicator reached 14% (3.08 US dollars per share).

For the full year, revenue for The North Face brand grew 11% (up 12% currency neutral) to reach 2.3 billion US dollars and Vans was up by 17%, establishing its place as VF’s second 2 billion US dollars brand. Full year Timberland brand's revenue increased 13% totaling 1.8 billion US dollars (up by 15% on a currency neutral basis).

International revenue in the fourth quarter grew 5%, or 13% on a currency neutral basis. Europe was down by 1% (up by 8% in currency neutral); Asia Pacific region increased 17% (up 20% currency neutral), including 20% growth in China. Revenue in the Americas (non-US) region went up 9% (up 19% currency neutral). For the full year, international revenues represented 38% of total VF sales, the same as in fiscal 2013.

In terms of revenue for 2015, on a currency neutral basis, the company expects consistent growth quarter-by-quarter throughout the year. Due to the rapid strengthening of the US dollar in the second half of 2014, reported revenue comparisons in the second half of 2015 will be slightly stronger than in the first half.

VF Corporation is a global leader in the design, manufacture, marketing and distribution of branded lifestyle apparel, footwear and accessories. The company’s portfolio includes 30 brands, covering numerous geographies, product categories, consumer demographics and sales channels. The company’s largest brands are The North Face, Vans, Timberland, Wrangler, Lee and Nautica.

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