Leading apparel retailer VF Corporation reported financial results for its fourth quarter and full year ended 3 April 2021.
The company’s full year fiscal 2021 revenue from continuing operations decreased by 12 per cent to US $ 9.2 billion (excluding acquisitions) while adjusted revenue decreased by 13 per cent.
On the other hand, its full year fiscal 2021 active segment revenue decreased by 15 per cent including a 15 per cent decrease in Vans® brand revenue and a 3 percentage point revenue growth contribution from acquisitions.
Notably, the outdoor segment revenue decreased by 11 per cent – including a 9 per cent decrease in The North Face® brand revenue.
At the same time, work segment revenue increased by 7 per cent, including a 9 per cent increase in Dickies® brand revenue.
“I could not be more pleased with how our organisation navigated fiscal 2021. Early in the year we took important actions to protect our people and the enterprise, while maintaining investments to drive our transformation and accelerate organic growth. At the same time, we took bold, forward-looking actions to spark additional growth and value creation. As a result, we are exiting this year in a position of strength with broad-based momentum across the portfolio,” said Steve Rendle, Chairman, President and CEO of the retail giant.
In a statement, the company informed that the majority of its supply chain is currently operational. Suppliers are complying with local public health advisories and governmental restrictions, which has resulted in isolated product delays. VF is working with its suppliers to minimise disruption.
As far as fourth quarter of fiscal 2021 is concerned, its revenue increased by 23 per cent to US $ 2.6 billion.
The statement says that as far as VF’s outlook for full year fiscal 2022 (on an adjusted continuing operations basis) is concerned, revenue is expected to be approximately US $ 11.8 billion, reflecting growth of approximately 28 per cent, including an approximate US $ 600 million contribution from the Supreme® brand.