VF Corporation (NYSE: VFC) today announced financial results for its second quarter (Q2'FY23) ended October 1, 2022.

Q2'FY23 Financial Highlights

  • Revenue $3.1 billion, declined 4% (up 2% in constant dollars) with big four brands down 5% (up 1% in constant dollars) and the balance of the portfolio up 4% (up 13% in constant dollars)
    • The North Face® revenue $1.0 billion, up 8% (up 14% in constant dollars)
    • Vans® revenue $1.0 billion, down 13% (down 8% in constant dollars)
  • Gross margin 51.4%, down 230 basis points; Adjusted gross margin 51.5%, down 240 basis points
  • Operating margin (2.9)%, down 2,040 basis points; Adjusted operating margin 12.3%, down 440 basis points
  • Earnings (loss) per share (EPS) $(0.31), down 126%; Adjusted EPS $0.73, down 34%
  • Return of $194 million to shareholders through cash dividends

H1'FY23 Financial Highlights

  • Revenue $5.3 billion, down 1% (up 4% in constant dollars) with big four brands down 2% (up 3% in constant dollars) and the balance of the portfolio increasing 6% (up 14% in constant dollars)
    • The North Face® revenue $1.4 billion, up 15% (up 21% in constant dollars)
    • Vans® revenue $1.9 billion, down 10% (down 6% in constant dollars)
  • Gross margin 52.4%, down 240 basis points; Adjusted gross margin 52.6%, down 250 basis points
  • Operating margin (0.5)%, down 1,460 basis points; Adjusted operating margin 8.5%, down 420 basis points
  • Earnings (loss) per share $(0.45), down 129%; Adjusted EPS $0.81, down 41%
  • Return of $388 million to shareholders through cash dividends

FY23 Financial Outlook

  • VF is maintaining its constant dollar revenue outlook but revising its earnings outlook to reflect increased negative impacts from foreign currency fluctuations as well as heightened inventory levels and increased promotional activity in the marketplace
  • Total VF revenue up 5% to 6% in constant dollars, unchanged from the previous outlook
  • Adjusted gross margin down 100 to 150 basis points, compared to the previous outlook of down 50 basis points
  • Adjusted operating margin 11.0%, compared to the previous outlook of approximately 12.0%
  • Adjusted EPS is now expected to be in the range of $2.40 to $2.50, versus $3.18 in the prior year and compared to the previous outlook of $2.60 to $2.70
  • Adjusted cash flow from operations at least $0.9 billion, compared to the previous outlook of $1.0 billion; Capital expenditures approximately $230 million versus the previous outlook of $240 million
    • Excludes the impact of an $876 million payment VF made on October 19, 2022 to the Internal Revenue Service (IRS) for the dispute regarding the timing of income inclusion associated with VF's acquisition of Timberland in 2011, as previously disclosed
  • VF's FY23 outlook assumes the following:
    • No additional significant COVID-19 related lockdowns in any key commercial or production regions
    • No significant worsening in global inflation rates and consumer sentiment

Steve Rendle, Chairman, President and CEO of VF said:

"VF’s balanced performance in Q2 demonstrates the resiliency of our brand portfolio against a more disrupted global marketplace. Our purpose built portfolio of iconic, deeply-loved brands continues to benefit from tailwinds in the outdoor, active, streetwear and workwear spaces while we also actively address the near-term challenges at Vans, the ongoing COVID-related disruption in China, and the broader macro-economic and geopolitical headwinds, which have created tremendous uncertainty for all businesses and consumers.

In the near term, in light of the challenging environment, we are acting proactively to generate increased revenue through the balance of the year while protecting profitability by tightly controlling all non-strategic spend. I am confident in our ability to deliver on our targets and to maximize the potential of all our brands when the environment improves. We will remain focused on the things we can control and will continue leveraging VF’s unique business model and competitive strengths to drive consistent, sustainable and profitable growth."

Summary Revenue Information

(Unaudited)

 

 

 

 

 

 

 

Three Months Ended September

 

Six Months Ended September

(Dollars in millions)

 

 

2022

 

 

2021

 

% Change

 

% Change (constant currency)

 

 

2022

 

 

2021

 

% Change

 

% Change (constant currency)

Brand:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vans®

 

$

952.1

 

$

1,090.3

 

(13

)%

 

(8

)%

 

$

1,899.0

 

$

2,110.2

 

(10

)%

 

(6

)%

The North Face®

 

 

950.8

 

 

883.7

 

8

%

 

14

%

 

 

1,431.9

 

 

1,249.9

 

15

%

 

21

%

Timberland®

 

 

524.2

 

 

545.4

 

(4

)%

 

3

%

 

 

793.6

 

 

794.8

 

%

 

7

%

Dickies®

 

 

186.4

 

 

230.0

 

(19

)%

 

(15

)%

 

 

356.8

 

 

429.3

 

(17

)%

 

(14

)%

Other Brands

 

 

467.1

 

 

448.7

 

4

%

 

13

%

 

 

860.9

 

 

808.5

 

6

%

 

14

%

VF Revenue

 

$

3,080.6

 

$

3,198.2

 

(4

)%

 

2

%

 

$

5,342.2

 

$

5,392.8

 

(1

)%

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Region:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

1,754.1

 

$

1,807.1

 

(3

)%

 

(3

)%

 

$

3,139.2

 

$

3,109.0

 

1

%

 

1

%

EMEA

 

 

932.4

 

 

972.6

 

(4

)%

 

12

%

 

 

1,527.0

 

 

1,512.6

 

1

%

 

16

%

APAC

 

 

394.0

 

 

418.5

 

(6

)%

 

2

%

 

 

676.0

 

 

771.2

 

(12

)%

 

(6

)%

VF Revenue

 

$

3,080.6

 

$

3,198.2

 

(4

)%

 

2

%

 

$

5,342.2

 

$

5,392.8

 

(1

)%

 

4

%

International

 

$

1,511.4

 

$

1,583.0

 

(5

)%

 

8

%

 

$

2,503.4

 

$

2,581.0

 

(3

)%

 

8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Channel:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTC

 

$

1,146.1

 

$

1,192.1

 

(4

)%

 

1

%

 

$

2,145.2

 

$

2,265.8

 

(5

)%

 

(1

)%

Wholesale (a)

 

 

1,934.5

 

 

2,006.2

 

(4

)%

 

3

%

 

 

3,197.0

 

 

3,127.0

 

2

%

 

8

%

VF Revenue

 

$

3,080.6

 

$

3,198.2

 

(4

)%

 

2

%

 

$

5,342.2

 

$

5,392.8

 

(1

)%

 

4

%

All references to periods ended September 2022 relate to the 13-week and 26-week fiscal periods ended October 1, 2022 and all references to periods ended September 2021 relate to the 13-week and 26-week fiscal periods ended October 2, 2021.

Note: Amounts may not sum due to rounding

(a) Royalty revenues are included in the wholesale channel for all periods.

All per share amounts are presented on a diluted basis. This release refers to “reported” and “constant dollar” amounts, terms that are described under the heading below “Constant Currency - Excluding the Impact of Foreign Currency.” Unless otherwise noted, “reported” and “constant dollar” amounts are the same. This release also refers to “continuing” and “discontinued” operations amounts, which are concepts described under the heading below “Discontinued Operations - Occupational Workwear Business.” Unless otherwise noted, results presented are based on continuing operations. This release also refers to “adjusted” amounts, a term that is described under the heading below “Adjusted Amounts - Excluding Transaction and Deal Related Activities, Costs Related to Specified Strategic Business Decisions, Noncash Impairment Charges and Pension Settlement Charge.” Unless otherwise noted, “reported” and “adjusted” amounts are the same.

Second Quarter Fiscal 2023 Income Statement Review

  • Revenue decreased 4% (up 2% in constant dollars) to $3.1 billion driven by increases in the EMEA and APAC regions partially offset by lower sales in the Americas region.
  • Gross margin decreased 230 basis points to 51.4%, primarily driven by higher costs and promotional activity partially offset by price increases. On an adjusted basis, gross margin decreased 240 basis points to 51.5%.
  • Operating income (loss) on a reported basis was $(90.8) million. Operating margin on a reported basis was (2.9)%. On an adjusted basis, operating income decreased 29% (down 22% in constant dollars) to $378.7 million. Adjusted operating margin decreased 440 basis points to 12.3%.
  • Earnings (loss) per share was $(0.31) on a reported basis. On an adjusted basis, earnings per share decreased 34% (down 27% in constant dollars) to $0.73.

COVID-19 Update

To help mitigate the spread of COVID-19 and in response to public health advisories and governmental actions and regulations, VF has modified its business practices in certain locations, including the temporary closing of offices and retail stores, instituting travel bans and restrictions and implementing health and safety measures including social distancing and quarantines.

The majority of VF's supply chain is currently operational. Raw material suppliers in China are currently operational, though the 8-week lockdown in China during VF's first quarter resulted in logistics challenges which continue to contribute to ongoing product delays. Suppliers are complying with local public health advisories and governmental restrictions. Most final product manufacturing and assembly suppliers are largely back to normal operating levels. VF is working with its suppliers to minimize disruption and is employing expedited freight strategically as needed. VF's distribution centers are operational in accordance with local government guidelines while maintaining enhanced health and safety protocols.

In North America, no stores were closed during the second quarter. Currently, all stores are open.

In the EMEA region, no stores were closed during the second quarter due to COVID-19. Currently, all stores are open.

In the APAC region, including Mainland China, no stores were closed at the beginning of the second quarter with a peak of 7% of stores (including partner doors) closed and an average of 3% of stores closed throughout the quarter. At the end of the second quarter, 4% of stores were closed and, as of today, 7% of stores are closed.

VF is continuing to monitor the evolution of COVID-19 globally and will comply with guidance from government entities and public health authorities to prioritize the health and well-being of its employees, customers, trade partners and consumers.

Balance Sheet Highlights

Inventories were up 88% compared with the same period last year, partially driven by an increase of in-transit inventory of approximately $510 million as VF modified terms with the majority of its suppliers in the first quarter of fiscal 2023 to take ownership of inventory at point of shipment rather than destination. Accounts payable increased 91%, which was largely driven by the increase of in-transit inventory. VF returned approximately $194 million of cash to shareholders through dividends during the quarter.

Dividend Declared

VF’s Board of Directors declared a quarterly dividend of $0.51 per share, reflecting a 2% increase over the previous quarter’s dividend. This dividend will be payable on December 20, 2022, to shareholders of record at the close of business on December 12, 2022. Subject to approval by its Board of Directors, VF intends to continue to pay its regularly scheduled cash dividend.

Webcast Information

VF will host its second quarter fiscal 2023 conference call beginning at 4:30 p.m. Eastern Time today. The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location.

Presentation

A presentation on second quarter fiscal 2023 results will be available at ir.vfc.com today before the conference call and will be archived at the same location.

About VF

Founded in 1899, VF Corporation is one of the world’s largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans®, The North Face®, Timberland® and Dickies®. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit vfc.com.

Constant Currency - Excluding the Impact of Foreign Currency

This release refers to “reported” amounts in accordance with U.S. generally accepted accounting principles (“GAAP”), which include translation and transactional impacts from foreign currency exchange rates. This release also refers to “constant dollar” amounts, which exclude the impact of translating foreign currencies into U.S. dollars. Reconciliations of GAAP measures to constant currency amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors.

Discontinued Operations - Occupational Workwear Business

On June 28, 2021, VF completed the sale of its Occupational Workwear business. The Occupational Workwear business was comprised primarily of the following brands and businesses: Red Kap®, VF Solutions®, Bulwark®, Workrite®, Walls®, Terra®, Kodiak®, Work Authority® and Horace Small®. The business also included a license for certain Dickies® occupational workwear products that were historically sold through the business-to-business channel. Accordingly, the company has reported the operating results and cash flows of the business in discontinued operations for all periods through the date of sale.

Adjusted Amounts - Excluding Transaction and Deal Related Activities, Costs Related to Specified Strategic Business Decisions, Noncash Impairment Charges and Pension Settlement Charge

The adjusted amounts in this release exclude transaction and deal related activities associated with the acquisition of the Supreme® brand. Total transaction and deal related activities include integration costs of approximately $0.3 million in the first six months of fiscal 2023.

The adjusted amounts in this release exclude costs related to VF's business model transformation primarily driven by Corporate actions and resulting restructuring costs, and a transformation initiative for our Asia-Pacific regional operations. Total costs were approximately $48 million in the second quarter of fiscal 2023 and $61 million in the first six months of fiscal 2023.

The adjusted amounts in this release exclude noncash impairment charges related to the Supreme® reporting unit goodwill and indefinite-lived trademark intangible asset of approximately $422 million in the second quarter and first six months of fiscal 2023. The impairment charges were driven by non-operating factors including higher interest rates and foreign currency fluctuations.

The adjusted amounts in this release exclude a noncash pension settlement charge. The pension settlement charge resulted from the purchase of a group annuity contract, which was an action taken to streamline administration, manage financial risk associated with pension plans, and to transfer a portion of the liability associated with VF's U.S. pension plan to an insurance company. Total expense was approximately $92 million in the first six months of fiscal 2023.

Combined, the above items negatively impacted earnings per share by $1.04 during the second quarter of fiscal 2023 and $1.26 during the first six months of fiscal 2023. All adjusted amounts referenced herein exclude the effects of these amounts.

Reconciliations of measures calculated in accordance with GAAP to adjusted amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors. The company also provides guidance on a non-GAAP basis as we cannot predict certain elements which are included in reported GAAP results. Additionally, the impact of the payment of taxes and interest related to the dispute with the IRS regarding the Timberland acquisition in 2011 has been excluded from fiscal 2023 adjusted cash flow from operations.

Forward-looking Statements

Certain statements included in this release are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting VF and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as “will,” “anticipate,” “estimate,” “expect,” “should,” and “may” and other words and terms of similar meaning or use of future dates, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding VF’s plans, objectives, projections and expectations relating to VF’s operations or financial performance, and assumptions related thereto are forward-looking statements. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. VF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis, including the coronavirus (COVID-19) global pandemic; the level of consumer demand for apparel, footwear and accessories; disruption to VF’s distribution system; changes in global economic conditions and the financial strength of VF’s customers, including as a result of current inflationary pressures; fluctuations in the price, availability and quality of raw materials and contracted products; disruption and volatility in the global capital and credit markets; VF’s response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; intense competition from online retailers and other direct-to-consumer business risks; third-party manufacturing and product innovation; increasing pressure on margins; VF’s ability to implement its business strategy; VF’s ability to grow its international, direct-to-consumer and digital businesses; VF’s ability to transform its model to be more consumer-minded, retail-centric and hyper-digital; retail industry changes and challenges; VF’s ability to create and maintain an agile and efficient operating model and organizational structure; VF’s and its vendors’ ability to maintain the strength and security of information technology systems; the risk that VF’s facilities and systems and those of our third-party service providers may be vulnerable to and unable to anticipate or detect data or information security breaches and data or financial loss; VF’s ability to properly collect, use, manage and secure business, consumer and employee data and comply with privacy and security regulations; foreign currency fluctuations; stability of VF’s vendors’ manufacturing facilities and VF’s ability to establish and maintain effective supply chain capabilities; continued use by VF’s suppliers of ethical business practices; VF’s ability to accurately forecast demand for products; continuity of members of VF’s management; VF’s ability to recruit, develop or retain qualified employees; VF’s ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment such as the recent impairment charges related to the Supreme® reporting unit goodwill and indefinite-lived trademark intangible asset; maintenance by VF’s licensees and distributors of the value of VF’s brands; VF’s ability to execute acquisitions and dispositions and integrate acquisitions; business resiliency in response to natural or man-made economic, political or environmental disruptions; changes in tax laws and additional tax liabilities, including for the timing of income inclusion associated with our acquisition of the Timberland® brand in 2011; legal, regulatory, political, economic, and geopolitical risks, including those related to the current conflict in Ukraine; changes to laws and regulations; adverse or unexpected weather conditions; VF's indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent VF from fulfilling its financial obligations; climate change and increased focus on environmental, social and governance issues; and tax risks associated with the spin-off of our Jeanswear business completed in 2019. More information on potential factors that could affect VF’s financial results is included from time to time in VF’s public reports filed with the SEC, including VF’s Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished with the SEC.

VF CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

Three Months Ended September

 

Six Months Ended September

 

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

Net revenues

 

$

3,080,600

 

 

$

3,198,235

 

 

$

5,342,195

 

 

$

5,392,792

 

 

Costs and operating expenses

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

1,498,177

 

 

 

1,479,446

 

 

 

2,541,159

 

 

 

2,434,997

 

 

Selling, general and administrative expenses

 

 

1,251,320

 

 

 

1,160,303

 

 

 

2,406,571

 

 

 

2,196,425

 

 

Impairment of goodwill and intangible assets

 

 

421,922

 

 

 

 

 

 

421,922

 

 

 

 

 

Total costs and operating expenses

 

 

3,171,419

 

 

 

2,639,749

 

 

 

5,369,652

 

 

 

4,631,422

 

 

Operating income (loss)

 

 

(90,819

)

 

 

558,486

 

 

 

(27,457

)

 

 

761,370

 

 

Interest expense, net

 

 

(33,903

)

 

 

(34,370

)

 

 

(65,165

)

 

 

(67,145

)

 

Other income (expense), net

 

 

(9,280

)

 

 

7,549

 

 

 

(103,994

)

 

 

16,590

 

 

Income (loss) from continuing operations before income taxes

 

 

(134,002

)

 

 

531,665

 

 

 

(196,616

)

 

 

710,815

 

 

Income tax expense (benefit)

 

 

(15,570

)

 

 

67,612

 

 

 

(22,224

)

 

 

92,790

 

 

Income (loss) from continuing operations

 

 

(118,432

)

 

 

464,053

 

 

 

(174,392

)

 

 

618,025

 

 

Income from discontinued operations, net of tax

 

 

 

 

 

 

 

 

 

 

 

170,273

 

 

Net income (loss)

 

$

(118,432

)

 

$

464,053

 

 

$

(174,392

)

 

$

788,298

 

 

Earnings (loss) per common share - basic (a)

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.31

)

 

$

1.18

 

 

$

(0.45

)

 

$

1.58

 

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

0.43

 

 

Total earnings (loss) per common share - basic

 

$

(0.31

)

 

$

1.18

 

 

$

(0.45

)

 

$

2.01

 

 

Earnings (loss) per common share - diluted (a)

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.31

)

 

$

1.18

 

 

$

(0.45

)

 

$

1.57

 

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

0.43

 

 

Total earnings (loss) per common share - diluted

 

$

(0.31

)

 

$

1.18

 

 

$

(0.45

)

 

$

2.00

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

Basic

 

 

387,688

 

 

 

391,779

 

 

 

387,625

 

 

 

391,565

 

 

Diluted

 

 

387,688

 

 

 

394,017

 

 

 

387,625

 

 

 

394,072

 

 

Cash dividends per common share

 

$

0.50

 

 

$

0.49

 

 

$

1.00

 

 

$

0.98

 

 

 

 

 

 

 

 

 

 

 

 

Basis of presentation of condensed consolidated financial statements: VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. For presentation purposes herein, all references to periods ended September 2022 relate to the 13-week and 26-week fiscal periods ended October 1, 2022 and all references to periods ended September 2021 relate to the 13-week and 26-week fiscal periods ended October 2, 2021. References to March 2022 relate to information as of April 2, 2022.

(a) Amounts have been calculated using unrounded numbers.

 

 

 

 

VF CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

September

 

March

 

September

 

 

2022

 

2022

 

2021

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and equivalents

 

$

552,811

 

$

1,275,943

 

$

1,360,138

Accounts receivable, net

 

 

1,834,598

 

 

1,467,842

 

 

1,787,331

Inventories

 

 

2,749,894

 

 

1,418,673

 

 

1,464,714

Other current assets

 

 

550,940

 

 

425,622

 

 

357,687

Total current assets

 

 

5,688,243

 

 

4,588,080

 

 

4,969,870

Property, plant and equipment, net

 

 

984,115

 

 

1,041,777

 

 

1,011,415

Goodwill and intangible assets, net

 

 

4,878,722

 

 

5,394,158

 

 

5,434,009

Operating lease right-of-use assets

 

 

1,217,172

 

 

1,247,056

 

 

1,380,106

Other assets

 

 

1,015,890

 

 

1,071,137

 

 

1,093,687

Total assets

 

$

13,784,142

 

$

13,342,208

 

$

13,889,087

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Short-term borrowings

 

$

1,692,745

 

$

335,462

 

$

10,173

Current portion of long-term debt

 

 

832,136

 

 

501,051

 

 

1,001,037

Accounts payable

 

 

1,022,408

 

 

562,992

 

 

534,365

Accrued liabilities

 

 

1,798,702

 

 

1,915,892

 

 

1,838,790

Total current liabilities

 

 

5,345,991

 

 

3,315,397

 

 

3,384,365

Long-term debt

 

 

3,526,101

 

 

4,584,261

 

 

4,682,751

Operating lease liabilities

 

 

1,022,451

 

 

1,023,759

 

 

1,146,944

Other liabilities

 

 

803,963

 

 

888,436

 

 

1,076,546

Total liabilities

 

 

10,698,506

 

 

9,811,853

 

 

10,290,606

Stockholders' equity

 

 

3,085,636

 

 

3,530,355

 

 

3,598,481

Total liabilities and stockholders' equity

 

$

13,784,142

 

$

13,342,208

 

$

13,889,087

 

VF CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

 

 

 

 

Six Months Ended September

 

 

 

2022

 

 

 

2021

 

Operating activities

 

 

 

 

Net income (loss)

 

$

(174,392

)

 

$

788,298

 

Income from discontinued operations, net of tax

 

 

 

 

 

170,273

 

Income (loss) from continuing operations, net of tax

 

 

(174,392

)

 

 

618,025

 

Impairment of goodwill and intangible assets

 

 

421,922

 

 

 

 

Depreciation and amortization

 

 

130,623

 

 

 

134,553

 

Reduction in the carrying amount of right-of-use assets

 

 

185,880

 

 

 

208,687

 

Other adjustments

 

 

(1,477,990

)

 

 

(1,138,492

)

Cash used by operating activities - continuing operations

 

 

(913,957

)

 

 

(177,227

)

Cash provided by operating activities - discontinued operations

 

 

 

 

 

6,090

 

Cash used by operating activities

 

 

(913,957

)

 

 

(171,137

)

Investing activities

 

 

 

 

Business acquisitions, net of cash received

 

 

 

 

 

3,760

 

Proceeds from sale of businesses, net of cash sold

 

 

 

 

 

616,529

 

Proceeds from sale of short-term investments

 

 

 

 

 

598,806

 

Capital expenditures

 

 

(89,958

)

 

 

(144,582

)

Software purchases

 

 

(47,858

)

 

 

(42,119

)

Other, net

 

 

6,112

 

 

 

20,491

 

Cash provided (used) by investing activities - continuing operations

 

 

(131,704

)

 

 

1,052,885

 

Cash used by investing activities - discontinued operations

 

 

 

 

 

(525

)

Cash provided (used) by investing activities

 

 

(131,704

)

 

 

1,052,360

 

Financing activities

 

 

 

 

Contingent consideration payment

 

 

(56,976

)

 

 

 

Net increase (decrease) from short-term borrowings and long-term debt

 

 

855,955

 

 

 

(1,397

)

Cash dividends paid

 

 

(388,284

)

 

 

(384,427

)

Proceeds from issuance of Common Stock, net of (payments) for tax withholdings

 

 

(1,931

)

 

 

25,971

 

Cash provided (used) by financing activities

 

 

408,764

 

 

 

(359,853

)

Effect of foreign currency rate changes on cash, cash equivalents and restricted cash

 

 

(85,888

)

 

 

(10,958

)

Net change in cash, cash equivalents and restricted cash

 

 

(722,785

)

 

 

510,412

 

Cash, cash equivalents and restricted cash – beginning of year

 

 

1,277,082

 

 

 

851,205

 

Cash, cash equivalents and restricted cash – end of period

 

$

554,297

 

 

$

1,361,617

 

VF CORPORATION

Supplemental Financial Information

Reportable Segment Information

(Unaudited)

(In thousands)

 

 

Three Months Ended September

 

% Change

Constant

 

2022

2021

% Change Currency (a)

Segment revenues

 

 

 

 

 

 

 

 

Outdoor

$

1,555,328

 

$

1,506,621

 

3%

10%

Active

 

1,260,110

 

 

1,392,173

 

(9)%

(4)%

Work

 

265,162

 

 

299,163

 

(11)%

(9)%

Other (b)

 

 

 

278

 

*

*

Total segment revenues

$

3,080,600

 

$

3,198,235

 

(4)%

2%

Segment profit (loss)

 

 

 

 

 

 

 

 

Outdoor

$

260,439

 

$

284,076

 

 

 

Active

 

180,255

 

 

284,349

 

 

 

Work

 

39,500

 

 

61,973

 

 

 

Other (b)

 

(157

)

 

(370

)

 

 

Total segment profit

 

480,037

 

 

630,028

 

 

 

Impairment of goodwill and intangible assets

 

(421,922

)

 

 

 

 

Corporate and other expenses

 

(158,214

)

 

(63,993

)

 

 

Interest expense, net

 

(33,903

)

 

(34,370

)

 

 

Income (loss) from continuing operations before income taxes

$

(134,002

)

$

531,665

 

 

 

 

 

 

 

 

 

 

 

 

(a) Refer to constant currency definition on the following pages.

(b) Other is included for purposes of reconciliation of revenues and profit, but it is not considered a reportable segment. Includes results primarily related to the sale of non-VF products and sourcing activities related to transition services.

* Calculation not meaningful

VF CORPORATION

Supplemental Financial Information

Reportable Segment Information

(Unaudited)

(In thousands)

 

 

Six Months Ended September

 

% Change

Constant

 

2022

2021

% Change

Currency (a)

Segment revenues

 

 

 

 

 

 

 

 

Outdoor

$

2,323,952

 

$

2,124,375

 

9%

16%

Active

 

2,514,055

 

 

2,694,241

 

(7)%

(2)%

Work

 

504,040

 

 

573,898

 

(12)%

(10)%

Other (b)

 

148

 

 

278

 

*

*

Total segment revenues

$

5,342,195

 

$

5,392,792

 

(1)%

4%

Segment profit (loss)

 

 

 

 

 

 

 

 

Outdoor

$

213,588

 

$

212,329

 

 

 

Active

 

394,286

 

 

555,211

 

 

 

Work

 

74,502

 

 

102,977

 

 

 

Other (b)

 

(382

)

 

(652

)

 

 

Total segment profit

 

681,994

 

 

869,865

 

 

 

Impairment of goodwill and intangible assets

 

(421,922

)

 

 

 

 

Corporate and other expenses

 

(391,523

)

 

(91,905

)

 

 

Interest expense, net

 

(65,165

)

 

(67,145

)

 

 

Income (loss) from continuing operations before income taxes

$

(196,616

)

$

710,815

 

 

 

 

 

 

 

 

 

 

 

 

(a) Refer to constant currency definition on the following pages.

(b) Other is included for purposes of reconciliation of revenues and profit, but it is not considered a reportable segment. Includes results primarily related to the sale of non-VF products and sourcing activities related to transition services.

* Calculation not meaningful

VF CORPORATION

Supplemental Financial Information

Reportable Segment Information – Constant Currency Basis

(Unaudited)

(In thousands)

 

 

 

Three Months Ended September 2022

 

 

As Reported

 

Adjust for Foreign

 

 

 

 

under GAAP

 

Currency Exchange

 

Constant Currency

Segment revenues

 

 

 

 

 

 

Outdoor

 

$

1,555,328

 

 

$

106,555

 

 

$

1,661,883

 

Active

 

 

1,260,110

 

 

 

79,943

 

 

 

1,340,053

 

Work

 

 

265,162

 

 

 

8,454

 

 

 

273,616

 

Other

 

 

 

 

 

 

 

 

 

Total segment revenues

 

$

3,080,600

 

 

$

194,952

 

 

$

3,275,552

 

Segment profit (loss)

 

 

 

 

 

 

Outdoor

 

$

260,439

 

 

$

19,152

 

 

$

279,591

 

Active

 

 

180,255

 

 

 

18,337

 

 

 

198,592

 

Work

 

 

39,500

 

 

 

1,187

 

 

 

40,687

 

Other

 

 

(157

)

 

 

(16

)

 

 

(173

)

Total segment profit

 

 

480,037

 

 

 

38,660

 

 

 

518,697

 

Impairment of goodwill and intangible assets

 

 

(421,922

)

 

 

 

 

 

(421,922

)

Corporate and other expenses

 

 

(158,214

)

 

 

(1,429

)

 

 

(159,643

)

Interest expense, net

 

 

(33,903

)

 

 

 

 

 

(33,903

)

Income (loss) from continuing operations before income taxes

 

$

(134,002

)

 

$

37,231

 

 

$

(96,771

)

Diluted earnings per share growth

 

 

(126

)%

 

 

7

%

 

 

(119

)%

 

 

 

 

 

 

 

Constant Currency Financial Information

VF is a global company that reports financial information in U.S. dollars in accordance with GAAP. Foreign currency exchange rate fluctuations affect the amounts reported by VF from translating its foreign revenues and expenses into U.S. dollars. These rate fluctuations can have a significant effect on reported operating results. As a supplement to our reported operating results, we present constant currency financial information, which is a non-GAAP financial measure that excludes the impact of translating foreign currencies into U.S. dollars. We use constant currency information to provide a framework to assess how our business performed excluding the effects of changes in the rates used to calculate foreign currency translation. Management believes this information is useful to investors to facilitate comparison of operating results and better identify trends in our businesses.

To calculate foreign currency translation on a constant currency basis, operating results for the current year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period).

These constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with GAAP. The constant currency information presented may not be comparable to similarly titled measures reported by other companies.

VF CORPORATION

Supplemental Financial Information

Reportable Segment Information – Constant Currency Basis

(Unaudited)

(In thousands)

 

 

 

Six Months Ended September 2022

 

 

As Reported

 

Adjust for Foreign

 

 

 

 

under GAAP

 

Currency Exchange

 

Constant Currency

Segment revenues

 

 

 

 

 

 

Outdoor

 

$

2,323,952

 

 

$

145,764

 

 

$

2,469,716

 

Active

 

 

2,514,055

 

 

 

132,017

 

 

 

2,646,072

 

Work

 

 

504,040

 

 

 

12,938

 

 

 

516,978

 

Other

 

 

148

 

 

 

 

 

 

148

 

Total segment revenues

 

$

5,342,195

 

 

$

290,719

 

 

$

5,632,914

 

Segment profit (loss)

 

 

 

 

 

 

Outdoor

 

$

213,588

 

 

$

19,036

 

 

$

232,624

 

Active

 

 

394,286

 

 

 

30,379

 

 

 

424,665

 

Work

 

 

74,502

 

 

 

1,736

 

 

 

76,238

 

Other

 

 

(382

)

 

 

(26

)

 

 

(408

)

Total segment profit

 

 

681,994

 

 

 

51,125

 

 

 

733,119

 

Impairment of goodwill and intangible assets

 

 

(421,922

)

 

 

 

 

 

(421,922

)

Corporate and other expenses

 

 

(391,523

)

 

 

(2,321

)

 

 

(393,844

)

Interest expense, net

 

 

(65,165

)

 

 

 

 

 

(65,165

)

Income (loss) from continuing operations before income taxes

 

$

(196,616

)

 

$

48,804

 

 

$

(147,812

)

Diluted earnings per share growth

 

 

(129

)%

 

 

7

%

 

 

(122

)%

 

 

 

 

 

 

 

Constant Currency Financial Information

VF is a global company that reports financial information in U.S. dollars in accordance with GAAP. Foreign currency exchange rate fluctuations affect the amounts reported by VF from translating its foreign revenues and expenses into U.S. dollars. These rate fluctuations can have a significant effect on reported operating results. As a supplement to our reported operating results, we present constant currency financial information, which is a non-GAAP financial measure that excludes the impact of translating foreign currencies into U.S. dollars. We use constant currency information to provide a framework to assess how our business performed excluding the effects of changes in the rates used to calculate foreign currency translation. Management believes this information is useful to investors to facilitate comparison of operating results and better identify trends in our businesses.

To calculate foreign currency translation on a constant currency basis, operating results for the current year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period).

These constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with GAAP. The constant currency information presented may not be comparable to similarly titled measures reported by other companies.

VF CORPORATION

Supplemental Financial Information

Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Six Months Ended September 2022

(Unaudited)

(In thousands, except per share amounts)

 

Three Months Ended September 2022

 

As Reported

under GAAP

 

Transaction

and Deal

Related

Activities (a)

 

Specified

Strategic

Business

Decisions (b)

 

Impairment

and Pension

Settlement

Charge (c)

 

Adjusted

Revenues

 

$

3,080,600

 

 

$

 

$

 

$

 

$

3,080,600

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

1,582,423

 

 

 

 

 

 

3,283

 

 

 

 

 

 

1,585,706

 

Percent

 

 

51.4

%

 

 

 

 

 

 

 

 

51.5

%

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

(90,819

)

 

 

 

 

 

47,644

 

 

 

421,922

 

 

 

378,747

 

Percent

 

 

(2.9

)%

 

 

 

 

 

 

 

 

12.3

%

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share from continuing operations (d)

 

 

(0.31

)

 

 

 

 

 

0.10

 

 

 

0.94

 

 

 

0.73

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended September 2022

 

As Reported

under GAAP

 

Transaction

and Deal

Related

Activities (a)

 

Specified

Strategic

Business

Decisions (b)

 

Impairment

and Pension

Settlement

Charge (c)

 

Adjusted

Revenues

 

$

5,342,195

 

 

$

 

 

$

 

 

$

 

 

$

5,342,195

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

2,801,036

 

 

 

 

 

 

8,364

 

 

 

 

 

 

2,809,400

 

Percent

 

 

52.4

%

 

 

 

 

 

 

 

 

52.6

%

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

(27,457

)

 

 

331

 

 

 

61,422

 

 

 

421,922

 

 

 

456,218

 

Percent

 

 

(0.5

)%

 

 

 

 

 

 

 

 

8.5

%

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share from continuing operations (d)

 

 

(0.45

)

 

 

 

 

 

0.13

 

 

 

1.14

 

 

 

0.81

 

 

 

 

 

 

 

 

 

 

 

 

(a) Transaction and deal related activities reflect activities associated with the acquisition of Supreme Holdings, Inc. and include integration costs of $0.3 million for the six months ended September 2022. The transaction and deal related activities resulted in a net tax benefit of $0.1 million in the six months ended September 2022.

(b) Specified strategic business decisions include costs related to VF's business model transformation of $45.2 million and $51.2 million during the three and six months ended September 2022, respectively, related primarily to Corporate actions and resulting restructuring costs. Specified strategic business decisions also include costs related to a transformation initiative for our Asia-Pacific regional operations of $2.4 million and $10.2 million in the three and six months ended September 2022, respectively. The specified strategic business decisions resulted in a net tax benefit of $10.1 million and $12.3 million in the three and six months ended September 2022, respectively.

(c) VF recognized noncash impairment charges related to the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset of $421.9 million during the three and six months ended September 2022. The impairment charges were driven by non-operating factors including higher interest rates and foreign currency fluctuations.

A noncash pension settlement charge of $91.8 million was recorded in the Other income (expense), net line item during the six months ended September 2022. The pension settlement charge resulted from the purchase of a group annuity contract, which was an action taken to streamline administration, manage financial risk associated with pension plans, and to transfer a portion of the liability associated with VF's U.S. pension plan to an insurance company.

The impairment and pension settlement charges resulted in a net tax benefit of $58.6 million and $72.4 million in the three and six months ended September 2022, respectively.

(d) Amounts shown in the table have been calculated using unrounded numbers. The GAAP diluted earnings per share was calculated using 387,688,000 and 387,625,000 weighted average common shares for the three and six months ended September 2022, respectively. The adjusted diluted earnings per share impacts were calculated using 388,483,000 and 388,439,000 weighted average common shares for the three and six months ended September 2022, respectively.

Non-GAAP Financial Information

The financial information above has been presented on a GAAP basis and on an adjusted basis, which excludes the impact of transaction and deal related activities, activity related to specified strategic business decisions, impairment and a pension settlement charge. The adjusted presentation provides non-GAAP measures. Management believes these measures provide investors with useful supplemental information regarding VF's underlying business trends and the performance of VF's ongoing operations and are useful for period-over-period comparisons of such operations.

Management uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, VF's operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies.

VF CORPORATION

Supplemental Financial Information

Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Six Months Ended September 2021

(Unaudited)

(In thousands, except per share amounts)

 

Three Months Ended September 2021

 

As Reported

under GAAP

 

Transaction

and Deal

Related

Costs (a)

 

Specified

Strategic

Business

Decisions (b)

 

Adjusted

Revenues

 

$

3,198,235

 

 

$

 

 

$

 

$

3,198,235

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

1,718,789

 

 

 

 

 

 

5,868

 

 

 

1,724,657

 

Percent

 

 

53.7

%

 

 

 

 

 

 

53.9

%

 

 

 

 

 

 

 

 

 

Operating income

 

 

558,486

 

 

 

(33,886

)

 

 

9,738

 

 

 

534,338

 

Percent

 

 

17.5

%

 

 

 

 

 

 

16.7

%

 

 

 

 

 

 

 

 

 

Diluted earnings per share from continuing operations (c)

 

 

1.18

 

 

 

(0.09

)

 

 

0.02

 

 

 

1.11

 

 

 

 

 

 

 

 

 

 

Six Months Ended September 2021

 

As Reported

under GAAP

 

Transaction

and Deal

Related

Costs(a)

 

Specified

Strategic

Business

Decisions (b)

 

Adjusted

Revenues

 

$

5,392,792

 

 

$

 

 

$

 

 

$

5,392,792

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

2,957,795

 

 

 

 

 

 

12,069

 

 

 

2,969,864

 

Percent

 

 

54.8

%

 

 

 

 

 

 

55.1

%

 

 

 

 

 

 

 

 

 

Operating income

 

 

761,370

 

 

 

(102,482

)

 

 

23,862

 

 

 

682,750

 

Percent

 

 

14.1

%

 

 

 

 

 

 

12.7

%

 

 

 

 

 

 

 

 

 

Diluted earnings per share from continuing operations (c)

 

 

1.57

 

 

 

(0.24

)

 

 

0.05

 

 

 

1.38

 

 

 

 

 

 

 

 

 

 

(a) Transaction and deal related activities include activities associated with the acquisition of Supreme Holdings, Inc. for the three and six months ended September 2021. Transaction and deal related activities include a decrease in the estimated fair value of the contingent consideration liability of $35.0 million and $108.0 million for the three and six months ended September 2021, respectively, and integration costs of $1.1 million and $5.5 million for the three and six months ended September 2021, respectively. The transaction and deal related activities resulted in a net tax benefit of $1.2 million and net tax expense of $8.3 million in the three and six months ended September 2021, respectively, primarily related to the impact of the decreases in the estimated fair value of the contingent consideration liability on the interim tax rate calculations.

(b) Specified strategic business decisions for the three and six months ended September 2021 include costs related to VF's business model transformation of $0.2 million and $1.7 million in the three and six months ended September 2021, respectively, related primarily to restructuring and other costs. Specified strategic business decisions also include costs related to a transformation initiative for our Asia-Pacific regional operations of $13.3 million and $21.8 million in the three and six months ended September 2021, respectively. Specified strategic business decisions also include cost optimization charges and other activities, including the sale of certain assets, indirectly related to the divestiture of the Occupational Workwear business, which totaled income of $3.8 million and costs of $0.4 million during the three and six months ended September 2021, respectively. The specified strategic business decisions also include non-operating income of $1.7 million during the three and six months ended September 2021 associated with VF's transformation initiatives. The specified strategic business decisions resulted in a net tax benefit of $1.0 million and $3.2 million in the three and six months ended September 2021, respectively.

(c) Amounts shown in the table have been calculated using unrounded numbers. The diluted earnings per share impacts were calculated using 394,017,000 and 394,072,000 weighted average common shares for the three and six months ended September 2021, respectively.

 

Non-GAAP Financial Information

The financial information above has been presented on a GAAP basis and on an adjusted basis, which excludes the impact of transaction and deal related costs and activity related to specified strategic business decisions. The adjusted presentation provides non-GAAP measures. Management believes these measures provide investors with useful supplemental information regarding VF's underlying business trends and the performance of VF's ongoing operations and are useful for period-over-period comparisons of such operations.

Management uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, VF's operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies.

VF CORPORATION

Supplemental Financial Information

Top 4 Brand Revenue Information

(Unaudited)

 

 

 

Three Months Ended September 2022

 

Six Months Ended September 2022

Top 4 Brand Revenue Growth

 

Americas

 

EMEA

 

APAC

 

Global

 

Americas

 

EMEA

 

APAC

 

Global

Vans®

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% change

 

(11

)%

 

(12

)%

 

(20

)%

 

(13

)%

 

(4

)%

 

(11

)%

 

(30

)%

 

(10

)%

% change constant currency*

 

(11

)%

 

2

%

 

(14

)%

 

(8

)%

 

(4

)%

 

2

%

 

(26

)%

 

(6

)%

The North Face®

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% change

 

11

%

 

(5

)%

 

31

%

 

8

%

 

19

%

 

4

%

 

25

%

 

15

%

% change constant currency*

 

11

%

 

11

%

 

37

%

 

14

%

 

19

%

 

20

%

 

30

%

 

21

%

Timberland®

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% change

 

(6

)%

 

2

%

 

(11

)%

 

(4

)%

 

(5

)%

 

9

%

 

(1

)%

 

0

%

% change constant currency*

 

(5

)%

 

19

%

 

(4

)%

 

3

%

 

(5

)%

 

26

%

 

5

%

 

7

%

Dickies®

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% change

 

(17

)%

 

(1

)%

 

(35

)%

 

(19

)%

 

(17

)%

 

5

%

 

(27

)%

 

(17

)%

% change constant currency*

 

(17

)%

 

16

%

 

(27

)%

 

(15

)%

 

(17

)%

 

21

%

 

(20

)%

 

(14

)%

*Refer to constant currency definition on previous pages.

 

 

 

 

 

 

 

 

VF CORPORATION

Supplemental Financial Information

Geographic and Channel Revenue Information

(Unaudited)

 

 

 

Three Months Ended September 2022

 

 

% Change

 

% Change Constant Currency*

Geographic Revenue Growth

 

 

 

 

Americas

 

(3)%

 

(3)%

EMEA

 

(4)%

 

12%

APAC

 

(6)%

 

2%

Greater China

 

(15)%

 

(10)%

International

 

(5)%

 

8%

Global

 

(4)%

 

2%

 

 

 

 

 

 

 

Six Months Ended September 2022

 

 

% Change

 

% Change Constant Currency*

Geographic Revenue Growth

 

 

 

 

Americas

 

1%

 

1%

EMEA

 

1%

 

16%

APAC

 

(12)%

 

(6)%

Greater China

 

(23)%

 

(19)%

International

 

(3)%

 

8%

Global

 

(1)%

 

4%

 

 

 

 

 

 

 

Three Months Ended September 2022

 

 

% Change

 

% Change Constant Currency*

Channel Revenue Growth

 

 

 

 

Wholesale (a)

 

(4)%

 

3%

Direct-to-consumer

 

(4)%

 

1%

Digital

 

(7)%

 

(1)%

 

 

 

 

 

 

 

Six Months Ended September 2022

 

 

% Change

 

% Change Constant Currency*

Channel Revenue Growth

 

 

 

 

Wholesale (a)

 

2%

 

8%

Direct-to-consumer

 

(5)%

 

(1)%

Digital

 

(13)%

 

(8)%

 

 

 

 

 

 

 

As of September

 

 

2022

 

2021

DTC Store Count

 

 

 

 

Total

 

1,283

 

1,358

 

 

 

 

 

*Refer to constant currency definition on previous pages.

(a) Royalty revenues are included in the wholesale channel for all periods.

 

Investor Contact: Allegra Perry ir@vfc.com

Media Contact: Colin Wheeler corporate_communications@vfc.com

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