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VF Corp reports strong first quarter results

Tom Shearsmith
02 August 2021

VF Corporation, owners of brands including Vans, Dickies and Supreme, has reported strong financial growth for its first quarter ending 3 July 2021, with revenue increasing 104% to $2.2 billion (a 90% increase excluding acquisitions).

Active segment revenue increased 128%, including a 110% increase in the Vans brand revenue and a 26% point revenue growth contribution from acquisitions.

Outdoor segment revenue increased 81% including a 93% increase in The North Face brand revenue. Work segment revenue also saw an increase, up 69%, including a 61% increase in the Dickies brand revenue.

International revenue increased 84%, including a a 126% increase from Europe, a 19% increase from Greater China and a 23% increase from Mainland China.

The Group's direct-to-consumer revenue saw increases of 97%, with digital revenue increasing 25%.

Operating income from continuing operations on a reported basis reached $203 million.

Steve Rendle, VF's Chairman, President and CEO, commented: "Our teams delivered an outstanding first quarter, powering VF back to pre-pandemic revenue levels while driving an earnings recovery ahead of our expectations. We continue to see broad-based momentum across the portfolio, supporting an increase to our fiscal 2022 outlook for each of our largest brands. Though the first quarter is a relatively small portion of our total year, this strong start reinforces my confidence in our ability to accelerate growth through fiscal 2022 and beyond.

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