VF Corp reports strong first quarter results

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.”