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VF Corporation records 3% increase in revenue for 'solid' first quarter

Jeremy Lim
29 July 2022

VF Corporation revealed revenues for the first quarter increased by 3% to $2.3 billion (£1.9 billion), driven by double-digit growth at its The North Face brand.

For the three months ending 2 July, the company said its four big brands gained 2% (up 6% in constant dollars) and the balance of the portfolio up 9% (up 16% in constant dollars).

By brand, The North Face recorded revenues of $481.1 million (£395 million), up 31% compared to the same period last year, with Timberland gaining 8% to $269.5 million (£221.7 million).

However, Vans and Dickies recorded a downturn in sales for the quarter, falling 7% and 15%, to $946.8 million (£779.2 million) and $170.4 million (£140.2 million), respectively. The company's 'other brands' category lifted 9%, to $393.9 million (£324.2 million).

VF Corporation reported an earnings loss per share of $0.14 on a reported basis for the quarter. On an adjusted basis, earnings per share decreased 68%, to $0.09.

Steve Rendle, Chairman, President and CEO of VF said: "We delivered solid top-line results in Q1, ahead of our initial expectations, led by strong consumer engagement with our outdoor, streetwear and active brands amidst a softer consumer environment and inflationary pressures. Importantly, we are maintaining our operating outlook for FY23, a testament to the resiliency of our purpose-built family of brands.

"While uncertainty persists across geographies and marketplaces from ongoing macro-economic headwinds, we are focused on the things that we can control and will continue our strategic investments to ensure long-term, sustainable and profitable growth."

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