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VF Corporation reports 22% revenue increase in Q3 but lowers 2022 outlook

Jeremy Lim
31 January 2022

VF Corporation, owners of brands including Vans, Timberland, Dickies and Supreme, has reported financial growth for its third quarter ending 1 January 2022, with revenue increasing 22% to £2.6 billion ($3.6 billion), a 15% increase excluding acquisitions.

Active segment revenue increased 25%, including a 8% increase in the Vans brand revenue and a 17% point revenue growth contribution from acquisitions.

Outdoor segment revenue increased 23%, including a 28% increase in The North Face brand revenue. Work segment revenue also saw a slight increase - up 6%, including a 4% increase in the Dickies brand revenue.

International revenue increased 19%, including a a 26% increase from Europe, a 6% decrease from Greater China and a 8% increase from Mainland China.

The Group's direct-to-consumer revenue saw increases of 30%, with digital revenue increasing 21%.

Operating income from continuing operations on a reported basis reached £478 million ($643 million) on an adjusted basis, including a £40 million ($54 million) contribution from acquisitions.

Steve Rendle, VF's Chairman, President and CEO, commented: "We delivered strong double-digit top and bottom line results and returned about $500 million in cash to shareholders in the third quarter, all of which has been achieved amidst continuing macro headwinds.

"The broad-based momentum across our brands is testament to the resilience of our diversified portfolio model, which has enabled us to deliver a strong quarter and reaffirm our full year earnings outlook in a challenging environment. I am confident that VF remains well-positioned for continued, profitable, long-term growth."

For the full year fiscal year 2022 outlook, the company now expects revenue to be approximately £8.8 billion ($11.85 billion), down from a prior view of about £8.8 billion ($12 billion) despite an approximate £446 million ($600 million) contribution from the Supreme brand. 

VF Corporation attributed the the shortfall to VF’s Active segment, as well as slowdowns in international revenue, direct-to-consumer and the digital business.

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