{"id":194792,"date":"2022-01-31T09:50:29","date_gmt":"2022-01-31T09:50:29","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=194792"},"modified":"2022-01-31T20:31:52","modified_gmt":"2022-01-31T20:31:52","slug":"vf-corporation-reports-22-revenue-increase-in-q3-but-lowers-2022-outlook","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/vf-corporation-reports-22-revenue-increase-in-q3-but-lowers-2022-outlook\/","title":{"rendered":"VF Corporation reports 22% revenue increase in Q3 but lowers 2022 outlook"},"content":{"rendered":"

VF Corporation<\/a><\/span>, owners of brands including Vans<\/a><\/span>, Timberland<\/a><\/span>, Dickies and Supreme, has reported financial growth for its third quarter ending 1 January 2022, with revenue increasing 22% to \u00a32.6 billion ($3.6 billion), a 15% increase excluding acquisitions.<\/strong><\/p>\n

Active segment revenue increased 25%<\/strong>, including a 8% increase in the Vans brand revenue and a 17% point revenue growth contribution from acquisitions.<\/p>\n

Outdoor segment revenue increased 23%,<\/strong> including a 28% increase in The North Face brand revenue. Work segment revenue also saw a slight increase<\/strong> -\u00a0up 6%, including a 4% increase in the Dickies brand revenue.<\/p>\n

International revenue increased 19%, including a a 26% increase from Europe, a 6% decrease from Greater China and a 8% increase from Mainland China.<\/p>\n

The Group's direct-to-consumer revenue saw increases of 30%, with digital revenue increasing 21%.<\/p>\n

Operating income from continuing operations on a reported basis reached \u00a3478 million ($643 million) on an adjusted basis, including a \u00a340 million ($54 million) contribution from acquisitions.<\/p>\n

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.<\/p>\n

\"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.\"<\/p>\n

For the full year fiscal year 2022 outlook, the company now expects revenue to be approximately \u00a38.8 billion ($11.85 billion), down from a prior view of about \u00a38.8 billion ($12 billion) despite an approximate \u00a3446 million ($600 million) contribution from the Supreme brand.\u00a0<\/strong><\/p>\n

VF Corporation attributed the the shortfall to VF\u2019s Active segment, as well as slowdowns in international revenue, direct-to-consumer and the digital business.<\/p>\n","protected":false},"excerpt":{"rendered":"

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