Exhibit 99

VF Reports Fourth Quarter and Full Year Fiscal 2020 Results

  • Full year fiscal 2020 revenue from continuing operations increased 2 percent (up 4 percent in constant dollars) to $10.5 billion; excluding acquisitions and divestitures, adjusted revenue increased 3 percent (up 4 percent in constant dollars);
  • Full year fiscal 2020 Active segment revenue increased 4 percent (up 6 percent in constant dollars) including a 10 percent (11 percent in constant dollars) increase in Vans® brand revenue; Outdoor segment revenue was flat (up 1 percent in constant dollars) including a 3 percent (5 percent in constant dollars) increase in The North Face® brand revenue; Work segment revenue was flat (up 1 percent in constant dollars) including a 3 percent (4 percent in constant dollars) increase in Dickies® brand revenue;
  • Full year fiscal 2020 International revenue increased 1 percent (up 4 percent in constant dollars); China revenue increased 10 percent (up 14 percent in constant dollars);
  • Full year fiscal 2020 Direct-to-Consumer revenue increased 5 percent (up 6 percent in constant dollars); Digital revenue increased 15 percent (up 17 percent in constant dollars);
  • Full year fiscal 2020 gross margin from continuing operations increased 70 basis points to 55.3 percent; on an adjusted basis, gross margin increased 70 basis points to 55.5 percent;
  • Full year fiscal 2020 operating income from continuing operations decreased 22 percent; adjusted operating income from continuing operations increased 4 percent (6 percent in constant dollars);
  • Full year fiscal 2020 earnings per share from continuing operations was $1.57. Adjusted earnings per share from continuing operations increased 5 percent (up 7 percent in constant dollars) to $2.68; and,
  • Full year fiscal 2020 cash flow from continuing operations was approximately $800 million; on an adjusted basis, cash flow from continuing operations was approximately $900 million; In fiscal 2020 the company returned approximately $1.7 billion to shareholders through share repurchases and dividends.

 

DENVER--(BUSINESS WIRE)--May 15, 2020--VF Corporation (NYSE: VFC) today reported financial results for its fourth quarter and full year ended March 28, 2020. All per share amounts are presented on a diluted basis. This release refers to “reported” and “constant dollar” amounts, terms that are described under the heading “Constant Currency - Excluding the Impact of Foreign Currency.” Unless otherwise noted, “reported” and “constant dollar” amounts are the same. This release also refers to “continuing” and “discontinued” operations amounts, which are concepts described under the heading “Discontinued Operations - Occupational Workwear Business and Kontoor Brands Business.” Unless otherwise noted, results presented are based on continuing operations. This release also refers to “adjusted” amounts, a term that is described under the heading “Adjusted Amounts - Excluding Transaction and Deal Related Expenses, Costs Related to Office Relocations and Specified Strategic Business Decisions, Noncash Impairment Charge, Pension Settlement Charge, the Impact of Debt Extinguishment and the Impact of Tax Legislation.” Unless otherwise noted, “reported” and “adjusted” amounts are the same.

“Through the first ten months of fiscal 2020 our business delivered results above our stated long-term growth objectives. Then the world changed for all of us as a result of COVID-19," said Steve Rendle, Chairman, President and Chief Executive Officer. "From the early days of the outbreak VF has taken a people-first approach in our COVID-19 response, prioritizing the health and safety of our people, while also protecting their financial well-being. As we've implemented measures to care for and protect our people, we've also taken several key actions to advance our Enterprise Protection Strategy," Rendle continued. "These prudent actions, most of which have been precautionary, have helped us preserve liquidity and given us more flexibility to manage our global business operations through the prolonged crisis. Moving forward we're committed to using this moment to set VF and our brands up for the next successful chapter in our 121-year history."


The following information was filed by V F Corp (VFC) on Friday, May 15, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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