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VF Reports Second Quarter 2017 Results; Raises Outlook for 2017
- Second quarter revenue from continuing operations increased 2 percent to $2.4 billion (up 3 percent currency neutral);
- Gross margin from continuing operations improved 80 basis points (up 160 basis points currency neutral) to 49.7 percent;
- Outdoor & Action Sports revenue increased 4 percent (up 5 percent currency neutral); Vans® brand revenue increased 8 percent (up 9 percent currency neutral) and The North Face® brand revenue increased 5 percent (up 6 percent currency neutral);
- International revenue increased 4 percent (up 6 percent currency neutral), including 13 percent growth (18 percent currency neutral) in China;
- Direct-to-consumer revenue increased 13 percent (up 14 percent currency neutral) with digital revenue up 34 percent (up 36 percent currency neutral);
- Earnings per share from continuing operations decreased 11 percent (flat currency neutral) to 29 cents;
- 2017 earnings per share now expected to be $2.94, including a $40 million, or 8 cents per share, impact from additional investments to fuel accelerated growth; and,
- VF expects to return more than $1.8 billion to shareholders in 2017 through share repurchases and dividends, up from the prior outlook of $1.6 billion.
GREENSBORO, N.C.--(BUSINESS WIRE)--July 24, 2017--VF Corporation (NYSE: VFC) today reported financial results for its second quarter ended July 1, 2017. All per share amounts are presented on a diluted basis. This release refers to “reported” and “currency neutral” amounts, terms that are described under the heading “Currency Neutral – Excluding the Impact of Foreign Currency.” Unless otherwise noted, “reported” and “currency neutral” amounts are the same. This release also refers to “continuing” and “discontinued” operations amounts, which are concepts described under the heading “Discontinued Operations – Licensing Business and Contemporary Brands.” Unless otherwise noted, results presented are based on continuing operations.
“VF’s second quarter results were solid and consistent with our expectations, driven by strong results from our largest global brands, the company’s international and direct-to-consumer platforms, and our growing workwear businesses,” said Steve Rendle, President and Chief Executive Officer. “We have really good momentum as we move into the second half of 2017 and are confident in our growth engines, as evidenced by an increase in our full year outlook and our plan to increase our cash returns to shareholders. Based on the strength of the first half of 2017 and our expectations for the second half of the year, we are making growth-focused investments in our largest brands and platforms to generate additional value for our shareholders both in the near and long term.”
The following information was filed by V F Corp (VFC) on Monday, July 24, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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