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VF Reports Better Than Expected Fourth Quarter and Full Year 2017 Results; Provides Outlook for Transition Quarter Ending March 31, 2018
- Full year 2017 revenue from continuing operations increased 7 percent to $11.8 billion, including an approximate 2 percentage point revenue growth contribution from the Williamson-Dickie acquisition;
- Full year 2017 reported gross margin from continuing operations increased 120 basis points (up 180 basis points currency neutral) to a record high of 50.5 percent. On an adjusted basis, gross margin increased 100 basis points (up 160 basis points currency neutral) to 50.5 percent;
- Full year 2017 reported earnings per share from continuing operations was $1.79, including a $1.15 per share negative impact from recent U.S. tax legislation. Adjusted earnings per share from continuing operations increased 4 percent to $2.98 (up 7 percent currency neutral) including a $0.04 per share contribution from the Williamson-Dickie acquisition;
- Fourth quarter and full year 2017 earnings per share results include an incremental $0.06 per share ($35 million pretax) impact from additional investments to drive accelerated growth in 2018 and beyond. Relative to the company's original outlook provided on February 17, 2017, full year 2017 earnings per share included a $0.19 (about $100 million pretax) impact from incremental investments;
- 2017 cash flow from operations reached approximately $1.5 billion and the company returned approximately $1.9 billion to shareholders through dividends and share repurchases; and,
- Revenue and adjusted earnings per share from continuing operations for the transition quarter ending March 31, 2018 expected to approximate $2.9 billion and $0.65, respectively.
GREENSBORO, N.C.--(BUSINESS WIRE)--February 16, 2018--VF Corporation (NYSE: VFC) today reported financial results for its fourth quarter and full year ended December 30, 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 - Nautica® Brand Business, Licensing Business and Contemporary Brands.” Unless otherwise noted, results presented are based on continuing operations. This release also refers to “adjusted” amounts, terms that are described under the heading “Adjusted Amounts - Excluding Williamson-Dickie and Icebreaker® Transaction and Deal Related Expenses and the Impact of U.S. Tax Legislation.” Unless otherwise noted, “reported” and “adjusted” amounts are the same.
“VF's fourth quarter results were stronger than we expected as growth continues to accelerate across core dimensions of our portfolio,” said Steve Rendle, Chairman and Chief Executive Officer. “We delivered a top-quartile total return for shareholders in 2017 and our strong performance provided us with the capacity to reinvest about $100 million back into our business. I am confident that our investments will accelerate growth and drive even stronger long term value for shareholders. We remain in the early phase of a multi-year journey to become a purpose led, agile, consumer centric organization. I am pleased with our early progress and look forward to building on our momentum in 2018.”
The following information was filed by V F Corp (VFC) on Friday, February 16, 2018 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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