Exhibit 99


VF Reports First Quarter Fiscal 2020 Results; Raises Full Year Fiscal 2020 Outlook

  • Revenue from continuing operations increased 6 percent (up 9 percent in constant dollars) to $2.3 billion; excluding acquisitions and divestitures, adjusted revenue increased 9 percent (up 11 percent in constant dollars);
  • Active segment revenue increased 8 percent (up 11 percent in constant dollars) including a 20 percent (23 percent in constant dollars) increase in Vans® brand revenue; Outdoor segment revenue increased 7 percent (up 11 percent in constant dollars) including a 9 percent (12 percent in constant dollars) increase in The North Face® brand revenue and a 2-percentage point revenue growth contribution from acquisitions;
  • International revenue increased 2 percent (up 8 percent in constant dollars); excluding acquisitions and divestitures and on an adjusted basis, international revenue increased 4 percent (up 10 percent in constant dollars); China revenue increased 21 percent (up 29 percent in constant dollars);
  • Direct-to-Consumer revenue increased 14 percent (up 17 percent in constant dollars); Digital revenue increased 24 percent (up 28 percent in constant dollars);
  • Gross margin from continuing operations increased 140 basis points to 54.4 percent; on an adjusted basis, gross margin increased 120 basis points to 54.4 percent;
  • Earnings per share from continuing operations was $0.24. Adjusted earnings per share from continuing operations increased 61 percent (up 67 percent in constant dollars) to $0.30;
  • Full year fiscal 2020 adjusted revenue from continuing operations now expected to approximate $11.8 billion, reflecting growth of approximately 6 percent (8 percent on a constant dollar basis, excluding acquisitions and divestitures); and,
  • Full year fiscal 2020 adjusted earnings per share from continuing operations is now expected to be in the range of $3.32 to $3.37, including an additional $20 million, or $0.04 per share, of incremental investment, reflecting growth of 16 percent to 18 percent (18 percent to 20 percent on a constant dollar basis, excluding acquisitions and divestitures).

DENVER--(BUSINESS WIRE)--July 24, 2019--VF Corporation (NYSE: VFC) today reported financial results for its first quarter ended June 29, 2019. 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 - Kontoor Brands Business.” 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

Icebreaker®, Altra® and Jeans Spin-Off Transaction and Deal Related Expenses, Costs Related to Office Relocations and Specified Strategic Business Decisions.” Unless otherwise noted, “reported” and “adjusted” amounts are the same.

“Our first quarter represents a new chapter for VF following the spin-off of Kontoor Brands and our relocation to Denver, Colorado," said Steve Rendle, Chairman, President and Chief Executive Officer. "Our first quarter results demonstrate the power of VF's evolved portfolio and our progress along our journey to become a purpose-led, performance-driven, value-creating enterprise anchored in our commitment to be more consumer-minded and retail-centric in everything we do. As a result of our strong results and increased confidence in the full year, we are raising our fiscal 2020 outlook, including an additional $20 million of investments aimed at accelerating growth and value creation in fiscal year 2020 and beyond."


The following information was filed by V F Corp (VFC) on Wednesday, July 24, 2019 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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