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VF Reports Second Quarter Fiscal 2020 Results; Raises Dividend and Reaffirms Full Year Fiscal 2020 Outlook
- Revenue from continuing operations increased 5 percent (up 7 percent in constant dollars) to $3.4 billion; excluding acquisitions and divestitures, adjusted revenue increased 6 percent (up 8 percent in constant dollars);
- Active segment revenue increased 9 percent (up 11 percent in constant dollars) including a 14 percent (16 percent in constant dollars) increase in Vans® brand revenue; Outdoor segment revenue increased 4 percent (up 6 percent in constant dollars) including an 8 percent (10 percent in constant dollars) increase in The North Face® brand revenue;
- International revenue increased 4 percent (up 8 percent in constant dollars); China revenue increased 20 percent (up 24 percent in constant dollars);
- Direct-to-Consumer revenue increased 11 percent (up 13 percent in constant dollars); Digital revenue increased 15 percent (up 17 percent in constant dollars);
- Gross margin from continuing operations increased 90 basis points to 52.9 percent; on an adjusted basis, gross margin increased 90 basis points to 53.1 percent;
- Earnings per share from continuing operations was $1.61. Adjusted earnings per share from continuing operations increased 6 percent (up 8 percent in constant dollars) to $1.26;
- Full year fiscal 2020 adjusted revenue from continuing operations still expected to approximate $11.8 billion, reflecting growth of approximately 6 percent (8 percent on a constant dollar basis, excluding acquisitions and divestitures);
- Full year fiscal 2020 adjusted earnings per share from continuing operations still expected to be in the range of $3.32 to $3.37, reflecting growth of 16 percent to 18 percent (19 percent to 21 percent on a constant dollar basis, excluding acquisitions and divestitures); and,
- Quarterly dividend increased by 12 percent to $0.48 per share.
DENVER--(BUSINESS WIRE)--October 25, 2019--VF Corporation (NYSE: VFC) today reported financial results for its second quarter ended September 28, 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, a term that is described under the heading “Adjusted Amounts - ExcludingIcebreaker®, Altra® and Jeans Spin-Off Transaction and Deal Related Expenses, Costs Related to Office Relocations and Specified Strategic Business Decisions, and the Impact of Swiss Tax Legislation.” Unless otherwise noted, “reported” and “adjusted” amounts are the same.
“We're pleased with the strength of our second quarter and first half results, driven by our two largest brands and our international and direct-to-consumer platforms," said Steve Rendle, Chairman, President and Chief Executive Officer. "The quality and fundamentals of our business remain solid as a result of the focus and strategic execution of our business teams around the globe. Despite an increasingly uncertain geopolitical and macroeconomic environment, we are confident in the trajectory of our business as we move into the second half of our fiscal year, as reaffirmed by our outlook. We remain deeply committed to transforming VF into a more consumer-minded and retail-centric organization while delivering superior returns to shareholders."
The following information was filed by V F Corp (VFC) on Friday, October 25, 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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