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Exhibit 99 |
DENVER--(BUSINESS WIRE)--July 31, 2020--VF Corporation (NYSE: VFC) today reported financial results for its first quarter ended June 27, 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.” 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 Costs Related to Specified Strategic Business Decisions.” Unless otherwise noted, “reported” and “adjusted” amounts are the same.
“VF is built for this moment, which is what gives us continued confidence and optimism,” said Steve Rendle, VF’s Chairman, President and CEO. “Our financial and operational rigor, the affinity consumers have for our iconic brands, and the progress we’ve made in recent years with our digital transformation have us well-positioned to not only manage the complexities of the current environment, but to drive long-term growth. As we continue through our fiscal year, we’ll build on the strengths we’re already seeing in the core elements of our strategy, including maintaining our strong cash and liquidity position and further accelerating our digital business worldwide, especially in China.”
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by V F Corp.
V F Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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HIGHLIGHTS OF THE FIRST QUARTER OF FISCAL 2021 Revenues were down 48% to $1.1 billion compared to the three months ended June 2019, primarily due to the negative impact of COVID-19 and a 1% unfavorable impact from foreign currency.
Revenues in the Asia-Pacific region decreased 2%, including a 3% unfavorable impact from foreign currency.Dickies brand global revenues decreased 16% in the three months ended June 2020, compared to the 2019 period, including a 1% unfavorable impact from foreign currency.
A portion of the net proceeds was used to repay $2.0 billion of outstanding borrowings under the Global Credit Facility resulting from actions taken by VF to strengthen the Company's cash position in response to the COVID-19 pandemic, and the remaining net proceeds will be used for general corporate purposes.
The revenue decrease was primarily attributable to the negative impact of COVID-19 and included a 1% unfavorable impact from foreign currency.
Revenues in the Asia-Pacific region decreased 9%, with a 3% unfavorable impact from foreign currency.
Foreign currency negatively impacted revenues...Read more
The increase was also partially...Read more
The decrease was primarily due...Read more
Revenues in the Europe region...Read more
Revenues in the Europe region...Read more
Revenues in the Europe region...Read more
Revenues in Europe decreased 48%...Read more
Vans brand global revenues decreased...Read more
Global Work revenues decreased 19%...Read more
The following table presents the...Read more
Active segment revenues decreased 54%...Read more
Outdoor segment revenues decreased 44%...Read more
International revenues decreased 39% compared...Read more
Global revenues for Outdoor decreased...Read more
Cash provided by operating activities...Read more
Liquidity and Capital Resources The...Read more
The increase in the current...Read more
The decrease in the three...Read more
Cash from operations is typically...Read more
Greater China revenues were flat...Read more
Wholesale revenues decreased 63% in...Read more
Revenues in Greater China were...Read more
Total outstanding debt averaged $6.2...Read more
The overall decrease includes a...Read more
Additionally, VF conducts business in...Read more
Foreign currency negatively impacted international...Read more
33 VF Corporation Q1 FY21...Read more
Revenues in the Asia-Pacific region...Read more
A portion of the net...Read more
Capital expenditures increased $23.8 million...Read more
The decrease was primarily due...Read more
The decrease in the direct-to-consumer...Read more
Gross margin in the three...Read more
The decrease was primarily due...Read more
There continues to be significant...Read more
Outstanding short-term balances may vary...Read more
The decrease in stockholders' equity...Read more
The three months ended June...Read more
More information on potential factors...Read more
The decrease in the three...Read more
In addition, the Global Credit...Read more
Operating margin decreased in the...Read more
International Operations International revenues decreased...Read more
Revenues in the Americas (non-U.S.)...Read more
The Company paid a cash...Read more
ANALYSIS OF RESULTS OF OPERATIONS...Read more
This includes a 1% unfavorable...Read more
VF's additional sources of liquidity...Read more
VF's planned divestiture of the...Read more
At the end of June...Read more
The revenue decrease was primarily...Read more
The three months ended June...Read more
Decrease in accounts payable -...Read more
The $1.8 million net discrete...Read more
VF's favorable credit agency ratings...Read more
Subject to approval by its...Read more
Decrease in short-term borrowings -...Read more
As of June 2020, VF...Read more
On April 23, 2020, VF...Read more
The net proceeds received by...Read more
As of June 2020, there...Read more
As a result, COVID-19 had...Read more
We believe the Company has...Read more
In April 2020, Standard &...Read more
Direct-to-consumer revenues were down 37%...Read more
While we are not able...Read more
Global wholesale revenues decreased 53%...Read more
Global revenues for Active decreased...Read more
Increase in property, plant and...Read more
VF Corporation Q1 FY21 Form...Read more
The following discussion refers to...Read more
The decrease was also attributable...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
V F Corp provided additional information to their SEC Filing as exhibits
Ticker: VFC
CIK: 103379
Form Type: 10-Q Quarterly Report
Accession Number: 0000103379-20-000013
Submitted to the SEC: Tue Aug 04 2020 5:24:44 PM EST
Accepted by the SEC: Tue Aug 04 2020
Period: Saturday, June 27, 2020
Industry: Mens And Boys Furnishgs Work Clothg And Allied Garments