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V F Corp (VFC) SEC Filing 10-Q Quarterly report for the period ending Saturday, December 26, 2020

V F Corp

CIK: 103379 Ticker: VFC
Exhibit 99

VF Reports Third Quarter Fiscal 2021 Results; Raises Full Year Fiscal 2021 Outlook

  • Revenue from continuing operations decreased 6 percent (down 8 percent in constant dollars) to $3.0 billion;
  • Active segment revenue decreased 9 percent (down 11 percent in constant dollars) including a 6 percent (8 percent in constant dollars) decrease in Vans® brand revenue; Outdoor segment revenue decreased 5 percent (down 7 percent in constant dollars) including flat revenue (down 2 percent in constant dollars) in The North Face® brand; Work segment revenue increased 8 percent (up 6 percent in constant dollars) including a 9 percent (7 percent in constant dollars) increase in Dickies® brand revenue;
  • International revenue was flat (down 4 percent in constant dollars); Europe revenue increased 1 percent (down 4 percent in constant dollars); Greater China revenue increased 18 percent (up 11 percent in constant dollars), including a 22 percent (15 percent in constant dollars) increase in Mainland China;
  • Direct-to-Consumer revenue decreased 2 percent (down 4 percent in constant dollars) including a 53 percent (49 percent in constant dollars) increase in Direct-to-Consumer Digital revenue;
  • Gross margin from continuing operations decreased 250 basis points, including a 90 basis point negative impact from the timing of net foreign currency transaction activity, to 54.7 percent; on an adjusted basis, gross margin decreased 150 basis points to 55.7 percent;
  • Operating income from continuing operations on a reported basis was $412 million; on an adjusted basis, operating income from continuing operations was $458 million;
  • Earnings per share from continuing operations was $0.83; adjusted earnings per share from continuing operations was $0.93;
  • VF ended the third quarter of fiscal 2021 with inventories down 14 percent compared to the prior year; at the end of the third quarter the company had approximately $3.9 billion of cash and short-term investments, including approximately $2 billion of cash designated for the acquisition of the Supreme® brand that was completed in the fourth quarter, in addition to $1.9 billion remaining under VF's revolving credit facility; the company also returned $191 million to shareholders through dividends;
  • Full year fiscal 2021 revenue is now expected to be in the range of $9.1 billion to $9.2 billion, reflecting a decrease of 12 percent to 13 percent on an adjusted basis; full year fiscal 2021 adjusted earnings per share is now expected to be approximately $1.30, reflecting a decrease of approximately 51 percent.

 

DENVER--(BUSINESS WIRE)--January 27, 2021--VF Corporation (NYSE: VFC) today reported financial results for its third quarter ended December 26, 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 Transaction and Deal Related Expenses and Costs Related to Specified Strategic Business Decisions.” Unless otherwise noted, “reported” and “adjusted” amounts are the same.


The following information was filed by V F Corp (VFC) on Wednesday, January 27, 2021 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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Inside V F Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited) (Parenthetical)
Acquisition
Acquisition (Details)
Basis Of Presentation
Basis Of Presentation (Policies)
Capital And Accumulated Other Comprehensive Income (Loss)
Capital And Accumulated Other Comprehensive Income (Loss) (Tables)
Capital And Accumulated Other Comprehensive Income (Loss) - Additional Information (Details)
Capital And Accumulated Other Comprehensive Income (Loss) - Changes In Accumulated Oci, Net Of Related Taxes (Details)
Capital And Accumulated Other Comprehensive Income (Loss) - Deferred Components Of Oci Reported, Net Of Related Income Taxes, In Accumulated Oci In Stockholders' Equity (Details)
Capital And Accumulated Other Comprehensive Income (Loss) - Reclassification Out Of Accumulated Oci (Details)
Contincencies
Contingencies (Details)
Derivative Financial Instruments And Hedging Activities
Derivative Financial Instruments And Hedging Activities (Tables)
Derivative Financial Instruments And Hedging Activities - Additional Information (Details)
Derivative Financial Instruments And Hedging Activities - Derivatives Classified As Current Or Noncurrent Based On Maturity Dates (Details)
Derivative Financial Instruments And Hedging Activities - Effects Of Cash Flow Hedging Included In Consolidated Statements Of Income And Consolidated Statements Of Comprehensive Income (Details)
Derivative Financial Instruments And Hedging Activities - Fair Value Of Derivative Assets And Liabilities In Balance Sheet (Details)
Derivative Financial Instruments And Hedging Activities - Outstanding Derivatives On Individual Contract Basis At Gross Amounts (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Additional Information (Details)
Discontinued Operations - Summary Of Carrying Amounts Of Assets And Liabilities (Details)
Discontinued Operations - Summary Of Major Line Items Included In Income (Loss) (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Details)
Earnings Per Share - Schedule Of Earnings Per Share Basic And Diluted (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Measured On Recurring Basis (Details)
Goodwill
Goodwill (Tables)
Goodwill - Additional Information (Details)
Goodwill - Changes In Goodwill (Details)
Income Taxes
Income Taxes (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Details)
Intangible Assets - Schedule Of Intangible Assets (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Cash Flow Information (Details)
Leases - Lease Costs (Details)
Pension Plans
Pension Plans (Tables)
Pension Plans - Additional Information (Details)
Pension Plans - Components Of Pension Cost (Details)
Recently Adopted And Issued Accounting Standards
Reportable Segment Information
Reportable Segment Information (Details)
Reportable Segment Information (Tables)
Restructuring
Restructuring (Tables)
Restructuring - Activity In Restructuring Accrual (Details)
Restructuring - Additional Information (Details)
Restructuring - Restructuring Charges (Details)
Restructuring - Restructuring Costs By Business Segment (Details)
Revenues
Revenues (Tables)
Revenues - Additional Information (Details)
Revenues - Additional Information, Remaining Performance Obligation (Details)
Revenues - Contract Assets And Liabilities (Details)
Revenues - Disaggregation Of Revenue (Details)
Short-Term Borrowings And Long-Term Debt
Short-Term Borrowings And Long-Term Debt (Tables)
Short-Term Borrowings And Long-Term Debt - Additional Information (Details)
Short-Term Borrowings And Long-Term Debt - Senior Notes Issuance (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Assumptions Used And Resulting Weighted Average Fair Value Of Stock Option Granted (Details)
Subsequent Events
Subsequent Events (Details)
Ticker: VFC
CIK: 103379
Form Type: 10-Q Quarterly Report
Accession Number: 0000103379-21-000003
Submitted to the SEC: Tue Feb 02 2021 5:02:18 PM EST
Accepted by the SEC: Tue Feb 02 2021
Period: Saturday, December 26, 2020
Industry: Mens And Boys Furnishgs Work Clothg And Allied Garments

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