Exhibit 99

VF Reports Fourth Quarter and Full Year Fiscal 2021 Results; Provides Initial Fiscal 2022 Outlook

  • Full year fiscal 2021 revenue from continuing operations decreased 12 percent (down 14 percent in constant dollars) to $9.2 billion; excluding acquisitions, adjusted revenue decreased 13 percent (down 15 percent in constant dollars);
  • Full year fiscal 2021 Active segment revenue decreased 15 percent (down 17 percent in constant dollars) including a 15 percent (16 percent in constant dollars) decrease in Vans® brand revenue and a 3 percentage point revenue growth contribution from acquisitions; Outdoor segment revenue decreased 11 percent (down 13 percent in constant dollars) including a 9 percent (11 percent in constant dollars) decrease in The North Face® brand revenue; Work segment revenue increased 7 percent (up 6 percent in constant dollars) including a 9 percent (7 percent in constant dollars) increase in Dickies® brand revenue;
  • Full year fiscal 2021 International revenue decreased 7 percent (down 11 percent in constant dollars) including a 1 percentage point revenue growth contribution from acquisitions; Greater China revenue increased 24 percent (up 20 percent in constant dollars);
  • Full year fiscal 2021 Direct-to-Consumer revenue decreased 5 percent (down 7 percent in constant dollars) including a 3 percentage point revenue growth contribution from acquisitions; Digital revenue increased 67 percent (up 64 percent in constant dollars) including a 9 percentage point revenue growth contribution from acquisitions;
  • Full year fiscal 2021 gross margin from continuing operations decreased 260 basis points to 52.7 percent; on an adjusted basis, gross margin decreased 220 basis points to 53.3 percent, including a 10 basis point positive impact from acquisitions;
  • Full year fiscal 2021 operating income from continuing operations was $608 million. Adjusted operating income from continuing operations decreased 45 percent (down 47 percent in constant dollars) to $742 million, including a $34 million contribution from acquisitions;
  • Full year fiscal 2021 earnings per share from continuing operations was $0.91. Adjusted earnings per share from continuing operations decreased 51 percent (down 54 percent in constant dollars) to $1.31 including a $0.06 per share contribution from acquisitions;
  • Full year fiscal 2021 cash flow provided by operating activities from continuing operations was approximately $1.2 billion; free cash flow from continuing operations was approximately $1.0 billion; In fiscal 2021 the company returned approximately $760 million to shareholders through dividends;
  • Full year fiscal 2022 revenue is expected to approximate $11.8 billion, reflecting growth of approximately 28 percent, including an approximate $600 million contribution from the Supreme® brand; and,
  • Full year fiscal 2022 adjusted earnings per share is expected to approximate $3.05, including an approximate $0.25 contribution from the Supreme® brand.

DENVER--(BUSINESS WIRE)--May 21, 2021--VF Corporation (NYSE: VFC) today reported financial results for its fourth quarter and full year ended April 3, 2021. 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.

“I could not be more pleased with how our organization navigated fiscal 2021," said Steve Rendle, Chairman, President and Chief Executive Officer. "Early in the year we took important actions to protect our people and the enterprise, while maintaining investments to drive our transformation and accelerate organic growth. At the same time, we took bold, forward-looking actions to spark additional growth and value creation. As a result, we are exiting this year in a position of strength with broad based momentum across the portfolio."

Constant Currency - Excluding the Impact of Foreign Currency

This release refers to “reported” amounts in accordance with U.S. generally accepted accounting principles (“GAAP”), which include translation and transactional impacts from foreign currency exchange rates. This release also refers to “constant dollar” amounts, which exclude the impact of translating foreign currencies into U.S. dollars. Reconciliations of GAAP measures to constant currency amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors.

Discontinued Operations - Occupational Workwear Business

On January 21, 2020, VF announced its decision to explore the divestiture of its Occupational Workwear business. The Occupational Workwear business is comprised primarily of the following brands and businesses: Red Kap®, VF Solutions®, Bulwark®, Workrite®, Walls®, Terra®, Kodiak®, Work Authority® and Horace Small®. The business also includes a license for certain Dickies® occupational workwear products that have historically been sold through the business-to-business channel.

As of March 28, 2020, the Occupational Workwear business met the held-for-sale and discontinued operations accounting criteria, which continued to be met as of April 3, 2021. Accordingly, the company has reported the related held-for-sale assets and liabilities as assets and liabilities of discontinued operations and included the operating results and cash flows of the business in discontinued operations for all periods presented. In late April 2021, VF entered into a definitive agreement to sell its Occupational Workwear business.

Adjusted Amounts - Excluding Transaction and Deal Related Expenses and Costs Related to Specified Strategic Business Decisions

The adjusted amounts in this release exclude transaction and deal related expenses associated primarily with the acquisition and integration of the Supreme® brand. Total transaction and deal related expenses were approximately $12 million in the fourth quarter of fiscal 2021 and $19 million in fiscal 2021.


The following information was filed by V F Corp (VFC) on Friday, May 21, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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