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VF Reports 2015 Fourth Quarter and Full Year Results; Announces Outlook for 2016
- 2015 revenue up 1 percent to $12.4 billion (up 6 percent currency neutral); excluding changes in foreign currency and last year’s 53rd week, 2015 revenue increased 7 percent;
- 2015 EPS was up 20 percent to $2.85 from $2.38 per share in 2014; adjusted EPS, which excludes noncash impairment charges in both 2015 and 2014, was flat at $3.08 (up 12 percent currency neutral);
- 2016 revenue expected to increase at a mid single-digit percentage rate;
- 2016 gross margin expected to approximate 48.8 percent, net of an anticipated 70 basis points of negative impact from changes in foreign currency;
- 2016 currency neutral EPS expected to increase 11 percent (up 5 percent reported) compared to adjusted EPS of $3.08 in 2015; and,
- Expected to return $1.5 billion to shareholders in 2016 through share repurchases and dividends.
GREENSBORO, N.C.--(BUSINESS WIRE)--February 19, 2016--VF Corporation (NYSE: VFC) today reported financial results for its fourth quarter and full year ended January 2, 2016. All per share amounts are on a diluted basis. This release refers to amounts as “reported”, “currency neutral” and “adjusted.” Currency neutral and adjusted amounts are non-GAAP financial measures described below under the “Currency Neutral – Excluding the Impact of Foreign Currency” and “Adjusted Amounts – Excluding Noncash Impairment Charges” paragraphs, respectively. Unless otherwise noted, currency neutral and reported amounts are the same. This release also refers to the impact of the 53rd week of 2014, as described under the “52/53 Week Fiscal Year” paragraph.
“The final quarter of 2015 challenged many companies to leverage core strengths and adapt quickly to a changing landscape,” said Eric Wiseman, VF Chairman and Chief Executive Officer. “Our focus, discipline and agility amid a softer consumer environment, record warm weather and a strengthening U.S. dollar have us well positioned to navigate what we believe to be a relatively short-term challenge. Going forward, I remain confident in VF’s ability to deliver continued long-term profitable growth and value creation for our shareholders.”
“Our full year 2015 was also affected by many of the same challenges we saw in the fourth quarter, including a tough comparison against 2014’s 53rd week,” continued Wiseman. “In fact, when normalized over 2014 and 2015, currency neutral revenue grew 7 percent and earnings grew 13 percent annually over this period, in line with our long-term earnings growth target.”
The following information was filed by V F Corp (VFC) on Friday, February 19, 2016 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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