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VF Reports 2016 Fourth Quarter and Full Year Results; Provides Outlook for 2017
- 2016 revenue from continuing operations in line with 2015 at $12 billion (up 1 percent currency neutral);
- 2016 international revenue increased 4 percent (up 6 percent currency neutral);
- 2016 EPS from continuing operations down 9 percent to $2.78, adjusted EPS up 2 percent to $3.11 (up 7 percent currency neutral);
- 2016 cash flow from operations reached almost $1.5 billion and the company returned more than $1.6 billion to shareholders through dividends and share repurchases;
- 2017 revenue expected to increase at a low single-digit percentage rate including a 2 percentage point negative impact from changes in foreign currency;
- 2017 gross margin expected to be 48.6 percent, which includes a 70 basis point negative impact from changes in foreign currency;
- 2017 EPS expected to be down at a low single-digit percentage rate compared to 2016 adjusted EPS of $3.11 (up at a mid-single-digit percentage rate on a currency neutral basis); and,
- Expect to return more than $1.6 billion to shareholders in 2017 through share repurchases and dividends.
GREENSBORO, N.C.--(BUSINESS WIRE)--February 17, 2017--VF Corporation (NYSE: VFC) today reported financial results for its fourth quarter and full year ended December 31, 2016. All per share amounts are presented on a diluted basis. This release refers to “reported” and “currency neutral” amounts, terms that are described under the “Currency Neutral – Excluding the Impact of Foreign Currency” heading. This release also refers to adjusted amounts that exclude 2016 charges related to goodwill and intangible asset impairment, restructuring, and pension settlement which are described under the “Adjusted Amounts – Excluding Goodwill and Intangible Asset Impairment, Restructuring, and Pension Settlement Charges” heading. Adjusted amounts are presented based on continuing operations. Unless otherwise noted, “reported,” “adjusted,” and “currency neutral” amounts are the same. This release also refers to both “continuing” and “discontinued” operations amounts, which are concepts described under the “Discontinued Operations – Contemporary Brands” heading. Unless otherwise noted, results presented are based on continuing operations.
“VF’s global business model, diverse brand portfolio and focused operational discipline helped the company deliver solid results in 2016 despite an inconsistent U.S. marketplace,” said Eric Wiseman, Executive Chairman of the Board. “We’re pleased with the improved quality of our revenue, which reflects continued growth in our international and direct-to-consumer platforms, and our strong gross margin and cash generation performance that enabled us to return a record $1.6 billion to our shareholders. Looking forward, I expect the strategic and operational actions we are taking to generate even stronger long-term value for our shareholders.”
The following information was filed by V F Corp (VFC) on Friday, February 17, 2017 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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