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VF Reports First Quarter 2017 Results; Updates 2017 Outlook
- First quarter revenue from continuing operations decreased 2 percent to $2.6 billion (down 1 percent currency neutral);
- Gross margin from continuing operations improved 150 basis points (up 190 basis points currency neutral) to 50.2 percent;
- Outdoor & Action Sports revenue increased 2 percent (up 4 percent currency neutral); The North Face® brand revenue increased 6 percent (up 8 percent currency neutral) and Vans® brand revenue increased 5 percent (up 7 percent currency neutral);
- International revenue increased 2 percent (up 5 percent currency neutral), including 5 percent growth (10 percent currency neutral) in China;
- Direct-to-consumer revenue increased 6 percent (up 7 percent currency neutral) with digital revenue up 25 percent (up 26 percent currency neutral); and,
- EPS from continuing operations decreased 8 percent (down 3 percent currency neutral) to 52 cents; EPS growth was negatively impacted by 8 percentage points due to lower discrete tax benefits in the first quarter of 2017, compared with 2016.
GREENSBORO, N.C.--(BUSINESS WIRE)--April 28, 2017--VF Corporation (NYSE: VFC) today reported financial results for its first quarter ended April 1, 2017. 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 heading “Currency Neutral – Excluding the Impact of Foreign Currency.” Unless otherwise noted, “reported” and “currency neutral” amounts are the same. This release also refers to “continuing” and “discontinued” operations amounts, which are concepts described under the heading “Discontinued Operations – Licensing Business and Contemporary Brands.” Unless otherwise noted, results presented are based on continuing operations.
“VF’s first quarter results were right in line with our expectations. The company’s largest brands and international and direct-to-consumer platforms performed well, delivering solid results against a retail backdrop that continues to experience significant dislocation,” said Steve Rendle, President and Chief Executive Officer. “Our diversified value-creation model and our focus on becoming a more agile and consumer-centric organization position us to accelerate growth through 2017 and execute against our recently announced 2021 strategic growth plan.”
Currency Neutral – 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 “currency neutral” amounts, which exclude both the impact of translating foreign currencies into U.S. dollars and the impact of currency rate changes on foreign currency denominated transactions. Reconciliations of GAAP measures to currency neutral amounts are presented in the supplemental financial information included with this release, which identify and quantify all excluded items, and provide management’s view of why this information is useful to investors.
The following information was filed by V F Corp (VFC) on Friday, April 28, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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