VF reports Q1 2022 results and raises full year outlook

United States
Published:  04 August, 2021
Credit: Timberland

The U.S apparel and footwear corporation which owns brands, such as Timberland and Vans, has released first quarter fiscal 2022 results ending July 3, 2021. It includes a revenue increase of 104% (96% at constant U.S. dollars) to US$2.2 billion and an increased full year outlook.

Active segment revenue increased 128% (up 120% in constant dollars) including a 110% (102% in constant dollars) increase in Vans brand. Outdoor segment revenue increased 81% (up 72% in constant dollars) including a 93% (83% in constant dollars) increase in The North Face brand revenue. The Work segment revenue increased 69% (up 66% in constant dollars) including a 61% (58% in constant dollars) increase in Dickies brand revenue.

International revenue increased 84% (up 68% in constant dollars). Europe revenue increased 126% (up 106% in constant dollars); Greater China revenue increased 19% (up 9% in constant dollars), including a 23% (12% in constant dollars) increase in Mainland China.

Direct-to-consumer revenue increased 97% (up 90% in constant dollars). Digital revenue increased 25% (up 20% in constant dollars), a jump of 72% versus the first quarter of fiscal 2020.

Operating income from continuing operations on a reported basis was US$203 million; on an adjusted basis, operating income from continuing operations increased 164% (160% in constant dollars) to US$148 million including a US$32 million contribution from acquisitions.

Full year fiscal 2022 revenue is now expected to be at least US$12 billion, reflecting growth of at least 30%, including an approximate US$600 million contribution from the Supreme brand.