VF Corp releases fourth quarter and full year results

Worldwide
Published:  25 May, 2022
Credit: Vans

The U.S. apparel and footwear group has announced its fourth quarter and full year results for its 2022 financial year.

Revenue increased for the company by 9% in the fourth quarter to US$2.8 billion, which VF Corp says was driven by increases in the EMEA and North America regions despite a decline in the APAC region caused by Covid-19 restrictions.

Fiscal 2021 also included a 53rd week, affecting the comparison. Gross margin to 51.9%. Operating income on an adjusted basis increased by 30% to US$224 million and adjusted operating margin was 7.9%.

For the full 2022 fiscal year, VF Corp brought in US$11.8 billion in revenue, an increase of 28% year-on-year. Gross margin increased to 54.5%. On an adjusted basis, operating income increased 109% to US$1.5 billion, while the adjusted operating margin was 13.1% for the year.

Steve Rendle, Chairman, President and CEO of VF Corp, said: "I am pleased with the progress we have made advancing our strategic priorities while successfully navigating another eventful year.

“We largely delivered on the commitments we made at the outset of Fiscal 2022 by achieving broad-based growth across our family of brands. A portion of our active segment did not achieve its potential. We understand the issues, we have the right people in place and we know we will do better.”