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U.S. headquartered VF Corporation, owner of the Timberland footwear brand, has reported a 2% increase in revenue from continuing operations for the second quarter ended July 1, 2017 to US$2.4 billion (+3 % currency neutral) and says it has raised its outlook for 2017.
Gross margin from continuing operations improved 80 basis points (up 160 basis points currency neutral) to 49.7%, while international revenue is reported to have increased 4% (+6% currency neutral), including a 13% growth (18% currency neutral) in China. Globally, direct-to-consumer revenue 13% with digital revenue up 34%. Operating income on a reported basis was 14% in the period, to US$168 million compared with the same period in 2016. Changes in foreign currency are said to have negatively affected the operating profit decline by eight percentage points during the quarter. Operating margin on a reported basis decreased 130 basis points to 7.1%. Again, changes in foreign currency negatively affected reported operating margin by about 70 basis points in the period.
For the six months ending June 2017, global revenue for the Timberland brand grew 2%.
Total revenue for 2017 is now expected to reach approximately US$11.65 billion, +2% on a reported basis (+3% currency neutral). Revenue for Outdoor & Action Sports is now expected to increase approximately 5% (up 6-7% currency neutral) versus the previous expectation of a mid-single-digit percentage rate increase.
VF says it expects to return more than US$1.8 billion to shareholders in 2017 through share repurchases and dividends, up from the prior outlook of US$1.6 billion.