31 August, 2022 - 02 September, 2022
18 September, 2022 - 20 September, 2022
20 September, 2022 - 22 September, 2022
18 October, 2022 - 20 October, 2022
Queestown, New Zealand
22 October, 2022 - 26 October, 2022
North Carolina, USA
The corporation which owns footwear brands such as Timberland and Vans, has released fourth quarter and full year fiscal 2021 results. In the fourth quarter, revenue increased 23% to US$2.6 billion and full year revenue decreased 12% to US$9.2 billion.
The Active segment revenue decreased 15%, including a 15% decrease in Vans brand revenue. The Outdoor segment revenue decreased 11%, including a 9% decrease in The North Face brand revenue. The Work segment revenue increased 7%, including a 9% increase in Dickies brand revenue.
International revenue decreased 7%, but Greater China revenue increased 24%. Direct-to-Consumer revenue decreased 5%, while digital revenue increased 67%.
Operating income from continuing operations was US$608 million and adjusted operating income from continuing operations decreased 45% to US$742 million.
Revenue increased 23% to US$2.6 billion. Excluding the impact of acquisitions, revenue increased 16%, driven by VF's largest brands, e-commerce growth and an increase in
the APAC region, which experienced a significant negative impact from Covid-19 in
The quarter also included an extra week when compared to the fiscal 2020 period due to VF's 53-week fiscal 2021.
Operating income on a reported basis was US$122 million. On an adjusted basis,
operating income increased 98% to US$173 million, including a US$34 million contribution from acquisitions. Operating margin on a reported basis increased to 4.7%.
Revenue is expected to approximate US$11.8 billion in 2022, reflecting growth of approximately 28%, including an approximate US$600 million contribution from the Supreme brand. By segment, revenue for Outdoor is expected to increase between 23% and 25%, revenue for Active is expected to increase between 34% and 36% and revenue for work is expected to increase between 10% and 12%.