VF Corp’s revenue from continuing operations increased 22% (up +17% currency neutral) to US$3 billion in the three months to March 31, driven by broad-based strength across the Group’s international and direct-to-consumer platforms and Outdoor & Action Sports. On a reported basis, gross margin improved 20 basis points to 50.5%, while operating income was US$311 million in the period.
“VF’s transition period results were strong as the broad-based growth acceleration that began in the second half of 2017 continued,” said Steve Rendle, Chairman, President and CEO, VF Corporation. “Our core growth engines are driving strong global momentum as we begin to enter the acceleration phase of our 2021 strategy. VF is in the midst of a transformation to become a purpose-led, consumer-centric organisation. We are evolving and adapting to a rapidly changing marketplace and remain committed to delivering top quartile returns for our shareholders”, he added.
In full fiscal 2019, the Group expects revenue to be in the range of US$13.45-13.55 billion, with international revenue forecast to increase 13-15%.