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US apparel firm VF Corp's Q4 FY21 revenue grows 23% to $2.6 bn
26 May 21 2 min read
VF Corporation, a US-based leader in branded lifestyle apparel and footwear, reported 23 per cent revenue increase to $2.6 billion during the fourth quarter (Q4) FY21 ended April 3, 2021, compared to revenue of $2.1 billion in the corresponding period of previous fiscal. The company’s net income rose to $89.5 million (Q4 FY20: loss $483.7 million).
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“I could not be more pleased with how our organisation navigated fiscal 2021,” Steve Rendle, chairman, president and chief executive officer at VF Corporation, said in a press release.
Cost of goods sold for Q4 FY21 rose to $1.2 billion ($986.2 million), while selling, general and administrative expenses were $1.2 billion ($1.0 billion). The operating income for the quarter rose to $122.5 million (loss: $256.7 million).
Revenues of outdoor segment jumped 25 per cent to $1.0 billion ($848.9 million), whereas active segment’s revenues were up 22 per cent to $1.2 billion ($1.0 billion). Work segment’s revenues surged 23 per cent to $259.5 million ($211.6 million) in the fourth quarter.
“Early in the year we took important actions to protect our people and the enterprise, while maintaining investments to drive our transformation and accelerate organic growth. At the same time, we took bold, forward-looking actions to spark additional growth and value creation. As a result, we are exiting this year in a position of strength with broad based momentum across the portfolio,” Rendle concluded.
Fibre2Fashion News Desk (JL)
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