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VF Corp posts $2.4 billion revenue for Q2 2017
Jul '17
VF Corporation has recorded revenue of $2.4 billion, up 2 per cent, for the second quarter of 2017. The rise was driven by broad-based strength across its international and direct-to-consumer platforms, outdoor & action sports coalition, and workwear businesses. The company's gross margin from continuing operations improved 80 basis points to 49.7 per cent.

"VF’s second quarter results were solid and consistent with our expectations, driven by strong results from our largest global brands, the company’s international and direct-to-consumer platforms, and our growing workwear businesses,” said Steve Rendle, president and chief executive officer. “We have really good momentum as we move into the second half of 2017 and are confident in our growth engines, as evidenced by an increase in our full year outlook and our plan to increase our cash returns to shareholders. Based on the strength of the first half of 2017 and our expectations for the second half of the year, we are making growth-focused investments in our largest brands and platforms to generate additional value for our shareholders both in the near and long term.”

For the financial year 2017, the revenue is expected to be around $11.65 billion, up 2 per cent on a reported basis. The direct-to-consumer is expected to increase between 10 and 11 per cent versus the previous expectation of a high single-digit percentage rate increase. Digital revenue is now expected to increase more than 25 per cent. It is anticipated that the company's gross margin will reach 49.8 per cent, versus the previous expectation of 49.6 per cent, a 40 basis point increase over 2016 gross margin, and includes about a 70 basis point negative impact from changes in foreign currency. (RR)

Fibre2Fashion News Desk – India

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