Full year 2017 revenue from continuing operations increased 7 per cent to $11.8 billion, including an approximate 2 percentage point revenue growth contribution from the Williamson-Dickie acquisition.
Gross margin improved to a quarterly record high of 51.5 per cent, as benefits from pricing, lower restructuring costs, and a mix-shift toward higher margin businesses were partially offset by the Williamson-Dickie acquisition and changes in foreign currency. On an adjusted basis, gross margin increased to 51.6 per cent. Full year 2017 reported gross margin from continuing operations climbed to 50.5 per cent. On an adjusted basis, gross margin rose to 50.5 per cent.
Fourth quarter operating income on a reported basis was $481 million. On an adjusted basis, operating income went up 6 per cent to $497 million, including a $19 million contribution from the Williamson-Dickie acquisition. Full year operating income on a reported basis increased 10 per cent to $1.5 billion. Adjusted operating income decreased 2 per cent to $1.5 billion, including a $19 million contribution from the Williamson-Dickie acquisition.
"VF's fourth quarter results were stronger than we expected as growth continues to accelerate across core dimensions of our portfolio," said Steve Rendle, chairman and chief executive officer. "We delivered a top-quartile total return for shareholders in 2017 and our strong performance provided us with the capacity to reinvest about $100 million back into our business. I am confident that our investments will accelerate growth and drive even stronger long term value for shareholders. We remain in the early phase of a multi-year journey to become a purpose led, agile, consumer centric organisation. I am pleased with our early progress and look forward to building on our momentum in 2018."
For 2018, the company's revenue is expected to approximate $2.9 billion, up 16 per cent, including about a $200 million contribution from the Williamson-Dickie acquisition. Excluding the Williamson-Dickie acquisition, revenue is expected to elevate at a high single-digit rate due in part to changes in foreign currency.
Adjusted earnings per share is likely to approximate $0.65, up 27 per cent, including about a $0.02 contribution from the Williamson-Dickie acquisition. Excluding the Williamson-Dickie acquisition, adjusted earnings per share is expected to rise more than 20 per cent due in part to changes in foreign currency. (RR)
Fibre2Fashion News Desk – India
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