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Direct-to-consumer revenue increased 6 per cent with digital revenue up 25 per cent and 2 per cent increase in revenue from its Outdoor & Action Sports.
"VF’s first quarter results were right in line with our expectations. The company’s largest brands and international and direct-to-consumer platforms performed well, delivering solid results against a retail backdrop that continues to experience significant dislocation," said Steve Rendle, president and chief executive officer. "Our diversified value-creation model and our focus on becoming a more agile and consumer-centric organisation has positioned us to accelerate growth through 2017 and execute against our recently announced 2021 strategic growth plan."
However, the first quarter revenue from continuing operations for 2017 decreased 2 per cent to $2.6 billion along with 8 per cent decline in EPS. The EPS growth was negatively impacted by 8 percentage points due to lower discrete tax benefits in the first quarter of 2017, compared with 2016.
Revenue is expected to increase at a low single-digit percentage rate including about a 2 percentage point negative impact from changes in foreign currency for 2017 with gross margin expected to reach 49.6 percent, a 20 basis point increase over 2016 gross margin. (RR)
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