US brand VF Corporation's revenue up 28% in 2022

In the fourth quarter, the company posted revenue of $2.8 billion, up 9 per cent (up 12 per cent in constant dollars). Gross margin was 51.9 per cent, down 20 basis points. The company’s adjusted gross margin was 52.2 per cent, down 50 basis points. The operating margin was 13.8 per cent in the fourth quarter, up 720 basis points. The adjusted operating margin was 13.1 per cent, up 510 basis points, including a 30 basis point positive impact from acquisitions, the company said in a press release.

"I am pleased with the progress we have made advancing our strategic priorities while successfully navigating another eventful year. We largely delivered on the commitments we made at the outset of fiscal 2022 by achieving broad-based growth across our family of brands. A portion of our active segment did not achieve its potential. We understand the issues, we have the right people in place and we know we will do better. Our performance is testament to the incredible breadth and depth of talent across our organisation and our teams continue to be highly resourceful, committed and passionate,” Steve Rendle, chairman, president and CEO of VF, said.

"We will continue to thoughtfully invest in our brands and value-enhancing strategic growth opportunities and I am confident VF has a long runway for sustained, profitable and broad-based growth ahead,” added Rendle.

Fibre2Fashion News Desk (RR)