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VF Corp revenue up 5% to $3.4 bn in Q2 FY20

30
Oct '19
Pic: VF Corporation / The North Face
Pic: VF Corporation / The North Face
Revenue from continuing operations increased 5 per cent (up 7 per cent in constant dollars) to $3.4 billion at VF Corporation, one of the world’s largest apparel, footwear and accessories companies, in the second quarter of fiscal 2020. Excluding acquisitions and divestitures, adjusted revenue increased 6 per cent (up 8 per cent in constant dollars).

Active segment revenue increased 9 per cent (up 11 per cent in constant dollars) including a 14 per cent (16 per cent in constant dollars) increase in Vans brand revenue. Outdoor segment revenue increased 4 per cent (up 6 per cent in constant dollars) including an 8 per cent (10 per cent in constant dollars) increase in The North Face brand revenue, the company said in a statement.

International revenue increased 4 per cent (up 8 per cent in constant dollars), while China revenue increased 20 per cent (up 24 per cent in constant dollars).

Direct-to-Consumer revenue increased 11 per cent (up 13 per cent in constant dollars), whereas Digital revenue increased 15 per cent (up 17 per cent in constant dollars).

Gross margin from continuing operations increased 90 basis points to 52.9 per cent; on an adjusted basis, gross margin increased 90 basis points to 53.1 per cent.

Earnings per share from continuing operations was $1.61. Adjusted earnings per share from continuing operations increased 6 per cent (up 8 per cent in constant dollars) to $1.26.

“We're pleased with the strength of our second quarter and first half results, driven by our two largest brands and our international and direct-to-consumer platforms," said Steve Rendle, chairman, president and chief executive officer. "The quality and fundamentals of our business remain solid as a result of the focus and strategic execution of our business teams around the globe. Despite an increasingly uncertain geopolitical and macroeconomic environment, we are confident in the trajectory of our business as we move into the second half of our fiscal year, as reaffirmed by our outlook. We remain deeply committed to transforming VF into a more consumer-minded and retail-centric organisation while delivering superior returns to shareholders."

VF Corporation expects its full year fiscal 2020 adjusted revenue from continuing operations to approximate $11.8 billion, reflecting growth of approximately 6 per cent (8 percent on a constant dollar basis, excluding acquisitions and divestitures).

Fibre2Fashion News Desk (RKS)


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