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Tag: VF

  • VF Corporation sales lower in China

    VF Corporation sales lower in China

    Apparel manufacturing and retailing giant VF Corporation has reported a 30-per-cent increase in sales in China in its third quarter, to December 28.

    The huge increase helped fuel a global 6-per-cent rise in revenues to US$3.4 billion, excluding its troubled workwear business for which it has announced a strategic review, with its potential sale in the offing.

    The company’s activewear segment improved by 8 percent, with the Vans brand up by 12 percent; and the outdoor segment by 3 percent including 8-per-cent growth by The North Face.

    Group direct-to-consumer revenue rose by 7 per cent and digital revenue by 16 percent.

    Operating income from continuing operations increased 11 percent and adjusted operating income from continuing operations by 14 percent when the workwear business was excluded. “Our third-quarter performance was strong and our year-to-date results are at the high end of our long-term growth objectives,” said VF Corporation chairman Steve Rendle.

    “Despite a mixed holiday season in the US, we’re on track to deliver solid performance and are well-positioned for continued growth and value creation in the fiscal year 2021.”

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  • Vans and China drive strong Profit

    Vans and China drive strong Profit

    Outdoor apparel giant VF Corporation says sales from continuing operations surged 12 percent last financial year, to US$13.8 billion.

    Vans proved a standout brand for the group, with sales rising 24 percent on a constant-currency basis, while geographically, China proved a powerhouse, sales there up 22 percent.

    The North Face brand achieved a 9 percent increase in sales year on year.

    “Fiscal 2019 marked one of the most significant periods of transformation in VF’s 120-year history, highlighted by our announcement to spin off our jeans business as an independent, publicly traded company,” said Steve Rendle, chairman, president and CEO. “Despite the tremendous workload, we remained sharply focused and delivered another year of strong financial results and top quartile returns to our shareholders.”

    Rendle said the company’s portfolio is well positioned heading into the 2020 financial year, with growth and momentum strong, fuelled by investments made in support of the company’s long-term strategy.

    “The bold decisions we continue to make to evolve our company underpins the transformational journey we’re on to deliver on our commitment to be a purpose-led, performance-driven and value-creating enterprise capable of delivering sustainable long-term shareholder value,” he said.

    The company projects full 2020 fiscal-year revenue to be between $11.7 billion and $11.8 billion, reflecting growth of approximately 5 per cent to 6 per cent compared to historical results excluding Kontoor Brands, or about 7 per cent to 8 per cent on a constant dollar basis, excluding the impact of acquisitions net of divestments.

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  • VF Corp names Daughter Company Kontoor Brands

    VF Corp names Daughter Company Kontoor Brands

    Kontoor Brands – that’s the name chosen for the denim-led fashion business being spun off by VF Corporation next month.

    The US branded lifestyle apparel, footwear and accessories company released an update on the plan, announcing its has filed the necessary regulatory paperwork to start the process rolling.

    Kontoor Brands, to be publicly listed, will take over the Wrangler, Lee and Rock & Republic brands, along with VF’s outlet business.

    “Our teams across VF have made tremendous progress to prepare for the successful separation of Kontoor Brands from VF and this filing is a significant next step in this process,” said Steve Rendle, chairman, president and CEO of VF Corporation. “We are highly confident that the separation is the best path forward for both organisations to achieve even greater potential and enhance long-term shareholder value.”

    He said the split is on track to be completed next month, subject to final approval by VF’s board, customary regulatory approvals, and tax and legal considerations.

    “Today’s filing marks an important milestone in the process of establishing Kontoor Brands as an independent company,” said Scott Baxter, named CEO of Kontoor Brands. “As we prepare for life as a separate, publicly traded organisation, I am confident that Kontoor Brands is strongly positioned to thrive as a leader in the global apparel industry and deliver long-term value for all of our stakeholders.”

    VF’s decision to split the business in two was announced last August. Rendle said at the time that since 2017, the company had been reshaping of its brand portfolio to better position the company for long-term success. In that time, VF had bought Williamson-Dickie, and the Icebreaker and Altra brands, and sold Nautica and its Licensed Sports Group, including the Majestic brand. The brands that will remain in VF’s portfolio include Vans, The North Face, JanSport, Timberland, Smartwool and Eagle Creek.

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