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Sep 26, 2020
VF Corp Q2 2021 Earnings Report
VF Corp reported a decline in revenue due to COVID-19 impacts but saw growth in digital and China.
Key Takeaways
VF Corporation reported an 18% decrease in revenue to $2.6 billion, driven by store closures and reduced consumer demand due to COVID-19. Despite these challenges, the company saw strong growth in its digital and China businesses and raised its dividend by 2 percent.
Revenue decreased 18 percent to $2.6 billion due to COVID-19 impacts.
Digital revenue increased 44 percent.
Greater China revenue increased 16 percent.
Adjusted earnings per share was $0.67.
Revenue by Segment
Forward Guidance
Full year fiscal 2021 revenue is expected to be at least $9.0 billion, reflecting a decrease of approximately 14 percent on an adjusted basis. Adjusted earnings per share is expected to be at least $1.20, reflecting a decrease of approximately 55 percent.
Positive Outlook
- Revenue expected to be at least $9.0 billion.
- Low single-digit growth in the second half.
- Return to growth in the fourth quarter.
- Adjusted earnings per share is expected to be at least $1.20.
- Adjusted free cash flow is still expected to exceed $600 million.
Challenges Ahead
- Revenue decrease of approximately 14 percent on an adjusted basis.
- Adjusted earnings per share reflecting a decrease of approximately 55 percent.
- COVID-19 related business disruptions.
- Store closures.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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