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VF Corp
🇺🇸 NYSE:VFC
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Apr 03, 2021

VF Corp Q4 2021 Earnings Report

VF Corp reported a revenue increase of 23% and EPS of $0.16 for Q4 2021

Key Takeaways

VF Corporation reported a strong Q4 fiscal 2021 with revenue increasing 23% to $2.6 billion. Earnings per share was $0.16 on a reported basis and $0.27 on an adjusted basis. The company's performance was driven by its largest brands, e-commerce growth, and an increase in the APAC region.

Revenue increased 23 percent (up 19 percent in constant dollars) to $2.6 billion.

Excluding the impact of acquisitions, revenue increased 16 percent (up 12 percent in constant dollars).

Adjusted earnings per share increased 169 percent (up 150 percent in constant dollars) to $0.27, including a $0.06 contribution from acquisitions.

VF ended fiscal 2021 with approximately $1.45 billion of cash and short-term investments.

Total Revenue
$2.58B
Previous year: $2.1B
+22.9%
EPS
$0.27
Previous year: $0.1
+170.0%
Gross Profit
$1.35B
Previous year: $1.12B
+20.6%
Cash and Equivalents
$816M
Previous year: $1.37B
-40.4%
Total Assets
$13.8B
Previous year: $11.1B
+23.5%

VF Corp

VF Corp

VF Corp Revenue by Segment

Forward Guidance

VF’s outlook for full year fiscal 2022 is on an adjusted continuing operations basis unless otherwise noted.

Positive Outlook

  • Revenue is expected to approximate $11.8 billion, reflecting growth of approximately 28 percent, including an approximate $600 million contribution from the Supreme® brand.
  • Revenue for Outdoor is expected to increase between 23 percent and 25 percent.
  • Revenue for Active is expected to increase between 34 percent and 36 percent.
  • Revenue for Work is expected to increase between 10 percent and 12 percent.
  • Adjusted gross margin is expected to exceed 56.0 percent, which represents an estimated increase of more than 270 basis points.

Challenges Ahead

  • Adjusted operating margin is expected to approximate 12.8 percent, which represents an estimated increase of approximately 480 basis points.
  • Adjusted earnings per share is expected to approximate $3.05, including an approximate $0.25 contribution from the Supreme® brand.
  • Adjusted cash flow from operations is expected to exceed $1.0 billion.
  • Other full year assumptions include an effective tax rate of approximately 15 percent and capital expenditures of approximately $350 million.
  • VF’s Board of Directors declared a quarterly dividend of $0.49 per share, payable on June 21, 2021, to shareholders of record on June 10, 2021.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View VF Corp