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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.
VF Corp
VF Corp
VF Corp Revenue by Segment
Revenue by Segment
Outdoor segment Revenue
CapyFin.comActive segment Revenue
CapyFin.com 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