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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.
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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