VF Corporation FY20 result: revenue grows 2% to $10.5 bn

VF Corporation, a leader in branded lifestyle apparel and footwear, has posted 2 per cent revenue growth to $10.5 billion in fiscal year 2020 that ended on March 28, 2020. However, net income for the year fell 46 per cent to $679.4 million (FY19: $1.2 billion). Operating income during the year dropped 22 per cent to $927.8 million ($1.1 billion).

 

VF Corporation, a leader in branded lifestyle apparel and footwear, has posted 2 per cent revenue growth to $10.5 billion in fiscal year 2020 that ended on March 28, 2020. However, net income for the year fell 46 per cent to $679.4 million (FY19: $1.2 billion). Operating income during the year dropped 22 per cent to $927.8 million ($1.1 billion).#

“Through the first ten months of fiscal 2020 our business delivered results above our stated long-term growth objectives. Then the world changed for all of us as a result of Covid-19," Steve Rendle, chairman, president and chief executive officer, said in a press release. 

 

VF Corporation, a leader in branded lifestyle apparel and footwear, has posted 2 per cent revenue growth to $10.5 billion in fiscal year 2020 that ended on March 28, 2020. However, net income for the year fell 46 per cent to $679.4 million (FY19: $1.2 billion). Operating income during the year dropped 22 per cent to $927.8 million ($1.1 billion).#

Company reported its net revenue in the fourth quarter was $2.1 billion (Q4 FY19: $2.3 billion). Net loss during the quarter was $483.7 million compared to net income of $128.8 million in Q4 FY19.

 

VF Corporation, a leader in branded lifestyle apparel and footwear, has posted 2 per cent revenue growth to $10.5 billion in fiscal year 2020 that ended on March 28, 2020. However, net income for the year fell 46 per cent to $679.4 million (FY19: $1.2 billion). Operating income during the year dropped 22 per cent to $927.8 million ($1.1 billion).#

Outdoor segment revenue remained stagnant at $4.6 billion during the year. Active wear segment revenue grew 4 per cent to $4.9 billion (4.7 billion). Work wear segment were unchanged at $886.4 million. 

 

VF Corporation, a leader in branded lifestyle apparel and footwear, has posted 2 per cent revenue growth to $10.5 billion in fiscal year 2020 that ended on March 28, 2020. However, net income for the year fell 46 per cent to $679.4 million (FY19: $1.2 billion). Operating income during the year dropped 22 per cent to $927.8 million ($1.1 billion).#

Currently, all of VF's retail stores in the APAC (Asia-Pacific) region, including Mainland China, have re-opened. While retail store traffic has improved recently, it remains down significantly compared with the prior year. VF has started a phased reopening of its retail stores in the EMEA (Europe, the Middle East and Africa) region, in accordance with guidance from government entities and healthcare authorities. In North America, VF is prepared to begin a phased reopening of its retail stores. VF currently expects most of its retail stores to be open by mid-calendar year 2020.