According to its results for Q4 and fiscal year 2020, VF Corp saw a 2% increase in revenue for the full fiscal year 2020, reaching a total of $10.5 billion. Revenue in the active segment increased 4 percent, including a 10 percent increase in Vans brand revenue.
Outdoor revenue was flat, including a 3 percent increase in The North Face revenue. The work segment was also flat, including a 3 percent increase in Dickies brand revenue.
“Through the first ten months of fiscal 2020 our business delivered results above our stated long-term growth objectives,” said Steve Rendle, chairman, president and chief executive officer. "Then the world changed for all of us as a result of COVID-19.”
This was a fiscal year in which VF completed the spin-off of its jeans business. Last May, the Wrangler, Lee, Rock & Republic brands, as well as the VF Outlet, became an independent, publicly traded company under the name Kontoor Brands.
In January of this year, the group announced its decision to explore the divestiture of its occupational workwear business, which includes Red Kap, VF Solutions, Bulwark, Workrite, Walls, Terra, Kodiak, Work Authority and Horace Small, as well as certain Dickies products.
Since the covid-19 outbreak, the company has “implemented measures to care for and protect our people [and] we've also taken several key actions to advance our Enterprise Protection Strategy," said Mr Rendle.
"These prudent actions, most of which have been precautionary, have helped us preserve liquidity and given us more flexibility to manage our global business operations through the prolonged crisis. Moving forward we're committed to using this moment to set VF and our brands up for the next successful chapter in our 121-year history."
Source: Sports Textiles
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