Leading US apparel and footwear retailer VF Corporation (VF) reported a 5 per cent overall drop in its revenue in the fourth quarter, whereas in the Asia Pacific Region (APAC), its revenue rose to 3 per cent, compared to the corresponding period in 2014. If the the exchange rate effect is excluded, then the company’s revenue was raised by 8 per cent.
Meanwhile, the company’s full-year revenue in 2015 saw a rise by 7 per cent, excluding the exchange rate effects.
Commenting on the company’s revenue figures, Eric Wiseman, Chairman and CEO, VF, said, “The final quarter of 2015 challenged many companies to leverage core strengths and adapt quickly to a changing landscape. Our focus, discipline and agility amid a softer consumer environment, record warm weather and a strengthening US dollar have us well positioned to navigate what we believe to be a relatively short-term challenge. Going forward, I remain confident in VF’s ability to deliver continued long-term profitable growth and value creation for our shareholders.”
VF Corporation owns The North Face, Timberland and the Lee brands. Comparing individually, The North Face was at a low single-digit percentage rate in Asia-Pacific Region, while Lee Brand reported a double-digit low in the APAC region. Meanwhile, Timberland was again a single-digit low. The revenue figures of the brands were calculated excluding the foreign exchange rates.
The company now expects a robust growth in 2016, at a mid single-digit percentage rate, while in the Asia-Pacific region, full year currency neutral revenue is expected to increase at a low double-digit percentage rate.
