VF Corp. released Q3 results ended 26 December 2020 of fiscal 2021 and raises full year fiscal 2021 outlook.
The company’s revenue from continuing operations decreased by 6 per cent to US $ 3.0 billion, while active segment revenue decreased by 9 per cent including a 6 per cent fall in Vans brand revenue.
The outdoor segment saw its revenue decrease by 5 per cent, which included flat revenue in The North Face brand.
The work segment revenue increased 8 per cent including a 9 per cent rise in Dickies brand revenue.
As far as regionwise revenue is concerned, international revenue was flat, while Europe revenue increased by 1 per cent. The Greater China revenue rose by 18 per cent, which included a rise of 22 per cent in Mainland China.
Its full year fiscal 2021 revenue is now expected to be in the range of US $ 9.1 billion to US $ 9.2 billion, reflecting a decrease of 12 to 13 per cent on an adjusted basis.
“Our third quarter results were largely ahead of expectations despite the impact of additional COVID-19-related disruption to our business,” said Steve Rendle, VF’s Chairman, President and CEO.
He further added that portfolio remains on track to return to growth in the fiscal fourth quarter and the company is confident in its plans to accelerate growth into fiscal 2022 and continue advancing the business model transformation. He added “We remain optimistic about the year ahead and look forward to improvements in our geopolitical, macroeconomic and pandemic-related situations.”
