VF Corporation has announced its fourth quarter and full year 2016 results ended December 31, 2016. The company noted a slight rise in revenue in the fourth quarter. Driven by strength in international and direct-to-consumer platforms and Vans business, revenue was up by 1 per cent to US $ 3.3 billion.
In the full year period 2016, revenue from continuing operations also went up 1 per cent to US $ 12 billion while the international revenue increased 4 per cent (up 6 per cent on currency neutral basis). The company generated net sales of US $ 3,290.9 million, down 0.1 per cent year over year
Fourth quarter revenue for Outdoor & Action Sports was up 2 per cent to US $ 2.1 billion. Full year Outdoor & Action Sports revenue also increased 2 per cent in 2016 to US $ 7.5 billion. During the current year, revenue is expected to increase at a low single-digit percentage rate including about a two percentage point negative impact from changes in foreign currency.
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“VF’s global business model, diverse brand portfolio and focused operational discipline helped the company deliver solid results in 2016 despite an inconsistent US marketplace,” said Eric Wiseman, Executive Chairman of Board Adding, “We’re pleased with the improved quality of our revenue, which reflects continued growth in our international and direct-to-consumer platforms, and our strong gross margin and cash generation performance that enabled us to return a record US $ 1.6 billion to our shareholders.”
