Vans and China drive strong VF Corporation sales improvement
Outdoor apparel giant VF Corporation says sales from continuing operations surged 12 per cent last financial year, to US$13.8 billion.
Vans proved a standout brand for the group, with sales rising 24 per cent on a constant-currency basis, while geographically, China proved a powerhouse, sales there up 22 per cent.
The North Face brand achieved a 9 per cent increase in sales year on year.
“Fiscal 2019 marked one of the most significant periods of transformation in VF’s 120-year history, highlighted by our announcement to spin off our jeans business as an independent, publicly traded company,” said Steve Rendle, chairman, president and CEO. “Despite the tremendous workload, we remained sharply focused and delivered another year of strong financial results and top quartile returns to our shareholders.”
Rendle said the company’s portfolio is well positioned heading into the 2020 financial year, with growth and momentum strong, fuelled by investments made in support of the company’s long-term strategy.
“The bold decisions we continue to make to evolve our company underpin the transformational journey we’re on to deliver on our commitment to be a purpose-led, performance-driven and value-creating enterprise capable of delivering sustainable long-term shareholder value,” he said.
The company projects full 2020 fiscal-year revenue to be between $11.7 billion and $11.8 billion, reflecting growth of approximately 5 per cent to 6 per cent compared to historical results excluding Kontoor Brands, or about 7 per cent to 8 per cent on a constant dollar basis, excluding the impact of acquisitions net of divestments.