VF Corporation has reported that its revenue increased by 1 per cent (up 6 per cent currency neutral) to US $ 12.4 billion in 2015. The surge was driven by strength in its outdoor & action sports coalition, and international and direct-to-consumer platforms. As per the press release, the company’s operating income on an adjusted basis was US $ 1.8 billion, in line with 2014. On a GAAP basis, full year operating income was US $ 1.7 billion; and operating margin was 13.4 per cent compared with 11.7 per cent in 2014.
However, the company witnessed 5 per cent decline in revenue in the final quarter of 2015. VF Corp. reported fall in revenue in all the segments – imagewear revenue was down 13 per cent in the fourth quarter to US $ 259 million and contemporary fashion brands at (-) 19 per cent, while sportswear dived 9 per cent. Outdoor wear plunged by 3 per cent and jeans wear too declined 2 per cent.
Also Read – VF Corp. and Kohl’s join ‘White House Climate Pledge’
The company’s revenue increased 1 per cent (up 6 per cent currency neutral) to US $ 12.4 billion driven by strength in our outdoor & action sports coalition, and our international and direct-to-consumer platforms. As per the press release, operating income on an adjusted basis was US $ 1.8 billion, in line with 2014. On a GAAP basis, full year operating income was US $ 1.7 billion; and operating margin was 13.4 per cent compared with 11.7 per cent in 2014.
Eric Wiseman, VF Chairman and Chief Executive Officer 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.”
Also Read – Indorama Ventures reports dip in revenue
Headquartered in Greensboro, North Carolina, VF Corporation is an apparel and footwear company. Its more than 30 brands are organized into five product categories: Outdoor & Action Sports, Jeanswear, Imagewear, Sportswear and Contemporary Brands.