DENVER–(BUSINESS WIRE)–
VF Corporation (NYSE: VFC) today announced financial results for its fourth quarter (Q4’FY22) and fiscal year ended April 2, 2022 (FY22).
Q4’FY22 Financial Highlights
Revenue $2.8 billion, up 9% (up 12% in constant dollars)
The North Face® revenue $0.8 billion, up 24% (up 26% in constant dollars)
Vans® revenue $1.0 billion, flat (up 2% in constant dollars)
Gross margin 51.9%, down 20 basis points; Adjusted gross margin 52.2%, down 50 basis points
Operating margin 6.8%, up 210 basis points; Adjusted operating margin 7.9%, up 120 basis points
Earnings per share (EPS) $0.21, up 32%; Adjusted EPS $0.45, up 67%
Return of $244 million to shareholders through $194 million in cash dividends, $50 million of shares repurchased
FY22 Financial Highlights
Revenue $11.8 billion, up 28% (up 27% in constant dollars); excluding acquisitions, up 23%
Gross margin 54.5%, up 180 basis points; Adjusted gross margin 54.8%, up 150 basis points, including a 20 basis point positive impact from acquisitions
Operating margin 13.8%, up 720 basis points; Adjusted operating margin 13.1%, up 510 basis points, including a 30 basis point positive impact from acquisitions
EPS $3.10, up 242%; Adjusted EPS up 143% to $3.18, including a $0.19 per share contribution from acquisitions
Return of $1.1 billion to shareholders through $773 million in cash dividends, $350 million of shares repurchased
FY23 Financial Outlook
VF provides the following outlook for full year fiscal 2023, which is based on these assumptions:
No additional significant COVID-19 related lockdowns in any key commercial or production regions, with the current restrictions in China expected to ease from the beginning of June 2022
No significant worsening in
