DENVER, CO (STL.News) – VF Corporation (NYSE: VFC) today is hosting a meeting with investors and analysts in Beaver Creek, Colo., to provide an update to the company’s strategic growth plan and key initiatives to deliver long-term sustainable growth and value creation.
This release refers to “adjusted” amounts which reflect adjustments to fiscal 2019 reported amounts related to Williamson-Dickie, Icebreaker®, Altra®, Reef®, the Van Moer business, and Jeans spin-off transaction and deal related expenses, costs related to office relocations and other specified strategic business decisions, and the provisional impact of U.S. tax legislation. This release also refers to “free cash flow”, a term that is defined as operating cash flow less capital expenditures. Reconciliations of measures calculated in accordance with GAAP to adjusted amounts, which are considered non-GAAP measures, are presented in the Appendix to the Investor Day presentation that identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors.
“Today is an exciting day for VF Corporation as we step into the next phase of our journey as an evolved company,” said Steve Rendle, Chairman, President and Chief Executive Officer. “The past two-and-a-half years represent one of the most transformative periods in VF’s 120-year history. We’ve emerged with a sharpened focus on what’s required to become even more consumer minded and retail centric. With greater clarity to the opportunities ahead, we’re confidently updating our five-year strategic growth plan and financial outlook.”
NOTE: this is NOT the complete report.