VF Reports Fourth Quarter and Full Year Fiscal 2020 Results

DENVER, CO (STL.News) VF Corporation (NYSE: VFC) today reported financial results for its fourth quarter and full year ended March 28, 2020.  All per share amounts are presented on a diluted basis.  This release refers to “reported” and “constant dollar” amounts, terms that are described under the heading “Constant Currency – Excluding the Impact of Foreign Currency.”  Unless otherwise noted, “reported” and “constant dollar” amounts are the same.  This release also refers to “continuing” and “discontinued” operations amounts, which are concepts described under the heading “Discontinued Operations – Occupational Workwear Business and Kontoor Brands Business.”  Unless otherwise noted, results presented are based on continuing operations.  This release also refers to “adjusted” amounts, a term that is described under the heading “Adjusted Amounts – Excluding Transaction and Deal Related Expenses, Costs Related to Office Relocations and Specified Strategic Business Decisions, Noncash Impairment Charge, Pension Settlement Charge, the Impact of Debt Extinguishment and the Impact of Tax Legislation.”  Unless otherwise noted, “reported” and “adjusted” amounts are the same.

“Through the first ten months of fiscal 2020 our business delivered results above our stated long-term growth objectives.  Then the world changed for all of us as a result of COVID-19,” said Steve Rendle, Chairman, President and Chief Executive Officer.  “From the early days of the outbreak VF has taken a people-first approach in our COVID-19 response, prioritizing the health and safety of our people, while also protecting their financial well-being.  As we’ve implemented measures to care for and protect our people, we’ve also taken several key actions to advance our Enterprise Protection Strategy,” Rendle continued.  “These prudent actions, most of which have been precautionary, have helped us preserve liquidity and given us more flexibility to manage our global business operations through the prolonged crisis.  Moving forward we’re committed to using this moment to set VF and our brands up for the next successful chapter in our 121-year history.”

NOTE: this is NOT the complete release.