VF Reports First Quarter Fiscal 2019 Results; Raises Full Year Fiscal 2019 Outlook

GREENSBORO, N.C. (ots) -

- Revenue from continuing operations increased 23 percent (up 21
percent in constant dollars) to $2.8 billion; revenue from
continuing operations increased 12 percent (up 10 percent in
constant dollars) excluding the revenue contribution from
acquisitions;
- Active segment revenue increased 25 percent (up 22 percent in
constant dollars) including a 35 percent (32 percent in constant
dollars) increase in Vans® brand revenue; Outdoor segment
revenue increased 6 percent (up 3 percent in constant dollars)
including an 8 percent (5 percent in constant dollars) increase
in The North Face® brand revenue and a 6-percentage point
revenue growth contribution from acquisitions;
- International revenue increased 27 percent (up 22 percent in
constant dollars), including a 13-percentage point revenue
growth contribution from acquisitions;
- Direct-to-consumer revenue increased 22 percent (up 20 percent
in constant dollars), including a 6-percentage point revenue
growth contribution from acquisitions; Digital revenue increased
54 percent (up 50 percent in constant dollars), including a
21-percentage point revenue growth contribution from
acquisitions;
- Gross margin from continuing operations increased 70 basis
points to 50.3 percent; on an adjusted basis, gross margin
increased 90 basis points to 50.5 percent; excluding the impact
of acquisitions, on an adjusted basis, gross margin increased
170 basis points to 51.3 percent;
- Earnings per share from continuing operations was $0.40.
Adjusted earnings per share from continuing operations increased
62 percent (up 56 percent in constant dollars) to $0.43,
including a $0.04 contribution from acquisitions;
- Full year fiscal 2019 revenue is now expected to be in the range
of $13.6 billion to $13.7 billion, reflecting an increase of 10
percent to 11 percent; and,
- Full year fiscal 2019 adjusted earnings per share is now
expected to be in the range of $3.52 to $3.57, reflecting an
increase of 12 percent to 14 percent.

VF Corporation (NYSE: VFC) today reported financial results for
its first quarter ended June 30, 2018. 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 - Nautica® Brand Business and Licensing
Business." Unless otherwise noted, results presented are based on