The stock price for VF Corporation — whose stable of brands include Dickies, Timberland, The North Face and Vans — continued its six-month languish, dipping more than 6% Friday (Jan. 28) and almost 25% in the past six months, even as it announced in a press release that its revenue was up across the board.
VF’s revenue uptick in the fiscal 2022 third quarter was highlighted by continuing operations revenue of $3.6 billion, an increase of 22% for the quarter, the release stated.
The active segment of VF’s business saw a 25% revenue increase, including an 8% uptick in Vans revenue and 17% growth from its acquisitions, the release stated.
“We delivered strong double-digit top- and bottom-line results and returned about $500 million in cash to shareholders in the third quarter, all of which has been achieved amidst continuing macro headwinds,” said VF Chairman, President and CEO Steve Rendle said in the release. “The broad-based momentum across our brands is testament to the resilience of our diversified portfolio model, which has enabled us to deliver a strong quarter and reaffirm our full-year earnings outlook in a challenging environment.”
VF’s outdoor segment revenue increased 23% in the third quarter of fiscal 2022, led by a 28% jump in The North Face revenue, according to the release. The work segment of the businesses jumped 6% in the quarter, highlighted by a 4% boost in Dickies revenue.
The international revenue for VF jumped 19% for Q3, led by a 26% hike in Europe. VF’s Greater China revenue dipped 6% for the quarter, highlighted by an 8% dip in mainland China, the release stated.
VF’s direct-to-consumer (D2C) segment spiked 30% in the quarter, while digital revenue was up 21% in Q3 compared to 2021 and 61% compared to 2020, according to the release.
The company’s full-year fiscal 2022 revenue is now expected to be about $11.85 billion, which would represent 28% annual growth, the release stated.
In May, VF Corporation reported that D2C revenue fell 5% for the full-year fiscal 2021 but that digital revenue surged by 67%.
Read more: VF Corporation’s Digital Revenue Surges Amid the Pandemic
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