VF Corp. is bouncing back relatively quickly from the COVID-19 disruptions and setting its sights much higher for this year.
The company, parent to Supreme, Vans, The North Face and Timberland, said its fourth-quarter sales increased 22.8 percent to $2.6 billion from $2.1 billion a year ago. Net income for the three months ended April 3 totaled $89.5 million and compared with losses of $483.8 million.
More from WWD
Eurovision Song Contest: The Most Memorable Moments of All Time
Steve Rendle, chairman, president and chief executive officer, said: “Early in the year we took important actions to protect our people and the enterprise, while maintaining investments to drive our transformation and accelerate organic growth. At the same time, we took bold, forward-looking actions to spark additional growth and value creation. As a result, we are exiting this year in a position of strength with broad based momentum across the portfolio.”
Already one of the strongest players in fashion — VF navigated the COVID-19 shutdowns a year ago without furloughs and built a mammoth balance sheet — the company late last year added to its portfolio with the $2.1 billion-plus deal to buy Supreme.
For the full year, VF’s sales fell 11.9 percent to $9.2 billion from $10.5 billion. Despite all the turmoil, it remained solidly profitable with net income of $407.8 million, down 40 percent from $679.4 million.
But this year, VF is projecting that sales will rise again — and shoot past pre-COVID levels — tallying $11.8 billion, 28 percent growth, which includes a roughly $600 million contribution from the Supreme acquisition.
More from WWD:
José Neves’ Connected Retail Vision Is Taking Shape
Patrice Louvet Driving Ralph Lauren Forward Beyond Pandemic
TJX Sales Bounce Back, Off-pricer Continues to Gain Share
The Politics of Fashion: A New World Order