VF Corporation, a leader in branded lifestyle apparel, footwear and accessories, reported 6 per cent decline in its revenue to $2.9 billion during the third quarter (Q3) FY21 ended December 26, 2020, compared to revenue of $3.1 billion in the same period previous fiscal. Net income for the period fell 25 per cent to $347.2 million (Q3 FY21: $465.0 million).
“Our third quarter results were largely ahead of expectations despite the impact of additional Covid-19-related disruption to our business,” Steve Rendle, VF’s chairman, president and CEO, said in a press release.
Operating income for the quarter slipped 24 per cent to $411.9 million ($540.0 million). Income from continuing operations during Q3 FY21 came down $327.6 million ($421.5 million).
Revenues of outdoor segment decreased 5 per cent to $1.5 billion ($1.6 billion). Active segment revenues slipped 9 per cent to $1.1 billion ($1.2 billion). However, work segment revenues jumped 8 per cent to $270.1 million ($251.0 million).
“Our portfolio remains on track to return to growth in the fiscal fourth quarter and we are confident in VF’s plans to accelerate growth into fiscal 2022 and to continue advancing our business model transformation. We remain optimistic about the year ahead and look forward to improvements in our geopolitical, macroeconomic and pandemic-related situations,” Rendle said.
Author: Ssmundra2612