VF Corporation announced Thursday that its fiscal 2022 revenue rose 28%, despite a slowdown in fourth-quarter revenue, hampered by lagging sales in its Asia-Pacific market.
The Denver, Colorado-based company said revenues for the full year ended April 2 totaled $11.8 billion (11,140.14 million euros), led by Vans, up 20 % to $4160 million (3927.37 million euros), and The North Face, up 33 % to $3260 million (3077.70 million euros), for the 12-month period. Timberland posted a 20 % increase in sales to US$1820 million (1718.23 million euros), while Dickies grew by 19 % to US$837 million (790.19 million euros), according to the company.
By region, VF Corp’s domestic revenues were up 33% to US$6180 million (€5834.41 million), followed by EMEA market revenues, which grew 30% to US$3340 million (€3153.23 million) during the year. Revenues from the Asia-Pacific market increased by 7%, while those from the Americas (excluding the United States) rose by 37%.
For the fourth quarter ended April 2, VF Corp’s revenues increased 9% to $2.8 billion. Growth was impacted by the APAC market, which posted an 11% decline, partially offsetting 12% growth in its U.S. market, and increases of 15% and 17% in EMEA and Americas (excluding the U.S.) markets, respectively.
By brand, The North Face was the top performer, with sales growth of 24%, followed by Timberland and Dickies, up 9% and 7%, respectively. The company’s largest brand by revenue value, Vans, was unchanged, while VF’s other brands category increased 11%.
Net income for the fourth quarter fell to $80.8 million (€76.28 million), down from $89.5 million (€84.5 million) in the previous quarter.
However, VF Corp managed to increase its profits in the last 12 months, with net income rising to $1.4 billion (€1321.71 million) in FY2022, up from $408 million (€385.18 million) in FY2021.
«I am pleased with the progress we have made in advancing our strategic priorities as we successfully navigate another eventful year. We have largely delivered on the commitments we made at the beginning of fiscal 2022, achieving broad-based growth across our family of brands,» said Steve Rendle, president and CEO of VF Corp.
«A portion of our active segment did not reach its potential. We understand the issues, we have the right people in place and we know we will do better. Our performance is testament to the incredible breadth and depth of talent across our organization, and our teams remain highly resourceful, committed and passionate,» he added.
Looking ahead, VF said it expects total revenue for fiscal 2023 to increase 7% in constant dollars. The North Face’s revenue is expected to increase by a low double-digit percentage, while Vans’ revenue is expected to increase by a single-digit percentage.