(Finance) – VF Corpthe US apparel giant that controls brands such as North Face, Timberland and Vans, has registered revenues equal to $ 2.8 billion in the fourth quarter of fiscal year 2022 (ended April 2, 2022), up 9% (+ 12% in constant dollars) thanks to increases in the EMEA and North America regions partially offset by a decline in the APAC region due to Covid lockdowns. Revenue of the brand The North Face amounted to 0.8 billion, up 24% (+ 26% in constant dollars), while those of the brand Vans at $ 1 billion, stable (up 2% in constant dollars).
The adjusted gross margin was 52.2%, down 50 basis points mainly due to the increase in transportation costs. Adjusted earnings per share were $ 0.45, up 67%. Analysts, according to Refinitiv data, had expected earnings per share of $ 0.46 on revenues of $ 2.84 billion.
The outlook for the full fiscal year 2023 are based on the forecast of no further significant Covid-19-related lockdown in any key trading or manufacturing region, with current restrictions in China expected to ease from early June 2022, plus no significant worsening of global inflation rates and consumer sentiment.
The total revenue of VF are expected to increase by at least 7% in constant dollars. The North Face’s revenue is expected to rise in the double-digit, while Vans’s at a mid-single-digit rate. The margin gross is seen to increase by approximately 50 basis points, with an operating margin of approximately 13.6%. L’earning per share it should settle at $ 3.3-3.4.