VF expects revenue to reach US$11.3 billion in fiscal 2020

Published:  22 April, 2020

The U.S. headquartered footwear and apparel manufacturing Group has provided preliminary estimates for its fiscal year ended March 28, 2020.

In its preliminary unaudited financial data for fiscal 2020, VF Corp announced revenue from continuing operations on a reported basis of approximately US$11.3 billion to US$11.4 billion, and operating income from continuing operations on a reported basis of approximately US$1 billion to US$1.1 billion. On an adjusted basis, the Group said it expects operating income from continuing operations of approximately US$1.4 billion to US$1.5 billion. The adjusted amounts exclude fourth quarter estimates of a noncash goodwill impairment charge related to the Timberland brand’s reporting unit of approximately US$320 million.

VF said it has not yet completed its financial and operating closing procedures as of and for the year ended March 28, 2020, including but not limited to, the assessment of its hedged forecasted transactions and finalisation of goodwill and intangible asset impairment testing.