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Monday, Aug 15, 2022

Vans Laps Pre-Pandemic Revenue

Vans Inc. has bounced back from last year with revenue now surpassing pre-COVID levels.

The Costa Mesa-based footwear and apparel company saw its revenue up 102%, excluding the impact of exchange rates, according to the fiscal first quarter update released Friday from parent V.F. Corp. (NYSE: VFC) of Denver.

Vans revenue for the year is expected to grow between 9% and 10% from the prior year when it generated $3.5 billion in global sales.

The footwear brand led the greatest revenue growth in the quarter ended July 3 among V.F.’s four largest brands, which also includes The North Face, Timberland and Dickies.

The four helped drive sales in the quarter for V.F., along with growth notched in the direct-to-consumer and international businesses.

V.F. ended the quarter with revenue of $2.2 billion, up 104% from the prior year period. It had adjusted net income of $107 million, swinging up from a $221 million loss in the year-ago period.

The multi-brand apparel and footwear company now projects revenue of at least $12 billion for the current fiscal year, which would be up 30% from the prior year.

V.F. shares were down 6.2% in midday trading Friday to $79.34 and a market cap of $31.1 billion.


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