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Thursday, Jun 20, 2024

Vans Parent: Prelim FY Results, Raising Capital

The parent of Costa Mesa footwear brand Vans Inc. on Tuesday provided an unaudited glimpse into its financial performance for its fiscal year.

VF Corp. (NYSE: VFC) of Denver said its revenue for the 12 months through March 28 was in the range of $11.3 billion to $11.4 billion.

Previous guidance, which had been updated in January, pegged adjusted 2020 revenue at $11.8 billion.

Adjusted operating income for the recently ended fiscal year was $1.4 to $1.5 billion.

VF is expected to reports its full-year results next month.

The company also said Tuesday it intends to raise capital through a senior note offering, which would be used to repay debt and for what VF said would be general corporate purposes.

The apparel and footwear company’s stores in the Americas and Europe remain closed due to the pandemic. Meanwhile, stores in its Asia Pacific region have reopened in more recent weeks as local government restrictions were lifted. Those stores’ traffic, while continuing to pick up on a weekly basis, are still off when compared to the year-ago period, VF said.

The company stressed the importance of its digital channels in staying in front of consumers and said it is also monitoring its supply chain.

VF shares were down about 4% in midday trading Tuesday to a market cap of $21 billion.

Go here for more updates on OC companies’ responses to the coronavirus.

For ongoing, in-depth coverage of the coronavirus’ effects on OC businesses, see the Monday print edition of the Business Journal.

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