(EDGAR Online via COMTEX) -- ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
VF Corporation (together with its subsidiaries, collectively known as "VF" or the "Company") uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. The Company's current fiscal year runs from March 29, 2020 through April 3, 2021 ("Fiscal 2021"). Accordingly, this Form 10-Q presents our first quarter of Fiscal 2021. For presentation purposes herein, all references to periods ended June 2020 and June 2019 relate to the fiscal periods ended on June 27, 2020 and June 29, 2019, respectively. References to March 2020 relate to information as of March 28, 2020.
Impact of COVID-19
As the global impact of the novel coronavirus ("COVID-19") continues, VF remains first and foremost focused on a people-first approach that prioritizes the health and well-being of its employees, customers, trade partners and consumers around the world. To help mitigate the spread of COVID-19 and in response to health advisories and governmental actions and regulations, VF has modified its business practices including the temporary closing of offices and retail stores, instituting travel bans and restrictions and implementing health and safety measures including social distancing and quarantines. VF has also implemented measures that are designed to ensure the health, safety and well-being of associates employed in its distribution, fulfillment and manufacturing centers around the world.
VF has taken a number of actions to advance its Enterprise Protection Strategy in response to the COVID-19 pandemic.
Revenues were down 48% to $1.1 billion compared to the three months ended June 2019, primarily due to the negative impact of COVID-19 and a 1% unfavorable impact from foreign currency.
Direct-to-consumer revenues were down 37% over the 2019 period. E-commerce revenues increased 78% in the current period, including a 3% unfavorable impact from foreign currency. Direct-to-consumer revenues accounted for 51% of net revenues for the three months ended June 2020.
Earnings (loss) per share was $(0.71) compared to $0.16 in the 2019 period. The decrease was driven by the negative impact of COVID-19, costs related to specified strategic business decisions and the unfavorable impacts from foreign currency.
Aug 04, 2020
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