VF Corp said full year 2019 revenue increased 12 percent to $13.8 billion, as the U.S. owner of Vans, Timberland and the North Face saw its international segment soar on strong China sales.
The Greensboro, North Carolina-based firm said full-year international revenues increased 10 percent, pushed on by China revenue, which increased 22 percent.
For the twelve months ending March 30, VF Corp reported earnings per share from continuing operations of $3.14. Adjusted earnings per share increased 20 percent to $3.78, said the company on Wednesday.
By distribution channel, direct-to-consumer revenue increased 14 percent, while digital revenue increased 32 percent.
The year 2019 also saw VF Corp successfully spin off its denim brands Wrangler and Lee, forming a new subsidiary Kontoor Brands.
“Fiscal 2019 marked one of the most significant periods of transformation in VF’s 120-year history, highlighted by our announcement to spin off our Jeans business as an independent, publicly traded company,” said Steve Rendle, President and Chief Executive Officer.
“Despite the tremendous workload, we remained sharply focused and delivered another year of strong financial results and top quartile returns to our shareholders.”
Looking ahead, full year 2020 revenue is expected to be in the range of $11.7 billion to $11.8 billion, reflecting growth of approximately 5 percent to 6 percent compared to historical results excluding Kontoor Brands.
Full year adjusted earnings per share is expected to be in the range of $3.30 to $3.35, reflecting estimated growth of 15 percent to 17 percent compared to historical results excluding Kontoor Brands.
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“As we enter fiscal 2020, our portfolio is well positioned, and our growth and momentum are strong, fueled by the investments we are making in support of our long-term strategy,” concluded Rendle.