VF Corporation (VFC) Q1 2022 Earnings Call Transcript

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VF Corporation (NYSE:VFC)
Q1 2022 Earnings Call
Jul 30, 2021, 8:30 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Hello and welcome to the VF Corp First Quarter Fiscal 2022 Conference Call and Webcast. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded.

It’s now my pleasure to turn the call over to John Kelley, Senior Director of Corporate Development and Investor Relations. Mr. Kelley, please go ahead.

John KelleySenior Director of Corporate Development & Investor Relations

Good morning and welcome to VF Corporation’s First Quarter Fiscal 2022 Conference Call. Participants on today’s call will make forward-looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially. These uncertainties are detailed in documents filed regularly with the SEC. Unless otherwise noted amounts referred to on today’s call will be on an adjusted constant dollar basis, which we defined in the press release that was issued this morning. We use adjusted constant dollar amounts as lead numbers in our discussion because we believe they more accurately represent the true operational performance and underlying results of our business.

You may also hear us refer to reported amounts, which are in accordance with US GAAP. Reconciliations of GAAP measures to adjusted amounts can be found in the supplemental financial tables included in the press release, which identify and quantify all excluded items and provide management’s view of why this information is useful to investors. Due to the significant impact of the coronavirus pandemic on our prior year figures, today’s call also contains certain comparisons to the same period in fiscal 2020 for additional context. These comparisons are all under the reported dollar basis. On June 28, 2021, the company completed the sale of its Occupational Workwear business. Accordingly the company has reported the related held for sale assets and liabilities of this business as assets and liabilities of discontinued operations and included the operating results and cash flows of this business in disc ops for all periods through the date of sale. Unless otherwise noted, the results presented on today’s call are based on continuing operations.

Joining me on the call will be VF’s Chairman, President and CEO, Steve Rendle; and EVP and CFO, Matt Puckett. Following our prepared remarks, we’ll open the line for your questions.

Steve?

Steve RendleChairman, President & Chief Executive Officer

Thank you, John and good morning everyone. Welcome to our first quarter call. We are encouraged by the strong start to our fiscal 2022 year. Our teams delivered an outstanding first quarter powering VF back to pre-pandemic revenue levels while driving an earnings recovery well ahead of our initial expectations.

We continue to see broad based momentum across the portfolio, which furthers my confidence in our ability to accelerate growth through fiscal 2022 and beyond. While the near-term environment remains somewhat clouded by virus surges in Southeast Asia, uncertainties in other regions brought on by the impact of new variants and further pressures on the global supply chain, our teams are executing. We remain focused on the things that we can control and winning the parts of our business with the consumers coming back strong. And we remain confident in our ability to continue driving this sharp recovery across our business. Matt, will walk you through our results in detail, but I’ll start off with some Q1 highlights. VF revenue has surpassed pre-pandemic levels growing 96% or 83% organically to $2.2 billion with momentum across brands, regions, and channels.

Our global DTC business delivered high single-digit growth relative to prior…



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