The group which owns brands such as The North Face, Vans and Timberland has recorded a 25 per cent drop in its third quarter net income.
The third quarter, which ended December 26, 2020 saw the retail group’s revenue down by six per cent year on year from $3.2bn to $3bn. Store closures and changes in consumer demand have been attributed to the results.
VF Corp’s direct-to-consumer revenue was down by two per cent despite a 53 per cent increase in the groups’ digital sales. Wholesale revenue also declined by 10 per cent.
Steve Rendle, VF’s Chairman, President and CEO, commented: “Our third quarter results were largely ahead of expectations despite the impact of additional Covid-19 related disruption to our business. Our portfolio remains on track to return to growth in the fiscal fourth quarter and we are confident in VF’s plans to accelerate growth into fiscal 2022 and to continue advancing our business model transformation.”
