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Published
Mar 31, 2017
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VF Corp invests in direct-to-consumer, international businesses for five-year growth plan

Published
Mar 31, 2017

VF Corporation on Thursday met with analysts and investors in Boston to introduce and discuss its 2021 growth plan that details its increased focus on its international and direct-to-consumer businesses.


Vans, one of the brands under VF Corporation - Vans

 
The five-year plan is designed to maintain consistency for the VF Corp brand portfolio that includes Wrangler Jeans, and deliver top shareholder returns. Part of the growth plan is to prioritize digital and direct-to-consumer, increase focus on the Asian market, particularly China, and reshape its brand portfolio.

The Greensboro, NC-based company expects its plan to deliver revenue growth at a five-year compounded annual growth rate (CAGR) of between 4% and 6% led by its top three brands, its direct-to-consumer business, and international business. It projects the earnings per share to grow at a five-year CAGR of between 10% and 12%.

The company also expects to generate over $9 billion of cash from operations between 2017 and 2021 and return $8 billion to shareholders through dividends and share repurchases. In addition, VF approved a new $5 billion share repurchase authorization.
 
“Our 2021 strategic growth plan fuels our aspiration to consistently grow by creating amazing products and brand experiences that transform and improve the lives of consumers worldwide,” said Steve Rendle, President and Chief Executive Officer.
 
VF Corp saw the fruits of its labor in its last financial quarter. Rendle admitted in February that the company did not provide the “most relevant” product for the American market, but the company has worked hard to redress this. He added that the company’s performance in Europe confirms its new plan.
 
The company’s direct-to-consumer business increased substantially in the fourth quarter led by Vans, North Face and Timberland, in the Americas, Europe and Asia, and the European business increased in sales for all three brands.
 
“The strength and consistency of our largest brands and business platforms give me great confidence in our ability to achieve our targets,” said Rendle. “We remain sharply focused on our diversified value creation model, which is designed to deliver solid results across the many and varied business cycles and economies around the world.”
 
Finally, VF’s Board of Directors authorized a change in VF’s fiscal year end from the Saturday closest to December 31 of each year to the Saturday closest to March 31 of each year. The changes will be effective for the fiscal year beginning on April 1, 2018.

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