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VFC VF

Founded in 1899, VF Corporation is one of the world's largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans®, The North Face®, Timberland® and Dickies®. The Company's purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. The Company connects this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good.

Company profile

Ticker
VFC
Exchange
Website
CEO
Steven Rendle
Employees
Incorporated
Location
Fiscal year end
Former names
V F CORP /PA/, V F CORP/NC
SEC CIK
IRS number
231180120

VFC stock data

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Calendar

26 May 21
3 Aug 21
3 Apr 22
Quarter (USD)
Apr 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Apr 21 Mar 20 Mar 19 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from VF earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 815.75M 815.75M 815.75M 815.75M 815.75M 815.75M
Cash burn (monthly) 812.83M 49.63M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 3.28B 200.38M n/a n/a n/a n/a
Cash remaining -2.47B 615.37M n/a n/a n/a n/a
Runway (months of cash) -3.0 12.4 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
2 Jul 21 Carucci Richard Phantom Stock-d Common Stock Grant Aquire A No No 83.94 357.398 30K 27,957.72
2 Jul 21 Clarence Otis JR Phantom Stock-d Common Stock Grant Aquire A No No 83.94 357.398 30K 69,639.368
2 Jul 21 Roberts Carol L Phantom Stock-d Common Stock Grant Aquire A No No 83.94 357.398 30K 1,828.145
2 Jul 21 Mcmullen W Rodney Phantom Stock-d Common Stock Grant Aquire A No No 83.94 297.832 25K 7,551.825
2 Jul 21 Hoplamazian Mark Samuel Phantom Stock-d Common Stock Grant Aquire A No No 83.94 297.832 25K 2,759.043

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

92.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 922 922
Opened positions 107 176 -39.2%
Closed positions 107 63 +69.8%
Increased positions 358 300 +19.3%
Reduced positions 306 310 -1.3%
13F shares
Current Prev Q Change
Total value 29.01B 30.15B -3.8%
Total shares 363M 353.05M +2.8%
Total puts 1.84M 1.11M +66.5%
Total calls 6.42M 1.25M +415.1%
Total put/call ratio 0.3 0.9 -67.7%
Largest owners
Shares Value Change
PNC PNC Financial Services 78.55M $6.28B -0.0%
NTRS Northern Trust 28.58M $2.28B +68.1%
Vanguard 27.22M $2.18B -0.4%
BLK Blackrock 22.79M $1.82B +2.6%
STT State Street 15.65M $1.25B -2.5%
Wellington Management 11.14M $890.38M -13.0%
Parnassus Investments 10.05M $803.02M +0.6%
WFC Wells Fargo & Co. 9.52M $761M -3.1%
Capital World Investors 8.63M $689.59M -8.7%
Capital International Investors 8.08M $645.54M +39.9%
Largest transactions
Shares Bought/sold Change
NTRS Northern Trust 28.58M +11.57M +68.1%
Norges Bank 0 -3.45M EXIT
Charles Schwab Investment Management 5.57M -3.26M -36.9%
Capital International Investors 8.08M +2.3M +39.9%
JPM JPMorgan Chase & Co. 5.92M +2.01M +51.3%
Jensen Investment Management 0 -1.93M EXIT
CIBC Private Wealth 244.51K -1.72M -87.6%
Wellington Management 11.14M -1.67M -13.0%
Massachusetts Financial Services 0 -1.56M EXIT
Swedbank 0 -1.22M EXIT

Financial report summary

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Risks
  • VF’s revenues and profits depend on the level of consumer spending for apparel and footwear, which is sensitive to global economic conditions and other factors. A decline in consumer spending could have a material adverse effect on VF.
  • The coronavirus (COVID-19) pandemic has and will continue to materially and adversely affect our business, financial condition and results of operations.
  • The apparel and footwear industries are highly competitive, and VF’s success depends on its ability to gauge consumer preferences and product trends, and to respond to constantly changing markets.
  • The retail industry has experienced financial difficulty that could adversely affect VF's business.
  • VF’s profitability may decline as a result of increasing pressure on margins.
  • VF’s business and the success of its products could be harmed if VF is unable to maintain the images of its brands.
  • VF’s revenues and cash requirements are affected by the seasonal nature of its business.
  • We may be adversely affected by weather conditions.
  • VF may not succeed in its business strategy.
  • VF relies significantly on information technology. Any inadequacy, interruption, integration failure or security failure of this technology could harm VF’s ability to effectively operate its business.
  • VF is subject to data security and privacy risks that could negatively affect its business operations, results of operations or reputation.
  • There are risks associated with VF’s acquisitions and portfolio management.
  • VF uses third-party suppliers and manufacturing facilities worldwide for a substantial portion of its raw materials and finished products, which poses risks to VF’s business operations.
  • A substantial portion of VF’s revenues and gross profit is derived from a small number of large customers. The loss of any of these customers or the inability of any of these customers to pay VF could substantially reduce VF’s revenues and profits.
  • Talent management, employee retention and experience are important factors in VF’s success.
  • VF’s direct-to-consumer business includes risks that could have an adverse effect on its results of operations.
  • VF’s net sales depend on the volume of traffic to its stores and the availability of suitable lease space.
  • VF may be unable to protect its trademarks and other intellectual property rights.
  • If VF encounters problems with its distribution system, VF’s ability to deliver its products to the market could be adversely affected.
  • VF’s business and operations could be materially and adversely affected if it fails to create systems of monitoring, prevention, response, crisis management, continuity and recovery to mitigate natural or man-made economic, political or environmental disruptions.
  • VF’s operations and earnings may be affected by legal, regulatory, political and economic uncertainty and risks.
  • Changes to U.S. or international trade policy, tariff and import/export regulations or our failure to comply with such regulations may have a material adverse effect on our reputation, business, financial condition and results of operations.
  • Changes in tax laws could increase our worldwide tax rate and tax liabilities and materially affect our financial position and results of operations.
  • We may have additional tax liabilities from new or evolving government or judicial interpretation of existing tax laws.
  • Our business is subject to national, state and local laws and regulations for environmental, consumer protection, corporate governance, competition, employment, privacy, safety and other matters. The costs of compliance with, or the violation of, such laws and regulations by VF or by independent suppliers who manufacture products for VF could have an adverse effect on our operations and cash flows, as well as on our reputation.
  • Climate change and increased focus by governmental and non-governmental organizations, customers, consumers and investors on sustainability issues, including those related to climate change and socially responsible activities, may adversely affect our business and financial results and damage our reputation.
  • Fluctuations in wage rates and the price, availability and quality of raw materials and finished goods could increase costs.
  • Our ability to obtain short-term or long-term financing on favorable terms, if needed, could be adversely affected by geopolitical risk and volatility in the capital markets.
  • VF’s indebtedness could have a material adverse effect on its business, financial condition and results of operations and prevent VF from fulfilling its financial obligations, and VF may not be able to maintain its current credit ratings, may not continue to pay dividends or repurchase its common stock and may not remain in compliance with existing debt covenants.
  • VF is subject to the risk that its licensees may not generate expected sales or maintain the value of VF’s brands.
  • Volatility in securities markets, interest rates and other economic factors could substantially increase VF’s defined benefit pension costs.
  • We may be unable to achieve some or all of the benefits we expect to achieve from the spin-off.
  • The Kontoor Brands spin-off could result in substantial tax liability to us and our shareholders.
  • A director who serves on our Board of Directors also serves as a director of Kontoor Brands, and ownership of shares of common stock of Kontoor Brands by our directors and executive officers may create, or appear to create, conflicts of interest.
Management Discussion
  • VF reported a 12% decrease in revenues in Fiscal 2021 compared to Fiscal 2020, including a 2% favorable impact from foreign currency. The revenue decrease was primarily attributable to the negative impact of COVID-19, including closures of VF-operated retail and VF's wholesale customer stores, supply chain disruption and reduced consumer demand. Fiscal 2021 included a $142.0 million contribution from the Supreme acquisition, which closed on December 28, 2020. Fiscal 2021 also included an extra week when compared to Fiscal 2020 due to VF's 53-week Fiscal 2021.
  • VF reported a 23% increase in revenues in the fourth quarter of Fiscal 2021 compared to the Fiscal 2020 period, including a 4% favorable impact from foreign currency and a 7% contribution from the Supreme acquisition. The increase was driven by VF's largest brands, e-commerce growth and an increase in the Asia-Pacific region, which experienced a significant negative impact from COVID-19 in the Fiscal 2020 period. The fourth quarter of Fiscal 2021 also included an extra week when compared to the Fiscal 2020 period due to VF's 53-week Fiscal 2021.
  • Additional details on revenues are provided in the section titled “Information by Reportable Segment”.
Content analysis
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