The acquisition of the Supreme ® brand accelerates VF’s
consumer-minded, retail-centric, hyper-digital business model transformation
and builds on a long-standing relationship between Supreme ® and VF, with the
Supreme ® brand being a regular collaborator with VF’s Vans ®, The North Face ®
and Timberland ® brands.
Supreme ® is expected to be modestly accretive to VF’s
revenue and adjusted earnings per share in fiscal 2021. The Supreme ® brand is
expected to contribute at least $500 million of revenue and $0.20 of adjusted
EPS in fiscal 2022.
Forward-looking Statements
Certain statements included in this release are
“forward-looking statements” within the meaning of the federal securities laws.
Forward-looking statements are made based on our expectations and beliefs
concerning future events impacting VF and therefore involve several risks and
uncertainties. You can identify these statements by the fact that they use
words such as “will,” “anticipate,” “estimate,” “expect,” “should,” and “may”
and other words and terms of similar meaning or use of future dates, however,
the absence of these words or similar expressions does not mean that a
statement is not forward-looking. All statements regarding VF’s plans,
objectives, projections and expectations relating to VF’s operations or
financial performance, and assumptions related thereto are forward-looking
statements. We caution that forward-looking statements are not guarantees and
that actual results could differ materially from those expressed or implied in
the forward-looking statements. VF undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law. Potential
risks and uncertainties that could cause the actual results of operations or
financial condition of VF to differ materially from those expressed or implied
by forward-looking statements include, but are not limited to: risks arising
from the widespread outbreak of an illness or any other communicable disease,
or any other public health crisis, including the coronavirus (COVID-19) global
pandemic; the level of consumer demand for apparel, footwear and accessories;
disruption to VF’s distribution system; the financial strength of VF’s
customers; fluctuations in the price, availability and quality of raw materials
and contracted products; disruption and volatility in the global capital and
credit markets; VF’s response to changing fashion trends, evolving consumer
preferences and changing patterns of consumer behavior; intense competition
from online retailers; manufacturing and product innovation; increasing
pressure on margins; VF’s ability to implement its business strategy; VF’s
ability to grow its international and direct-to-consumer businesses; retail
industry changes and challenges; VF’s and its vendors’ ability to maintain the
strength and security of information technology systems; the risk that VF’s
facilities and systems and those of our third-party service providers may be
vulnerable to and unable to anticipate or detect data security breaches and
data or financial loss; VF’s ability to properly collect, use, manage and
secure consumer and employee data; foreign currency fluctuations; stability of
VF’s manufacturing facilities and foreign suppliers; continued use by VF’s
suppliers of ethical business practices; VF’s ability to accurately forecast
demand for products; continuity of members of VF’s management; VF’s ability to
protect trademarks and other intellectual property rights; possible goodwill
and other asset impairment; maintenance by VF’s licensees and distributors of
the value of VF’s brands; VF’s ability to execute and integrate acquisitions;
changes in tax laws and liabilities; legal, regulatory, political and economic
risks; the risk of economic uncertainty associated with the exit of the United
Kingdom from the European Union (“Brexit”) or any other similar referendums
that may be held; adverse or unexpected weather conditions; VF’s indebtedness
and its ability to obtain financing on favorable terms, if needed, could
prevent VF from fulfilling its financial obligations; climate change and
increased focus on sustainability issues; and risks associated with the
spin-off of our Jeanswear business completed on May 22, 2019, including the
risk that VF will not realize all of the expected benefits of the spin-off; the
risk that the spin-off will not be tax-free for U.S. federal income tax
purposes; and the risk that there will be a loss of synergies from separating
the businesses that could negatively impact the balance sheet, profit margins
or earnings of VF. More information on potential factors that could affect VF’s
financial results is included from time to time in VF’s public reports filed
with the SEC, including VF’s Annual Report on Form 10-K, and Quarterly Reports
on Form 10-Q, and Forms 8-K filed or furnished with the SEC.
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 ®. Our purpose is to power movements of sustainable and active
lifestyles for the betterment of people and our planet. We connect this purpose
with a relentless drive to succeed to create value for all stakeholders and use
our company as a force for good. For more information, please visit vfc.com.
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